Inside Self-Storage

OCT 2018

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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We asked self-storage operators, "What's the biggest threat to your self-storage business right now, and what are you doing to fight it?" Here's what they had to say. Advantage Storage, Flower Mound, Texas Extra Space Storage, Vancouver, Wash. Golden State Storage, Santa Fe Springs, Calif. "Our most pressing challenge is new supply. We're in the middle of a development cycle, which has added inventory into some of our micro-markets, making the competition for rentals as high as ever. We've been combatting it with sophisticated Internet marketing and pricing strategies to make sure we're capturing at least our fair share of the available rental traffic in a given market, and then presenting that traffic with a customized offering to convert it to a rental." —Jeffrey Norman, Vice President of Investor Relations and Corporate Communications, Extra Space Storage Inc. "Overbuilding. We monitor rates more closely and price more dynamically; focus on customer service and customer experience; increase marketing budgets; focus staff on B2B marketing; and improve rather than neglect the physical appearance of the property to compete with newer facilities." —Cory Horne, Chief Operating Officer, Advantage Storage "Our close-term largest threat is newer, easier-to-use storage facilities with better online marketing. Some of our facilities have been around for 20 to 30 years. Some of the newer places look a bit nicer, have larger offices and quicker move-in processes. To combat this, we're remodeling and redeveloping many of our older locations. We're also joining with other operators in a co-op. This helps us act like a larger company and get better economies of scale, but still stay the same small, family-run company folks love." —Ryan Off, Vice President, Golden State Storage FACILITY-OPERATORS SHOWCASE 2018 Industry experts discuss business threats, the customer experience, staff retention and marketing in the digital age 10 ISS I October 2018

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