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Successfully Navigating Self-Storage in the Middle of a Pandemic
The novel coronavirus and the ensuing COVID-19 pandemic have set off a wave of uncertainty throughout nearly all of the world’s industries, but self-storage has entered into a particularly murky period even with a new normal potentially dawning.
While traditional thinking says the industry is largely immune to big swings brought about by significant disruptions and self-storage facilities across the United States were experiencing growth prior to the pandemic (to the tune of $38.6 billion in revenue in 2019), this expansion has led to some uncertainty with Americans spending less in the midst of the COVID-19 crisis.
Now, with regulations deferring rent and fees being enacted, rent decreasing in general, and a concern about demand lagging behind supply looming, there’s still optimism surrounding the industry’s ability to rebound and prove pandemic-proof.
However, there are also measurable steps self-storage facility owners can take to help accelerate that process.
Tips and Tricks for Weathering the COVID-19 Storm
Here are some important strategies for ensuring your facility is prepped for the long haul.
- Craft and Evaluate a Continuity Plan
Even outside a global pandemic, crises will crop up. It’s critical to understand every aspect of your costs and operation, evaluate employee numbers and importance, touchless and online options, and more. Knowledge is power, and having an idea of how you’ll cope with a crisis before another one occurs can give you more solid footing.
- Clean, Clean, Clean – And Make Sure Customers Know You Are
Like any business, cleanliness and sanitation are critical to consumer confidence right now. Engage in best practices recommended for fighting COVID-19, and be sure your customers are aware you’re taking it seriously with signage, communication and more.
- Be Flexible and Compassionate
Rent drives your revenue, and employees help make your business go. That may be true, but the relationships you’ll build by practicing compassion with both customers and employees during this unprecedented time will go a long way toward renewed growth when the pandemic is over.
- Utilize a Rental Truck for Advertising and More
By partnering with On The Move to lease a truck that can be customized with your unique branding and graphics, you can get up to 600 impressions per mile on the road, helping set your facility apart. Better yet, you can use your truck to help customers move into units, building those critical relationships we mentioned earlier. This truck can also attribute to community goodwill during this pandemic.
Contact On The Move Today
On The Move has extensive experience in serving self-storage facility owners both in providing rental trucks and in helping them navigate tenant insurance and protection.
To learn more about how On The Move can help you prepare for success as a new normal dawns, visit www.onthemovetrucks.com.