It’s basic economics — businesses need competitive offerings to maintain steady cash flow. The same principles apply in the self-storage industry. Investors need to ensure that their properties meet consumer demand, or else they’ll find somewhere else to store their belongings. So, what self-storage features do customers want?
Choosing the Right Self-Storage Property
Here are a few profitable self-storage features to look for as you tour facilities or look to expand your offerings:
- Flexible storage options: Your storage facility should have plenty of large units, but having a variety of sizes helps accommodate a wider range of customers. The best facilities feature interchangeable components that allow owners to adjust the size of each unit to meet demand.
- A convenient location: Location is a critical feature to consider before you buy. Look for storage facilities near major cities or along highways that will offer easy access.
- 24/7 access: Offering 24/7 access will enable you to accommodate the widest range of customers.
- Stellar customer service: A positive customer experience can make all the difference in convincing a renter to renew their lease. The facility you intend to purchase likely has an existing staff, so use the transition to assess your customer service team and consider property management services from a third party.
- Dependable security: Customers need to trust that their belongings will be safe in your care. Look for a facility with a reliable security infrastructure or invest in one of your own.
- Climate control: Fluctuating temperatures or moisture levels can damage a customers’ belongings and put your building’s structure at risk. Climate-controlled self-storage units create a consistent environment that customers will feel comfortable using to store their things.
Self-Storage Red Flags
Looking for positive features and areas for improvement will help you find and maintain a lucrative self-storage facility. Wise buyers can recognize the signs of a bad investment, too. Steer clear of storage facilities or sellers that:
- Need significant renovations.
- Are far from the areas in which your target demographic resides.
- Fail to provide thorough, consistent expense reports.
Become a Savvy Self-Storage Investor With Investment Real Estate
The brokers at IRE help investors find and maintain self-storage facilities that turn a profit each year. We conduct extensive market research and assess each of our listings to ensure investors have all the information they need to make the best decision. If you’re considering a self-storage investment, view our current listings or read our blog for more helpful tips.