Pricing your self storage units is both an art and a science. I like to use a 10 step approach when teaching people how to price with confidence. Once you master the steps, you will easily make more money with your storage units and increase the value of the property. If you are still calling the competition and matching rates, you may be leaving money on the table. Going through all the steps will position you to dominate your market and give you the confidence you need when you set street rates and raise rates on current customers. Sleep easy at night knowing you are doing everything possible to make your self storage business a Perfect 10.
Step 1: Prepare yourself
If you are not mentally ready to raise rates, you will not have success. Attitudes show up in numbers and owners who believe that raising rates will cause them to lose business will see lower numbers. Taking the time to listen to the stories that you are telling yourself will help you increase your confidence. I have yet to drive by a facility after 5 pm and see customers comparing their storage invoice. Most people move out of their storage unit when they no longer have a need, not when you raise their rates a few dollars.