New Technologies Boost Self-Storage Operations in Challenging Times
There’s no sugar-coating it. Self-storage operators are living through a difficult moment. Inflation, interest rates and cost of capital are all trending upwards, pushing occupancy rates in the other direction.
“Consumers are moving and buying homes at notably lower rates compared to previous years, and that is having a direct impact on how many people need self storage,” said Chuck Gordon, CEO of Storable during a recent year-end webinar. But that doesn’t mean we’re stuck.
At Storable, our north star is helping your self-storage operation thrive no matter what challenges come your way. The tougher the times, the more creative we’ll get.
That’s why we’re proud to announce that self-storage rockstar CallPotential is now part of the Storable family. With this acquisition, you can now access a suite of “Storable + CallPotential” products designed to revolutionize your collections and lead management workflows. Read on to see how these tools can supercharge your operation when you need it most.
Staying in the black with streamlined operations
With demand down, it’s the perfect time to sharpen up your internal processes.
“Operators need to shift their focus toward growing in other ways by looking internally at their own operations,” said Gordon. “Getting more operationally efficient can reduce your expenses and refocus your staff on delivering value back to your business.”
In the self-storage industry, focusing on operational efficiency means fixing problems like:
- Managers spending too much time chasing late payments and following up on leads
- Leads and delinquent accounts falling through the cracks because of error-prone manual follow-ups
- Reinventing the wheel each time a new manager is trained
- Inability to access cross-portfolio data on sales calls
- Limited time to focus on business growth due to administrative overwhelm
As an operator, you already have a lot on your plate. Tackling these issues can feel like more work that you don’t have time for.
That’s where Storable + CallPotential comes in. By adding low-cost extensions to your current Storable software, you can unlock a new level of operational efficiency and watch your business grow.
Innovative solutions power rapid growth
James Coakley, storage industry veteran and President of Operations for New York City’s Treasure Island Storage, is clear-eyed about the company’s mission. “We’re in the business of opening up storage facilities,” he said.
In order to keep pace with their goal of aggressive growth, Coakley needed a software innovation that could improve efficiency and increase revenue. “We were looking for something that was simple, user-friendly and could be set up on the fly as a new facility came online,” he said.
Treasure Island Storage found what they were looking for in two signature products offered by Call Potential, now available to Storable customers as part of the Storable + CallPotential software extension collection:
- Collections Manager Pro: Fully automates the collections process and results in 4X more delinquent revenue capture
- Lead Manager Pro: Ensures all leads are followed up on with a streamlined lead-to-lease workflow that grows revenue up to 32%
With lead management and collections optimized, Coakley says Treasure Island is running like a well-oiled machine. “Obviously there’s no scraps of paper laying around with a phone number and email anymore,” he said.
“Those things that you may have lost opportunities on, we’ve eliminated that. You’re able to definitely get more customers coming in because it’s a systematic approach.”
Bottom line for Treasure Island Storage? “I definitely think we’ve been able to convert more customers,” said Coakley.
The magic of optimized workflows
Collection Manager Pro and Lead Manager Pro are powerful new add-ons to your storEDGE or SiteLink facility management software.
And those operational inefficiencies that have been a thorn in your side for so long? Consider them solved. Let’s take a look at some of the ways these low-cost tools can help your business:
- Automate collections via phone, text, and email
- Improve payment options for tenants, including 2-tap payment links
- Utilize a powerful virtual assistant for phone-based collections
- Set up auto-pay prompts that drive up to ten enrollments per facility each month
So your business can:
⇨ Collect up to 4X more delinquent revenue
⇨ Decrease units going to auction by up to 63%
⇨ Save 4-7 hours per week at each facility
- Automate follow-up to track and convert leads
- Help managers close more deals with cutting-edge tools and visibility across facilities
- Categorize leads properly for better conversion rate data
So your business can:
⇨ Collect up to 32% more revenue
⇨ Achieve up to 70% conversion rates (30% higher than the industry average)
⇨ Sign 250% more leases
Storable + CallPotential can get you where you want to be
With industry-leading collection and lead capture rates, your operation will be well-positioned to navigate whatever comes your way.
Talk to a sales representative today about adding Collection Manager Pro and Lead Manager Pro to your existing storEDGE or SiteLink software. (And stay tuned for more game-changing innovations from Storable + CallPotential in the new year!)
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