Patriot's 2 Min Drive: How Remote Leasing Is Transforming Self Storage
At Patriot Holdings, we constantly strive to stay ahead of industry trends, and today we shed light on a paradigm shift that is redefining the self-storage industry – remote leasing. Remote leasing in self-storage has emerged as a far more profitable and efficient business model compared to traditional on-site management.
What Is Remote Leasing?
Traditional self storage facilities have a full time manager on site. At Patriot, we use remote leasing, allowing customers to rent a unit from our website or via our in-house customer service call center. This allows us to lease the unit remotely. Utilizing our property management software, we can send unique access codes to customers allowing them to enter the gate and access their unit. This removes a large part of the overhead at the facility whilst maintaining a great customer experience.
Reduced Operating Expenses:
Remote leasing negates the need for on-site staff, thus significantly reducing labor costs. For instance, a facility with 500 units can save approximately $4,000 - $6,000 monthly in on-site staffing costs. This also removes the expenses related to on-site offices.
On-site management costs typically make up 9 to 11% of traditional self-storage facility expenses.
24/7 Accessibility and Convenience:
Remote leasing platforms enable customers to lease storage units at any time, which caters to the on-demand nature of the contemporary consumer. This results in increased conversion rates and customer satisfaction levels.
Scalability and Centralized Management:
Remote leasing allows for centralized management of multiple properties. This scalability streamlines operations, and according to SSA (Self Storage Association), reduces management costs by up to 30% by integrating functions such as billing, lease agreements, and customer service across multiple locations.
Enhanced Security:
With remote surveillance and access control systems, security can be monitored efficiently from a centralized location. This technology-driven security approach not only lowers costs but also automates previously manual processes such as gate and facility access.
Data Analytics and Targeted Marketing:
Remote leasing platforms gather invaluable consumer data. This data can be leveraged to execute targeted marketing campaigns and optimize pricing strategies, which in turn drive occupancy rates and revenue.
How Patriot Holdings Is Capitalizing on Remote Leasing
Remote leasing has empowered Patriot Holdings to venture into untapped markets beyond the geographical limitations that traditional Self Storage REITs usually operate within. By employing this technology, we can effectively manage facilities in smaller towns that boast excellent demographics, robust rents, and face considerably less competition.
This strategic advantage not only reduces operational costs but also allows us to capitalize on investment opportunities in a broader range of markets.
Please contact our investor relations team to learn more about our investments in Self-Storage and Mobile Home Parks via our Funds.
We have a limited opening in Fund III and Fund IV. Please secure your commitment while the investment is open.
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