Every year, members of the self-storage industry descend upon Las Vegas for several days of schmoozing, networking, learning and dealmaking.
As always, Storable was at the annual Inside Self-Storage World Expo to share the benefits of our self-storage technology platform with as many attendees as possible. We interacted with self-storage operators of all sizes from across the country to learn more about what’s on their minds. Check out the video above to hear what they had to say.
While there will be both ups and downs ahead, we walked away from the ISS Expo with a bright look ahead for the industry’s future. It is clear that technology is making it easier for entrepreneurs to gain entry into the sector and be competitive with major, established players.
Here are our three biggest takeaways from the expo:
1. Technology is a game changer
In many ways, self-storage technology isn’t that new. Sitelink, for example, has been providing self-storage management software for more than 20 years. But the rate of adoption of software and other tools like facility websites and cloud-based access control is greater than ever.
Those that had a solid technology stack in place during the pandemic reaped the benefits as the COVID-19 response accelerated the shift of consumers towards preferring contactless transactions. Even as COVID-19 restrictions wane, the preference for easy, convenient transactions that can be conducted online using a smartphone remains strong. Operators with the capabilities to capture those customers and run their businesses more efficiently with technology are well-positioned to boost their bottom line, in good times or bad.
2. Unmanned facilities are the future
Technology isn’t only making it easier to grow your self-storage business, but it has made it possible to run an entirely different type of storage facility: the unmanned self-storage facility. With the right technology platform in place, an operator can run all of the necessary functions of a self-storage facility remotely without a manager on site. While requiring an upfront investment in technology like kiosks, software and websites, unmanned facilities have very minimal labor costs. And, as you know, the cost of labor is rising.
Many attendees we spoke with at ISS expressed a strong interest in unmanned facilities, if they were not already involved with them.
3. The storage industry is the place to be
The word about building wealth through self-storage units must have gotten out. The show attracted 3,800 attendees, with about 1,400 of them being first-timers. That is a lot of new faces.
We spoke to many people just beginning the journey of running a self-storage business. Some were just doing research before taking the plunge, and others had started small and were quickly outgrowing what they had initially built. The enthusiasm expressed by these storage pioneers is a sure sign to us that the industry’s future prospects are strong. And with turnkey self-storage technology, it is easier than ever to start a self-storage business and grow it quickly.
The future looks bright
The self-storage industry is thriving, and it has never been easier to get into the business. Existing operators also are benefiting from the added revenue and efficiency that comes with using the latest technology products and services the industry has to offer. Give your tech stack a refresh and learn more about what the Storable platform can do for you.