With the increasing need for extra space among individuals and businesses, the self storage industry has seen significant growth.
According to Storganise, “the outlook for the self storage industry remains positive, with forecasts to reach $72.15 billion by 2028. Despite some slowdown in the rate of growth due to increasing interest rates and other economic factors, the industry’s fundamentals are strong, and demand continues to be robust.”
Self storage is a popular solution, but that doesn’t mean the industry isn’t without its share of challenges. Competition, tenant retention, and maintenance costs keep you on your toes. One of your chief concerns is ensuring that your tenants know that their possessions are safe and secure in your facility.
Your Tenants Want to Store With Confidence
Storage Shield, a StorSuite partner, has your back. You can reassure your tenants that a Storage Shield tenant protection plan provides an extra layer of security and reduces the risk of catastrophic loss.
A Storage Shield tenant protection plan is not insurance. It is a contractual agreement between a self storage facility and a tenant. Your facility assumes limited responsibility for a tenant’s stored belongings. Plus, you can rest assured that any damages to your facility will be covered.
Ten Reasons To Use a Tenant Protection Plan
Attract and Retain Tenants
Tenant retention is the lifeblood of your industry. It’s less expensive to keep an existing tenant than to attract a new one.
A tenant protection plan can help you to retain tenants as well as attract a new audience. By offering a tenant protection plan, you can demonstrate that you value your tenants and the security of their belongings. Most tenants will be more likely to maintain their relationship with a facility that sustains rigorous security standards. Plus, this added level of protection will attract new customers.
Protect and Maintain Your Reputation
Tenant protection plans can be key in protecting your reputation.
In the event of an expected mishap, your tenants will be reimbursed at replacement cost, up to a specified dollar amount, for damaged or stolen property (clothing and household linens are subject to depreciation). There are no deductibles.
Your tenants will be happy to have reduced their losses and be eager to inform their friends and family about the benefits of a tenant protection plan. You’ll gain referrals, maintain your stellar reputation, and increase customer loyalty.
Stand Out Among Your Competitors
A major challenge to owners is the increasing number of self storage facilities in the USA. As the demand for storage space continues to rise, more entrepreneurs are entering the market. This can result in a highly competitive landscape.
To stand out in this crowded market, you must develop strategies that differentiate your facilities from the competition. You can achieve this by offering unique amenities, like a tenant protection plan. An innovative strategy like a tenant protection plan helps to attract more tenants and maintain a steady revenue stream.
Document Recreation and Replacement are Covered
If you don’t have backup, document recreation can be expensive and labor-intensive.
If you lose important materials, you may not be able to pull every detail together. However, certain agencies may need to see your financial information. Banks and the IRS need to be assured that you made a good-faith effort to accurately reconstruct your information.
You’ll attract more business customers if they know that recovery expense of their important documents is covered by a tenant protection plan.
Filing a Claim is Easy
Whether it’s auto, health, or home insurance, filing a claim to cover a loss can be frustrating. Websites can be confusing, and trying to connect with a representative can be overwhelming. Red tape can delay your claim for weeks, or even months.
The good news is that if you have a self storage tenant protection plan with Storage-Shield, a StorSuite partner, you can avoid the chaos. Filing a claim for your tenant’s loss is a breeze. Help is only a click or a phone call away if you need assistance.
A team member will be happy to walk you through the Claims Affidavit, including documenting the damage or loss, uploading photos, and submitting the claim. Our easy-to-understand list of FAQs will answer your most commonly asked questions.
Conclusion
Ultimately, a tenant protection plan is more than just a service offering – it’s a strategic tool that can elevate your business, enhance customer satisfaction, and contribute to your facility’s growth.
As you look to the future of your self storage business, consider how a Storage Shield tenant protection plan can be a key factor in your success.
