MAKE THE GRADE
Marketing Strategies For Student Tenants Inevitably, you’re going to get some students, especially if you have a large facility in a college town. Here are some strategies to help maximize the average lifetime value: • Turn off SpareFoot and aggre- gators. M. Anne Ballard, presi- dent of marketing, training, and developmental services for Universal Storage Group in Atlanta, Ga., says to make sure you know the college schedule and turn these services off when it’s time for them to hit. “The fees will eat up your profits,” says Ballard. “If you do use these ser- vices during peak college rental times, realize you’re going to have to pay the fees.” Agnello notes that you can use SpareFoot and aggregators for larger units, which students typically do not need.
• Do not offer specials. Ballard advises against offering move-in specials during peak college rental times. Instead, she says, they offer packages on certain units, such as 5-by-5s and/or 5-by-10s, that include the rent, administration fees, and insur- ance for one price for a certain period. “We call these student packages,” says Ballard. “We also sometimes call it the ‘Student 4.0 Package.’” If you have occupancy in larger units, some students may go in together and rent a larger unit, which can
Release Forms
Aside from having a lower lifetime value, it isn’t any riskier to rent to students. “We have rented to students for years and haven’t had any particular problems with students not paying or abandoning their property,” says Mixon. However, she adds, if they decide not to come back to school and abandon their property, you can always ask them to sign a release of interest in personal property, which will help release the unit for a new rental as soon as possible.
24 Self-Storage NOW!
work. “You just need to make sure they understand only one person is on the lease and is responsible,” Ballard says. “Make sure you have multiple contacts.”
• If you offer a free truck, try to coordinate move-ins and move- outs all at once. Instead of offer- ing a free truck for individual use, Ballard suggests coordinating with the college and students to have the truck come to the campus one or two days to accommodate mul- tiple students at once. Do the same thing when students will be moving out and back to campus. You’re still providing the truck, and they’re still loading and unloading.
• Make sure you are staffed. When the school year ends, you may be inundated with students all at once. Make sure your website is designed to handle a large daily traffic flow and is running smoothly. “We had one facility take 42 rentals in one day once,” says Mixon. “Make sure you are staffed to handle students walking in.”
Be Economical If your facility is located in a highly populated college town, is still in lease-up, or its occupancy is other- wise unstable, you may decide that renting to students for the short term is worth the time, energy, and expense. Still, you should ensure that you aren’t spending a lot in marketing. Low-cost guerilla marketing efforts are the way to go. Here are some ideas:
Ensure your website is mobile
and effective. The younger genera- tions, especially, do everything on their phones. You need to make sure your website is engaging, easy to navi- gate, and designed to handle custom- ers on mobile devices. Moreover, it should be capable of taking reserva- tions and payments. Use social media effectively.
Facebook remains the mainstay of social media, but younger generations are using platforms such as Instagram, TikTok, YouTube, and Twitter. Social media interaction doesn’t cost your facility anything except the time you or your manager and staff invest in post- ing. Don’t forget to use community pages on Facebook to help get the word out about your facility. Some may not allow advertising, but if you are having a special event for charity, etc., many will allow the posts. Market to faculty and resident
managers. “Sometimes faculty and resident managers at colleges and uni- versities even need storage,” says Ballard. “Don’t forget to market to them.” Fliers and bulletin boards on campus and residence halls are a good way to spread the word, if the college allows it. Use social influencers. Local
social influencers are becoming a good way for facilities to market, espe- cially to younger generations. It may take some leg work to find local social influencers, but using them can be a cost-effective way to reach the student population. Be creative in social media and
ads. Mixon points out that it’s very important to be especially creative when advertising to younger people. “One ad that sticks in my mind that was cute said ‘Storing at home means having to visit,’” she says. “Be creative and have fun.”
Kerri Fivecoat-Campbell is a freelance journalist based in the Ozark Mountains. She is a regular contributor to MiniCo’s publications. Her business articles have also appeared in Entrepreneur, Aol. com,
MSN.com, and The Kansas City Star.
FIRST QUARTER 2023
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