SpareFoot, an online marketplace for the self-storage industry, has released “The Four Pillars of Self-Storage Management,” a free whitepaper targeted at independent storage owners and managers. The 12-page PDF document discusses strategies on rate management, occupancy analysis, rental contracts and profit management.
Available for download from the SpareFoot Blog, the whitepaper is designed to assist operators in maintaining profitability as the industry becomes more complex, company officials said. It includes advice from self-storage operators and suppliers.
In its discussion on rate management, the report examines street rates vs. contract rates, creating “perceived discounts” with customers, and strategies for raising rates with existing tenants. Its coverage of profit-management strategies includes discussions on tenant delinquency, abandoned and discounted units, insurance coverages, unit mix, conversion rates, and special events.
Founded in 2008, SpareFoot.com helps consumers find and reserve self-storage units, with comparison shopping tools that show real-time availability and exclusive deals. With a network of more than 6,500 storage facilities ranging from mom-and-pop operations to real estate investment trusts, the company reaches prospective storage renters though partnerships with brands including SelfStorage.com, Apartments.com and Penske Truck Rental.