Management • Section 6
• Calls to a call center • Internet leads
As seen in Chart 6.3, phone calls make up the largest
portion of daily leads followed by Internet leads and site visits respectively. The average number of daily calls into the stores is typically 5.39 per day with more than 58 per- cent of those calls being converted to actual unit rentals by the manager or facility staff. It is interesting to note, however, that the best conversion rates are for potential customers who visit a facility in person. Increasingly, those who telephone or walk-in as a first
contact with the store are first learning of the facility on the Internet—and half of those leads are converted into rentals. Operators are well aware of this new reality, re- flected in the fact that 73 percent of those surveyed have websites and 59 percent take advantage of social media. Keeping social media sites and websites fresh are new du- ties for many managers. Nearly one-third of respondents also use a self-storage aggregator to make it easier for their facilities to be found by Internet shoppers for self- storage space.
Managing Delinquencies In addition to making sure that a facility maintains opti- mum occupancy, managers must also keep delinquency rates and lien sales low. Today, thanks to technology, a mixed bag of techniques is being used at most facilities. One of the latest forms of technology to be utilized is the use of an Auto Dialer interfaced with the facility’s oper- ating software to contact customers by phone and text. This method of reminding them to make their payments will no doubt climb dramatically as this new technology permeates the industry. Automatic debit card processing, charging late fees, and sending lien sale warnings are the top ways opera- tors surveyed use to keep delinquencies to a minimum— with each of these methods used at just over 70 percent of facilities. Managers who keep delinquencies to a mini- mum save operators from both the cost and exposed risk of holding lien sales. The facilities surveyed report an average of 1.26 lien
sales per month, or approximately 15 per year. Online storage auction websites are a relatively new phenom- enon; however, legal issues have not been fully tested in court and some operators worry that they may push the boundaries of commercially reason- able sales. REITs such as Extra Space are steadily moving more toward online lien sales in states that ap- pear favorable to the process.
Number of Visits
Calls to Call Centers Internet Leads
5.39 2.61 1.2
2.72 Source: © 2014 Mini-Storage Messenger Management Survey Operators are reporting better collections with the online option.
Of nine online auctions Extra Space conducted, six of those sold for 100 percent or more of what was owed. The REIT’s initial entry into the online arena netted 70 to 80 per-
cent of what was owed on the units, with write-off per site going from around $600 down to $200 per site. Managers generally don’t have as much to do to prepare for an online auction as with a live lien sale, since they may be required to work the day of a live auction, as- sign extra staff if needed, and clean up afterward.
Chart 6.3 – Percent of Leads Converted
80 90
Space Audits Controlling the in- ventory is a critical duty performed by self-storage man- agers. We see this clearly in the num- ber of space audits performed at
fa-
cilities, where ev- ery door is checked against the operat- ing software to en- sure that all is well. Managers look for units locked open, found vacant, or over-locked for past due status, and they confirm that there are no customers in vacant units— “mystery” tenants not on the books. Discovering recent move-outs and keeping the vacant status in check are important controls.
Table 6.3 – Average Daily Leads
Source of Lead Number Per Day Percent Converted Number Of Calls
58.39% 86.67% 23.14% 49.99%
50 60 70
40 30 20 10 0
Number of Calls
Number of Visits
To Call Centers
Source: © 2014 Mini-Storage Messenger Management Survey
Calls
Internet Leads
Table 6.4 – Use of Advertising or Promotional Media
Type of Media Percentage Who Use
Billboards 11% Signage 53% Website 73% Social Media
Self Storage Portal
Self Storage Aggregator Telephone Solicitation Yellow Pages
59% 14% 32% 17% 36%
Magazines 4% Referrals 64% Newspaper 11% Radio 3% Direct Mail
13%
Flyers 35% TV Commercials Marketing Visits
1% Community Events
Chamber of Commerce or Networking Club
Online Videos Email Blasts
58% 48%
42% 12% 36%
Source: © 2014 Mini-Storage Messenger Management Survey 2015 Self-Storage Almanac 75
Percentage of Leads
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