Inside Self-Storage

APR 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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Visit us at ISS World Expo, Booth # 725 1. It's too expensive. 2. There are too many fees. 3. My belongings will be damaged. 4. My stuf will be stolen. 5. There are other facilities that better meet my needs. 6. If I get behind on rent, my unit will go to auction. 7. I'm not going to need storage long-term. 8. I can just store this in my attic, basement or garage. 9. This location isn't convenient. 10. I should probably just throw this stuf away. Source: insideselfstorage.com, "Flipping Self-Storage Sales Objections: 10 Strategies for Turning 'No' Into 'Yes,'" by Krista Diamond It's common to get objections from tenants when you raise the rent. They're not going to call and thank you. However, there are things you can do to avoid backlash: • Be consistent and make small adjustments annually. Tenants will be less likely to argue about a small amount they can expect regularly. Even if it's only a $3 increase, it makes a difference to your bottom line. • Don't increase all tenants at the same time. Stagger increases to avoid mass move-outs. • Stay on top of facility maintenance. If you ask for a rent increase while getting behind on property upkeep, your tenants are more likely to push back. • Provide great service from the beginning and they'll be more understanding and gracious about the need to increase rent. Protect Their Stuf One way to mitigate future problems is to help tenants protect their belongings. Understand and clearly explain your facility's insurance requirements. COMMON CUSTOMER OBJECTIONS TO SELF-STORAGE April 2019 I ISS 51

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