Harnessing Artificial Intelligence to Give Your Self-Storage Operation a Competitive Edge

Artificial intelligence (AI) is quickly being adopted across multiple industries, including self-storage. There are many tools being applied to streamline facility operation and enhance the customer experience, from website chatbots and data analytics to predictive-maintenance solutions and real-time pricing platforms. The technology is evolving and will continue to do so, but embracing it can give you a competitive edge in a rapidly changing market.

Common AI Tools Used in Self-Storage

Let’s start by looking at just a few ways in which AI is being used by self-storage operators today. Website chatbots are among the most common. These customer-service tools allow you to respond to inquiries without human intervention, though it’s important that users don’t get caught up in a loop of automated responses. Make sure you personalize messages and that users have a way to speak with a person if necessary.

Savvy self-storage operators are also using AI to create content for their website and social media platforms including blogs, web pages, articles, whitepapers and other marketing materials. Just be careful to personalize anything you generate, as Google regularly updates its algorithm to identify non-original content that was created by an AI platform.

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Data management is another area in which AI can make your self-storage operation more efficient. By collecting, processing, storing and analyzing data, AI tools help you track important information such as occupancy rates, customer preferences and payment trends. By creating the correct algorithms, you can even set your rental rates more accurately by using historical data to predict and set the appropriate rents for each facility.

We’re also starting to see how AI can streamline the loan-underwriting process and baseline financial analysis during the early phases of the self-storage acquisition or development process. However, it should be used to assist decision-makers rather than replace them.

Predictive Maintenance

One of the most intriguing areas of self-storage operation to be transformed by AI is maintenance. AI-driven innovations including Internet of Things (IoT), cloud computing and machine learning are creating a paradigm shift in how property care is managed. For example, modern sensors communicate with your various technology systems to alert you when attention is needed and provide guidance on how to optimize performance. AI algorithms analyze the data from these devices to predict potential failures before they occur, enabling you to schedule maintenance as needed.

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Here are two areas in which predictive maintenance has proven to be particularly useful:

HVAC. AI has transformed field service for HVAC systems by automating and optimizing maintenance scheduling. Sensors within the equipment communicate with AI, allowing it to anticipate issues before they occur.

Solutions like CoolAutomation use an intuitive, cloud-based application and a plug-and-play IoT device that not only communicate with any HVAC system, they automatically detect the system setup. Once connected to the cloud, the app continuously collects, analyzes and presents all brand-specific system parameters. The data is streamed to the AI system, enabling the algorithm to remotely monitor performance and alert self-storage managers to anomalies.

Elevators. The elevator industry has also benefited from predictive maintenance. By analyzing vast amounts of data, algorithms can forecast wear and tear, including when maintenance is needed. This reduces downtime, extends equipment lifespan and improves safety. It also leads to more efficient resource allocation, as technicians prioritize urgent tasks and plan accordingly.

Energy Efficiency

The ability to monitor your self-storage space and equipment using AI means you have real-time visibility into the health and performance of your facility. It’s obviously beneficial for preventive maintenance, as described above; however it’s also great for energy efficiency.

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Energy-performance modules deliver detailed insights to your facility’s energy consumption and production, allowing for effective analysis and optimization. In fact you can expect a 5% to 15% reduction in energy costs by implementing these tools and strategies. Calculate those savings across your self-storage portfolio, and you’ll see that an investment in AI-powered technology can improve your business’ bottom line.

The Future

AI-driven platforms offer a comprehensive suite of capabilities that address various areas of self-storage management, offering significant cost savings and enhancing user satisfaction in an increasingly commoditized industry. While you may not feel this is a top priority, implementing AI technology is becoming essential to compete in today’s competitive self-storage market.

Since 1993, Scott Meyers and his team at Kingdom Storage Holdings have acquired, developed and managed more than 4,300,000 square feet of self-storage throughout the United States. Scott is also the founder of SelfStorageInvesting.com, an industry education company that publishes books and software, conducts live seminars and podcasts, and offers one-on-one coaching and mentoring services. In addition, Scott operates The Self Storage Mastermind group. You can reach him, email [email protected].