How to Deal With Self Storage Competition
With its investment value and growth potential, self-storage has become a highly competitive market.
If you’re looking to stand out in a competitive and saturated self-storage market, turn to Investment Real Estate, LLC to be paired with the right opportunities. All it takes are a few good self-storage competition strategies to help you capture your share of tenants.
Your Strategy to Compete in the Self-Storage Market
You can deal with competitors if you have a solid plan. While new entrants into the market tend to focus on aggressively pursuing new tenants, you can create a plan for standing out by:
- Planning for property updates: Updating your property with fresh paint, better security and other features helps you stand out and become an attractive option for tenants.
- Increasing revenue: Look beyond rent increases as you think about ways to diversify and grow revenues. Could you place a billboard or have a cell phone tower on the property to bring in added revenue? Could you offer value-add services such as valet drop-offs and pick-ups of items to put into storage? Diversifying how you get returns on your investment helps you stay competitive.
- Updating operations: If it’s been a while since you last updated your operations, now is a great time to modernize and streamline processes for tenants. Do you offer easy ways to pay, such as online payments? Do you let leads lease online, without needing to come to an office?
How to Stand out in a Saturated Market
Even if your competition seems formidable and close, there are ways to compete and stand out. Take a look at these ideas:
- Find your special offering: What makes your business unique? Do you offer exceptional customer service? Do you have more parking or better loading bays for moving trucks? Create a list of what makes you stand out and play up that brand advantage in your marketing.
- Go niche: Do market research to find out who lives in your market area, and then find ways to target specific customers. Focus especially on demographics that the competition may not be pursuing. For example, if there are many law firms or offices in your area, would there be a market for climate-controlled, secured file storage units and related services, such as paper shredding?
- Think outside the norm: People who are moving are not the only ones in need of self-storage. You could focus on specialty self-storage, such as RV storage, boat storage, wine storage, band practice areas or small business self-storage.
Succeed Amid the Competition in the Self-Storage Market
Succeeding in a hot market starts with finding the right investment opportunities in areas where demand for self-storage is still high. Investment Real Estate, LLC works with buyers and sellers to bring you listings in the self-storage market as well as research services, due diligence support and more. If you’re ready to compete in this industry, contact us at 717-779-0804 or reach out online to get started.