With a variety of units at your facility, value-based pricing provides a way to adjust your pricing schemes so a tenant will pay more if they feel a specific unit has a greater worth. For example, your smallest units might be worth a fair amount to those who only need a small amount of space and have no need for a larger unit. Saving a few dollars a month may impact their unit selection. Similarly, if you are providing a premium unit with options such as location and accessibility, tenants may feel confident spending more on those units because they are looking for a unit with that quality.
The ability to offer value pricing in a rental tool is a priority. With ClickandStor® Online Rental Suite, manage prices for each of your units in real-time and make adjustments whenever you see fit. With our Market Intel™ service, easily view competitor pricing on any comparable unit size, location and quality. This allows you to better understand what your services may be worth in the eyes of potential tenants. A great example would be a climate-controlled storage facility in an area which has no other climate controlled options. This unit could be worth an exceptional amount to the people living in that region. With value-based pricing, the climate-controlled unit would be presented at a higher price since demand for it will be higher.
ClickandStor® recently added tiered value pricing which labels units as good, better and best value. These pricings options are controlled and set by you, but drive urgency for tenants to book because the unit qualities are in demand and the pricing is competitively increased to reflect that. With this additional information, easily sell similar units at optimal rates, capture more tenants looking to rent online, create tenant purchasing confidence and ensure tenants receive the best value for any given unit.
Value pricing provides knowledge about what unit qualities impact the purchasing habits of tenants. With this knowledge, you can set reasonable facility revenue expectations and increase tenant confidence through their purchasing decisions. This confidence can be the edge you need to convert potential tenants into paying ones, while ensuring your facility meets all their needs and expectations for an agreeable price.
Over the past year, renting isn’t what it used to be. As the pandemic led to the increase in online activity throughout all industries, it’s important that storage facilities adopt a streamlined online experience for their tenants. Consumers expect speed, reliability, and accessibility. By failing to meet your tenants’ expectations, you risk losing revenue from […]
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Guest Author: Tracy Sells, Harbor Storage Group Executing rate increases to existing tenants or raising street rates is oftentimes viewed as a cumbersome and daunting process. Thus, it is often avoided. Revenue management can be an uncomfortable subject, but it doesn’t have to be. You may even be thinking, my facility is 90% occupied so […]
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Biometric security has become commonplace. Phones, laptops, and computers scan facial structures, irises, and fingerprints to create a security experience tailored to the users, with the occasional added measure of voice verification. As we continue to innovate biometrics and increase ease of access, one thing is clear: biometric verification is vital to the health and […]