Inside Self-Storage

MAR 2019

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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Jernigan Capital's Bridge Financing Program is designed to simplify your ownership structure while taking a customized approach to maximizing the value of your self-storage asset. Visit our website and give us a call to see how this program could beneft you. - Non-Recourse - Interest Only - Negotiable LTV - Fixed Interest Rate - Five to Seven Year Term - Efcient Closing Process WWW.JERNIGANCAPITAL.COM 901.567.9536 B R I D G E F I N A N C I N G P R O G R A M payments and rentals, to give your visitors the opportunity to secure the unit they need quickly while avoiding the hassle of time-consuming, onsite data entry. Many studies have been done on the subject, and they've all shown today's customers expect these options. If you're reluctant to embrace them, you may be preventing your business from thriving. Global Distribution System Another fun acronym taking the self-storage industry by storm is GDS (global distribution system). This system of networks provides the end user with a series of services in a centralized location, allowing transactions to occur more easily. While seen often in other industries such as airlines and hospitality, GDS is quickly becoming a self-storage operator's best friend by simplifying many business steps for operators and renters. Here's an example: • First, the GDS collects information on available storage units at your facility. • Next, it distributes up-to-date information on this inventory across search engines and social media sites. • At this point, customers who are looking for self-storage can search online and fnd the perfect storage unit at your facility. • Once they've found what they're looking for, GDS incentivizes them to purchase any storage- and moving-related add-ons you offer. • The lease is signed digitally and e-mailed to the facility and customer, while your management software is automatically updated with the new tenant's information. The result? Increased profitability through higher occupancy with more upsells and a seamless customer experience. To further exemplify this, a 2017 study of the hotel industry showed GDS bookings increased by an astonishing 11.6 percent over the course of a year. They're on the rise in many industries and will undoubtedly be prevalent in the increasingly technology-focused self-storage industry as well. Electronic Locks If you're looking to fully automate a storage facility or simply want to offer customers another level of convenience and security, electronic locks are another asset to consider. Not only do these battery-independent tools allow for the 24/7 sale of units with instant access, they continuously monitor the status of the unit door, giving you more visibility into tenant behavior patterns and overall facility security. Directly integrated with your management software, these locks eliminate the need to manually overlock delinquent units and provide a truly automated solution for operators who like to work remotely. From enhancing tenant conversion to driving operational efficiency, technology is helping self-storage operators rent units faster and bring in more revenue by keeping the customer journey within scope. While modern advancements continue to impact the storage industry, embracing the change will always lead to a beneficial outcome for you and your tenants. Kevin Kerr is the marketing manager for Empower Software Technologies, a Murrieta, California-based supplier of the Storage Commander Web-based and onsite facility-management software. To reach him, e-mail kevin@storagecommander.com; visit www.storagecommander.com. March 2019 I ISS 25

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