How to Prepare for the Slow Season (with Brett Copper)

The self-storage industry has grown a lot in recent years because of things like COVID-19 and more people working from home. But in 2023, things got tough because the busy times for renting storage space didn't happen like usual. Now, with fewer people renting, self-storage places need to get ready for a slow winter. In this blog, we'll talk about what experts say self-storage businesses can do to handle the slow times and get ready for a better 2024.

One thing self-storage owners should do is not raise prices too much. Data from Storable, a company that looks at self-storage data, showed that in 2023, more people were leaving storage places than moving in during the second and third quarters. This might mean that high prices are making people leave. Brett Copper from Copper Storage Management agrees and says owners should not be too pushy with raising prices and giving discounts to keep their current customers.

Copper also says owners should change prices depending on the season. In winter, when not many people are looking for storage, owners could lower their prices to keep customers. But in spring, when more people want storage space, they can raise prices again. Both experts say it's important to keep checking and changing prices based on what's happening in the market.

Even though not many people are renting, it's still important to spend money on advertising. But Brett Copper warns that online ads have become more expensive because lots of other businesses are also advertising online. Owners should get help from experts who know which words and ads work best and how to get the most out of their advertising budget. Copper also says advertising on Facebook is a good idea.

Besides paid ads, owners should also make sure their business shows up when people search online. This means having a good website, using the right words so that search engines find it, and making sure the business info is correct on search and map websites.

Besides money and advertising, self-storage owners should also make things easier for customers. For example, they can let people rent storage space 24/7 using machines and offer help through a call center. People have busy lives, so it's important to have flexible and easy ways for them to rent storage space. Owners can also reward customers who bring in new business through reviews and referrals.

Owners can use the quiet winter months to fix things in their storage facilities. Broken gates or lights can make customers unhappy and leave. Fixing these things can make customers stay and feel good about renting there.

To make the most money when more people want storage space in the spring, owners should prepare in advance. Brett Copper says they should have different-sized storage units ready to rent. They should also change their prices to make more money when things get busier.

Copper and other experts say owners should keep an eye on how much money they make and change their prices often. This will help them stay competitive and make the most money. They can also use the winter to update their websites or switch to new systems so they're ready when more people start renting in the spring.

Even though things are slow, self-storage owners can do things to get through it and be ready for when more people start renting again. By changing their prices carefully, using advertising smartly, making things convenient for customers, and getting ready for the busy season, they can keep their business strong.

Following the advice of experts can help them find their way through tough times and be even stronger when more people start looking for storage space. By planning well and doing the right things, self-storage businesses can be successful even when times are tough.