Did you know that once a self-storage facility is built, unit pricing is the single biggest factor in your profitability? Profit optimization is your way to compete!
Our Dynamic Pricing solution is currently helping clients in more than 120 stores across the U.S. improve their revenues by up to 17% and reduce vacant units by as much as 29%.
Most self-storage owners/operators are unaware that there is money being left on the table with their current pricing model.
Most models used today are overly simple and look only backwards. Prices increase when inventory is low, and decrease when inventory is high. Our state-of-the-art pricing model is forward, backward and sideways looking and based on market demand and the price elasticity of the customer.
Occupancy and competition are the two primary metrics used in the standard self-storage pricing models, but they are not the only ones that could, or should be used.
SRP’s Dynamic Pricing solution looks at over 500 data points including historical data, seasonal attributions, competitor pricing, price elasticities, market conditions, and other factors, to create an optimized price for each individual unit in a given facility, within a given timeframe.
This allows operators to raise occupancy rates and the price paid per square foot.