As any facility owner knows, it’s essential not to take sales for granted. If left unattended for too long, a booming business could soon become a bust. We’ve listed the ways to determine if your self-storage facility needs renovations and how to plan for them so you can stay competitive, add value, and increase your return on investment.
It’s critical to continue to grow with the market around you. Otherwise, you might face an aging facility struggling to keep up with the changing times. Eager real estate investors could see this as an opportunity to gain more market share by building sleeker, safer, and more high-tech self-storage facilities that lure away tenants.
Improvements can benefit everyone. For example, upgrading the tenant experience with curb appeal, improved lighting, enhanced security, safer features, and convenient technology, like smart locks, can retain existing business, attract new customers, and boost your cash flow. And if you’re planning to sell your property in the future, you can justify a higher price with savvy renovations.
Here are the steps to assessing and preparing for self-storage renovations.
Before you can make improvements, you’ll need to determine how well your facility functions and fits with the surrounding market.
Here’s a list of ways you can determine needs:
For every problem, there’s a solution. However, choosing the best solution for your self-storage business is key to your return on investment. When weighing options, you’ll want to ensure that renovation projects are cost-effective and align with your short-term and long-term objectives.
Here are some specific needs and solutions to consider:
Assessing your self-storage facility and planning for capital improvements can seem overwhelming. It’s a lot to consider, especially if you’re a first-time self-storage business owner. However, there are many options to weigh, so it’s best to have a comprehensive plan so you’re adding tangible value that makes the most sense for your needs.
If you’re unsure where to start, seek guidance from experts like the Janus International R3 team, who can help you throughout the process. A field technician and sales representatives will meet you on-site to assess and measure the square footage of your property. They’ll also estimate construction costs and a timeline for completion to determine feasibility and budgets.
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Janus International Group is the leading global manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions including: roll up and swing doors, hallway systems, re-locatable storage units, and facility and door automation technologies. The Janus team operates out of several U.S. locations and five locations internationally.