Maximize profits in tough times.
We have all experienced the wave of new development in our markets over the past years. You've jumped through all the buliding code hoops, construction headaches and finally have your CO and begin the fill up process. Business is not as expected and your competitors are giving away free rent, I-Pods, cash, boxes or anything else they can dream up to get your customer. You need to roll that construction loan to improve the expense ratio ASAP. Do you enter the frey and give away your multi million dollar investment to the lowest bidder?
First do some homework in the market. Shop your competition and you'll probably find your competitor has no inventory available of popular sizes. Yet they'll be happy to put you on the list and give away the first month free when its available. Don't make the same mistake, we all know storage customers need a unit now not next month. Restrict your specials subject to availability. Monitor your markets inventory bi-monthly and adjust specials accordiningly. Don't simply panic rent and offer across the board give aways. Do the homework and maximize your profit during tough times.