Revenue Management
Let's enhance your brand to new heights through our comprehensive involvement in every aspect of the self-storage industry.
Performance Goals
Our revenue management involves using data and analytics to understand customer behavior and store trends to optimize pricing and inventory strategies. By implementing effective revenue management techniques, we can increase revenue, improve cash flow, and manage costs more efficiently. This is especially important as the self-storage business becomes more highly competitive. Even small changes in pricing can make a significant impact on revenue.
Case Study
A local owner developed the property. He selected a REIT to manage the asset. The owner began weighing his options as he needed more revenue from the project. As the budgets from the REIT were provided, the revenue required to be another management company, as he needed to hit specific benchmarks or risk losing his property. We were able to adjust our management contract to give him comfort that our terms were more flexible and advantageous to him, helping him to be able to sign and move forward. The store was generating $30,000 a month and 80% occupied.
“storage is the business of inches, not miles. It is the little tweaks in revenue that over time makes the biggest difference.”
Revenue Case Study Conclusion
With a mix of revenue management and customer service, Atomic was able to increase the revenue of the property by over $13,000 per month from $30,189 to $43,885 in just 4 short months. This represents over a 35% increase in revenue which covered the owner's expenses and was able to generate a profit for him. As the property was REIT branded, we faced an uphill battle to establish a presence in the market under the new owner's brand of choice.
While increasing revenue each month, Atomic was also able to increase occupancy. By updating the website, claiming all local listings, targeting digital marketing, and implementing a grassroots local marketing campaign, we saw occupancy grow despite increasing street rates at the property.
We look forward to hearing from you