The Fifth Rule of Thumb – Marketing for Tenants

No matter how good your manager is, if no one knows that you are open for business or that you have vacancies, how will you get new tenants. If you are not marketing for tenants, you are not in business. You should always be marketing for new tenants. You should always be building a funnel of potential renters. You will always have turnover, the key is to keep your occupancy levels as high as possible.

You need renters if you want to make money. It doesn’t matter how great your location is or how beautiful your facility is, if you don’t have renters, you won’t make money, There are so many ways that you can get the word out about your self-storage facility. Make sure that you are using multiple streams of advertising to reach the widest variety of renters possible.

The reason that we advertise is to create brand awareness. We want people to know that we are open and that we have vacancies. The first way to do this is your sign. You don’t want to build a beautiful building and then have a tiny sign. You want to put in the biggest sign that the city will allow. This lets people know that you are there, and you are open for business. You may want to have a grand opening or even a grand re-opening to bring additional awareness to your self-storage business. Get your name out there into the community so that people think of you when they think self-storage.

The next most important place to advertise is the internet. You must be on the front page of Google. If you are not on the front page of Google, then you are not in business. You should be running ads that will attract people to your website and ultimately get them to book with you. Your website should be easy to use, easy to book on and engaging. You want people to book with you when they come to your website. You do not want to pay for leads that don’t turn into renters.

Another way to get renters is word of mouth advertising. Offer a referral fee or a free month rent to your current renters if they send you a referral that becomes a tenant. If you charge $125 for a unit, that is worth $1500 a year. It is worth it to give someone a month of free rent or a $50 referral fee. This is an easy way to fill your vacant units.

You can also incentivize your potential renters by giving them a month of free rent. Now you never give them the first month free, you give them the second or third month free. This way they are used to having their belongings in storage. They are less likely to move their belongings after they are settled. This way you get a filled unit that will likely stay that way for a long time. Most people are grateful to get the extra room in their homes and they won’t be inclined to bring it back to their homes quickly.

No matter how you market, you must market. If no one knows your self-storage facility exists, then no one will rent from you. Make sure that you are using multiple advertising strategies to get as many people looking at your self-storage facility as possible. This way you can keep your occupancy levels high. As always, happy investing.