Gavin Shields explains why self-storage operators shouldn't aim for 100% occupancy. Keep units vacant to sell them, offer insurance and packing supplies, and plan these revenue streams before you're full, not after.
Oh, I'm 100% full. You know, we're doing really well. We're 100% full. But, you know, then there's so many stories of people wants to change their approach and actually think about. Well, actually I'm optimizing for, for, you know, the business. I'm optimizing for revenue, not for being full. What advice would you give to operators thinking about that kind of problem?
You shouldn't be 100% full. Me and many have always had that discussion, don't we? Personally, I think if you. I like to 85%. The reason I like to say 85% is because it gives me something to sell to somebody else.
What I find interesting about this whole discussion is pretty much the way you prefaced it. Gavin and I get this a lot. We're almost full now or we are full. What can I do to make more money? Why were you not asking that question the day you opened? Why is it you wait till you're full till you go, gee, we need to sell more insurance? Why is it wait, you wait till you're full to say, gee, maybe we should put a box shop up and sell boxes? A trick. If you want to make more money in self storage, the trick is to be doing that stuff from the day you open.
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