Self Storage Revenue Optimizer
SELF STORAGE PRICING…REDEFINED
Still relying on “old-school,” rule-based pricing techniques, using current or past occupancy levels, and letting competitors dictate prices for your storage units?
Understanding how to set prices for self storage units requires leaving the past behind. What just happened is less relevant than what is about to happen. Instead, forecasting customer behavior and demand is key to maximizing margins.
Prorize’s Self Storage Revenue Optimizer (SSRO) technology is designed specifically for the self-storage industry and built on over a decade of industry experience with major operators across the globe.
The foundation of SSRO’s technology is hundreds of artificial intelligence and price optimization algorithms that run in the background, continuously self-learn, and require minimum manual updates. Fueled by your data and specific business conditions, these algorithms forecast customer demand and compute prices to maximize revenues. This eliminates human intervention and the likelihood of emotion vs. data dictating pricing decisions.
SSRO comprises three interdependent software modules that seamlessly integrate with your existing data management software. Each module is developed based on the maturity of your stores and optimizes prices for both new and existing customers.
Module 1: Mature or Stabilized Stores
Mature or Stabilized Stores or ones you have owned for an extended period of time contain rich data and require a different pricing approach to attract new customers. Prorize’s SSRO takes these factors into account and:
- Incorporates discounts and promotions
- Predicts move-ins and move-outs
- Measures customer price sensitivity systematically
- Accounts for product value & features
- Responds to competitive prices by estimating competitive impact to customer demand
- Includes unique scenarios like student move-ins and move-outs and extreme weather conditions
Module 2: Lease up or New Stores
An aggressive promotion strategy is easy to lease up a new or newly acquired store rapidly. This, however, may not be the best strategy for long-term margin gains. Instead, Prorize’s SSRO looks beyond promotions to generate prices and:
- Is configured for projected performance measures
- Uses sister properties for seasonality, booking trends, rates, price sensitivity, and boundary conditions
- Incorporates reference rents using competitive rates and own data
- Employs self-learning AI algorithms based on projected performance
Module 3: Existing Customer Rate Increases
Knowing when, how much and how often to raise existing customer rates is more than just an art; it’s a science. A science that requires decisions driven more by data and less by people. SSRO objectively looks at your data and:
- Calculates move-out sensitivity
- Employs customer and product segmentation
- Analyzes gap with current street rates
- Forecasts demand and expected vacancy
- Incorporates customer expected lifetime value
- Is configurable based on customer policy
When you partner with Prorize, you not only get world-class technology but access to a world-class team of pricing experts. Our team becomes an extension of your team. As a customer, expect ongoing services to ensure you get the best results possible that include:
- A dedicated Prorize manager/contact
- Consistent status meetings
- Quarterly executive meetings
- A support portal with a ticket resolution system
REQUEST A FREE PRICING ASSESSMENT
Schedule 45 minutes today with the Prorize team to better understand the health
of your pricing process and opportunities to generate incremental revenue.