ISS BLOG - AI Is Here: Should You Consider It for Your Self-Storage Business?ISS BLOG - AI Is Here: Should You Consider It for Your Self-Storage Business?

A couple of weeks ago I was in a drive-through at a local fast-food restaurant. As I pulled up to the speaker to place my order, I received a bit of a surprise. Rather than the usual greeting from an employee, it was artificial intelligence (AI) on the other end. While I’ve been exposed to AI in many ways as more companies incorporate variations of it, this was the first time it was taking my order in a drive-through. I was conscious of speaking clearly and loudly but all that was unnecessary as the transaction was really smooth. I’ve since been back and had the same experience, though, it’s still a bit weird!

Like me, you’re likely interacting with AI more frequently in a variety of ways. For years now, we’ve had access to Siri and Alexa as well as other forms. It could be at an eatery or grocery store, via a chatbot, or even something as simple as typing in a question on Google (yep, that’s happening). Many companies, including in the self-storage industry, are experimenting with ChatGPT, using AI for data analysis or to automate tasks, and incorporating it into their marketing. It’s truly changing the way we live, interact and work on so many levels.

This is even true in the self-storage industry, which has experienced a tidal wave of new technology over the past few years. At the crest is automation, a place where AI really shines. For example, many storage facilities are now incorporating a chatbot on their website to field common inquires. This frees up managers from handling calls about hours of operation, facility location and even rental rates. Chatbots also enable storage businesses to provide 24/7 customer assistance and can even be programmed to identify opportunities for upselling.

Another key place where AI is making an impact is in gathering and analyzing data. This can be leveraged across many facets of the industry such as in investing, marketing, development and operations. You can learn more about your customers and prospects, which can lead to business improvements.

AI can also help you create a competitive analysis so you can compare your services and products to other storage businesses in your market. In addition, it can be used to enhance your facility’s security. AI-driven smart cameras and access-control systems can better detect and respond to suspicious activity in real time, creating a safer site. An exciting area to also consider is the use of facial or license-plate recognition.

Rate management can also be boosted by AI. It an assist with forecasting by examining current trends and patterns, and create a competitive pricing schedule. Not only does this eliminate the guesswork—and human emotions—from the process, it’ll ensure the storage facility remains competitive.

If all this seems complex, well, it is. It’s new and when something is unfamiliar to us, we must learn it. I encourage you to explore what AI has to offer your storage business. You might find there are advantages that’ll improve it, save you time or money. Conversely, it could be not for you right now. However, keep an open mind, ask your vendors what they’re introducing in this arena, and talk about it with other operators you know or on Self-Storage Talk online community. One thing is certain, AI isn’t going anywhere. More applications will emerge, and some won’t be right for the self-storage industry. Others will, so be ready to consider them.