In the competitive world of self storage, optimizing occupancy isn't just about filling units—it's about maximizing your revenue and ensuring long-term success. A recent webinar, "Optimizing Occupancy," brought together industry experts to share invaluable insights on navigating market fluctuations, attracting new tenants, and retaining your most valuable customers. If you missed this fantastic session, don't worry – you can catch the full recording on the Alabama Self Storage Association website or as a podcast wherever you get your content.

The webinar kicked off with a deep dive into understanding occupancy, clarifying the crucial differences between unit occupancy, area occupancy, and economic occupancy. Unit occupancy gives a quick snapshot of how many units are rented, while area occupancy considers the total square footage utilized. The often-overlooked economic occupancy, however, ties directly to your potential revenue, highlighting how effectively you're capturing demand in terms of dollars. As Andrew Sherrard, former CMO of T-Mobile and a self storage veteran, emphasized, "occupancy and revenue are two sides of the same coin, and you can't really talk about one without talking about the other".

So, what happens when your occupancy isn't where you want it to be? The experts stressed the importance of a systematic approach, starting with data analysis. Are you facing a "lead problem" or a "conversion problem"? This diagnostic step is critical. If leads are down, consider your paid advertising, especially Google search, for short-term impact. Adjusting street rates and utilizing concessions (like 50% off next month or moving in for a dollar) can also quickly drive demand. Remember, "you're not making the decision forever. You're making the decision for today". Don't be afraid to test different pricing strategies to see what resonates with your local market.

When it comes to conversion, the operational aspects are key. The most basic, yet often overlooked, advice? "Answer the phone!". A missed call is a missed opportunity, especially since many callers expect a live person to answer. Your website also acts as your 24/7 front desk, so ensure it's optimized for conversion with clear promotions and engaging content like videos. Regularly review your Google Business page, as it's often the first interaction a potential customer has with your business.

The webinar also tackled the delicate balance of adjusting rates. While your occupancy is king in determining rates, keeping an eye on competitors is crucial. When considering rate increases, evaluate your recent move-ins, the occupancy of specific unit types, and competitor pricing. And if a customer points out a lower online rate, honesty and transparency about your pricing policy, coupled with an emphasis on the value you offer (like security or a free moving truck), can help retain them. Many operators are finding success by locking in rates for longer periods, marketing this stability as a key differentiator against competitors who might implement frequent, aggressive rate increases.

Beyond digital strategies, don't underestimate the power of local signage. A well-placed, eye-catching sign can capture the attention of drive-by traffic, which still accounts for a significant percentage of new customers. And for long-term success, investing in great sales conversations, implementing lead follow-up systems, and nurturing referral programs are paramount. Rewarding referrals with a check rather than just a rent credit can create a system for tracking and also generate positive social media buzz.

In essence, optimizing occupancy requires a proactive approach, continuous measurement, and a willingness to adapt. As Andrew Sherard wisely noted, "hope is not a strategy". So, dive into the full webinar recording to gain even more actionable tips and tricks for boosting your self storage occupancy.

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