Rewarding Your Tenants
|Copyright 2014 by Virgo Publishing.|
|By: Doug Carner|
|Posted on: 01/01/2003|
YOU ALREADY OFFER GREAT STORAGE AT COMPETITIVE PRICES. SO WHY IS YOUR NET REVENUE SO LOW? In prior columns, I have detailed several capital expenses that increase your closing ratios. In this issue, I talk about giveaways--memorable "tech" gadgets that convert your tenants into facility advertisers.
When it comes to using a giveaway to increase occupancy, rental discounts remain the industry standard. The most popular discounts are the $1 move-in and the sixth month free. Both of these treat the giveaway month as an advertising expense. If your average monthly rental rate is $60, giving away a free month represents a very real loss of $60. This is a significant and unnecessary impact on your bottom line. Alternatively, giving each renter a premium gift can be more valuable, cost far less, and demonstrate how much you value his business. Best of all, your tenants will appreciate, and proudly display, your advertising material.
I shopped dozens of companies that offer promotional products self-storage owners can use as fun giveaways. To make the final cut, each item had to be:
These five items represent only a small sampling of the thousands of creative products you can give to new tenants. Due to their low cost, each giveaway represents only 5 percent of a typical six-month lease. This is far less than giving away a free month's rent. A customized giveaway will dramatically increase your advertising presence and customer good will. It's truly a great way to reward your tenants.
An upcoming TechTalk will suggest products and gadgets that can improve manager efficiency and tenant convenience. Please e-mail me if you use an item you would like included in that column.
Doug Carner is on the Western-region board of directors for the Self Storage Association. He is also the vice president of QuikStor Security & Software, a California-based company specializing in access control, management software, digital video surveillance and corporate products for the self-storage industry. For more information, call 800.321.1987; e-mail firstname.lastname@example.org; visit www.quikstor.com.