With low operating costs and high demand, it's no surprise that self-storage has been recognized as a lucrative investment opportunity. However, like any investment, it's important to have a solid strategy in place to ensure maximum returns. As the go-to firm for commercial real estate investing, Uplift Development has over 20 years of experience in the industry and we have compiled some insider tips for maximizing returns on self storage investments.
Insider Tips for Maximizing Returns on Self Storage Investments
Insider Tips for Maximizing Returns on Self Storage Investments
Location is Key
Look for areas with high demand and low competition, such as growing suburban communities or urban areas with limited storage options. Additionally, consider the accessibility of the location for potential customers. Facilities located near major highways or busy intersections tend to have higher occupancy rates and therefore, higher returns.
Utilize Technology
Investing in a user-friendly website and online booking system can attract more customers and increase occupancy rates. Additionally, implementing smart technology such as security cameras and keyless entry systems can improve the overall customer experience and give your facility a competitive edge.
Offer Additional Services
Consider offering add-ons such as climate-controlled units, packing and moving supplies, or even truck rental services. These additional services not only increase revenue, but also make your facility more attractive to potential customers.
Prioritize Customer Satisfaction
Happy customers are more likely to stay for longer periods and refer others to your facility. By providing exceptional customer service, you can build a loyal customer base and reduce vacancy rates. This, in turn, leads to higher occupancy rates and increased returns on your investment.
By following these tips, you can maximize returns on your self storage investments and see your portfolio grow. At Uplift Development, we are committed to helping our partners achieve their investment goals by providing valuable insights and doing the heavy lifting. Contact us today to learn more about our commercial real estate investing opportunities!