Fri, 10 May 2024 21:26:24 -0400WeeblyFri, 19 Feb 2021 22:01:26 GMThttp://nj-pacommercial.com/blog/ideas-for-tenant-retention-increaseDepending on the area you live in, competition in the self-storage business can be (aggressive)
Everyone is looking for ideas to grab a larger market share in their territory. 

Here are some ideas put together for you. These ideas are relationship-based ideas to retain and increase your tenant base. Please use the ideas that will fit into your scenario and I would like to hear other ideas if you are kind enough to share. 

1. The tenants you currently have. If your current tenants are happy with the service you provide. What would be the cost of sending your tenants a large postcard 3 to 4 times a year, offering just local information that could be simple like a new school, community group, township plans, or recommended restaurants? You want to have some value other than just being a self-storage facility. *Now every few postcards, do not feel bad about asking your tenants if they may have friends, family, or co-workers that may be in  need of a Self-Storage unit. Sometimes people have the best intentions. If they are not reminded from time to time, they may not remember your request for help. 
   
2. Does every business in your area know about your facility? What if you took several contractors, ie plumber, roofer, a mover, etc., and offered them space, at cost, and with each referral they send to you, offer them credit back? Now you have a sales force, that is in touch with multiple people a week.  
   
3. Your past tenants. Provided that everyone separated on good terms. Reach out every now and then. Thank them for being a tenant and you hope that if they need storage unit in the future, they will remember your facility. Also, ask them if they know of anyone looking for storage (Humm the neighbor that can not fit their car into the garage because of everything else). You would be appreciative of the referral. 
   
   
4. Reduced Rents Vs Concessions. a) The idea of Reduced Rents is a simple idea to get units filled. The flip side of the coin is once you have agreed to accept a reduced rent, provided justifies how long will it take to get those units back up to market rates? b) By offering concessions, one month free, use of a truck, discount/free certain amount of supplies, etc. With concessions, once the market says you can put them aside, your rents should be in line with the market, avoiding trying to figure out how much you can increase rents a year without losing a potentially good tenant.  
   
5. The fifth one I will hold off on until the current pandemic is over.
   

The Hope here is for those people that want to be more personable and use Sphere of Influence (SOI) marketing verse cold marketing. There is always room for multiple avenues of marketing. People that know you and are happy with your services and these are usually your highest return on investment. Putting a system into place should pay for itself many times over.

Even in business, employers and business owners are having to adjust to how people function now. What if you took those concepts and added them to your sales/marketing plan. It is cheaper to get more referrals from a happy customer/client than to a brand new customer that has no ties to you or your business. 







]]>Sun, 20 Dec 2020 16:04:08 GMThttp://nj-pacommercial.com/blog/staying-local-or-multiple-marketsA key point of Keeping your investment local or spreading out into multiple markets. 

Pros of Keeping it local.

1. You are able to take a day drive around and put your eyes on the properties. For some people being able to easily see your properties put them at ease. 
   
2. Contractors/Maintenance. When you have all your properties in one area, you will have a list of trusted contractors and maintenance people. If there is an issue you know your proven professionals will be there to handle those issues.
   

Cons of Keeping it local. 

1. Natural disasters. Certain areas are more prone to earthquakes, tornado's, hurricanes, and floods. If there is a major event how may this impact your investment? 
   
   
2. Employment. If your area has one or two major employers and the survival of the local area is dependent upon these employers to your prospective tenants to survive? (Example) The major coal towns of Pennsylvania and West Virginia. If the local employer is to reduce in size or close altogether how could this impact your numbers? 
   
   

Pros of Multiple Markets 

1. Taking advantage of the various landlord/tenant laws and economic benefits. We all know certain municipalities/states have guidelines/laws that make Multi-tenant investing more supportive. 
   
2. Spreading risk through different markets. If one market is declining for a reason, the other markets will hopefully not be affected by the same issues. 
   

Cons of Multiple Markets

1. The need to travel to put eyes on the property could be negative or positive depending on your personal preference. There would be an additional cost to account for when you need to travel. 
   
2. The need to have a database of multiple team members that may include but not limited to contractors, property managers, and attorneys.
   

There is a checklist of pros and cons, these are just to get you thinking outside the box so you as the investor can consider the upside and downside for each property/market. If you understand and plan for the positive and negative of each asset, you may reduce any potential negative impacts on your business and can re-adjust the strategy. 



These are strictly the opinions of myself based on Q&A with various investors of multiple asset types.

]]>Wed, 30 Oct 2019 02:18:50 GMThttp://nj-pacommercial.com/blog/new-and-comingWith market updates and tips. I will be updating with local, metro, and national information. My goals are to inform and educate my current and future clients with information that will help them make better decisions now and in the future. I goal is something beneficial once every two weeks unless something really important comes up. Please tune in as your input will also help me provide better information as we move forward.
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