Property Managers Go Shopping

• One of the job responsibilities of self storage property managers is to have a thorough understanding of the competition. Not only is it a major responsibility, it is a lifesaving defense shield for the storage business. If property managers are neglecting to learn everything about competition, they are losing valuable business. A competitive analysis is a tool to learn more about the market and to see what the competition is doing. If you are updated on the competition’s sales strategy then you will have ammunition to fire back during your next sales call when the customer thinks your competitor is offering a better deal. Let’s face it. Self storage is a competitive market. Every self storage business is armed with amenities and specials that cannot always be matched. Property managers must learn how to counter customers with a seemingly better deal on the table. You can do this by knowing the offers before the customer calls or walks in the self storage. Property managers, your first plan for attack is to make a list of what you consider to be the competition. If a customer is shopping around for self storage and tells you they were offered a storage unit that is 50 miles away for half the price you are offering, you can tell the customer that it is a good price, but that business is not in your competitive market. A self storage customer will pay more for a self storage unit if the property is convenient. Once property managers have a complete list of the competition, it’s time to get know them a little better. Find their strengths and weaknesses. The more information you get the better. Where is the storage property located? What storage sizes do they offer? Do they have climate control units?  What are their prices and what else do they sell? Get to know how they market themselves and their reputations. A customer might have been quoted a lower rate, but it may be for a storage unit that is too small for the customer’s need. If you research your competition, you may find out that they do not offer video surveillance and 24 hour access. A customer will pay more for a self storage unit if your company offers these amenities and your competition doesn’t. If property managers have the misconception that competition is nil, then they have failed to identify who their competitor is. Most likely, if your self storage business doesn’t have any competitors, then your business probably is worthless. If you are the only self storage business in town then there is no market for storage in your town. Finding information on your competitors is very easy. These days most companies have websites promoting their business. You probably won’t get everything you need here, but it is a start. Property managers should shop their competitors by phone or in person. In this tactic, you can listen to the competition’s sales presentation and get pricing on storage units as well as specials. Ask customers who have shopped around for their honest opinion about the competition and on how they came up with a decision. Property Mgmt Climate Controlled Relocation to San Francisco

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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