StorTrack, a division of 365 Media Inc. that offers competitor-pricing data, market-analysis tools and first-stage due diligence to the self-storage industry, has agreed to integrate its real-time rate data with the Self-Storage Rent Optimizer (SSRO), a dynamic-pricing solution offered by revenue-management firm Prorize LLC. The partnership will add more than 1 million daily competitor price points for SSRO users, according to a press release.
“Self-storage operators are becoming increasingly aware of the enormous benefits of data-driven price optimization and competitive intelligence,” said Jeff Brink, vice president at StorTrack. “StorTrack is the most comprehensive dataset available in the market, and users of Self-Storage Rent Optimizer now have access to that.”
"Competitive pricing may have an impact to your own customer demand, but this impact varies," added Ahmet Kuyumcu, founder and CEO of Prorize. "In some cases, ignoring competitive prices might be the right answer. In other cases, you should go half-way or match them. What this agreement with StorTrack does is provide us with the data we need to accurately guide our clients to forecast demand and set optimum rents, always considering the impact of competitor prices.”
StorTrack serves more than 2,000 self-storage facilities in North America with dynamic pricing data, local market intelligence, market-valuation insights, reports, and market-analysis tools. It tracks more than 30,000 facilities worldwide with daily pricing data, according to the release. It’s part of 365 Media, a global data company headquartered in Burlingame, Calif.
Founded in 2006, Prorize offers dynamic-pricing solutions to help companies set prices and optimize revenue streams. Its services are used across multiple industries, including self-storage, airlines, apartments, gaming resorts, high-tech manufacturing, hospitality, media, online retailing and senior living.