Tenant Acquisitions | Gabfocus | Self Storage Virtual Workshop

Gabfocus Sessions

Gabfocus Sessions are weekly, virtual workshops for self storage owners, managers, and operators. Brought to you by the team behind Gabfest: StoragePug and MR Management.

Each session features hand-picked industry pros who will dive deep into relevant topics surrounding our industry, share best practices, and explore trends in the market. It's our hope that these sessions help you navigate your self storage business better during these uncertain times.

Want more tools for your managers? Join us on Gabfocus weekly on Thursdays.

Chad Lundberg

The Storage Group

Website: https://superstoragegroup.com
Email: chad.thestoragegroup@gmail.com

Scott Worden

CallPotential

Website: https://www.callpotential.com
Email: scott@callpotential.com

Holly Fiorello

CallPotential

Website: http://callpotential.com
Email: holly@callpotential.com

stephanie-tharpe

Stephanie Tharpe

A+ Management Group

Website: https://aplusmanagementgroup.com/
Email: stharpe@aplusmanagementgroup.com

Resources from this session

Stats & Numbers

It takes on average 7 “touches” or interactions to convert a lead
A storage study found that only 7% of managers followed up with a lead once, only 2% followed up twice
32% of our tenants are millennials
The industry-wide conversion rate is 27%, 50-60% is a great goal to set for yourself

Industry Terms

Tenant Acquisition Cost - What you're willing to pay for a lead, typically ranges from $100-$150
Lifetime Tenant Value - Average length of stay X average rent price

Awesome Quotes

"Voicemail isn’t good enough." - Scott Worden
"Lead with empathy." - Holly Fiorello
"If you have 30 calls and you’re only converting 3, the problem is you." - Stephanie Tharpe
"This is the new temporary normal. You’ll have to make concessions to how you'd prefer to do things." - Chad Lundberg

Tools Mentioned

CallRail

Question of the Week

We asked our panelists: "What’s the most important thing for a manager to remember when trying to convert a lead into a tenant?"

"You only have one chance to make a first impression. Many tenants are coming to you for a major reason - a move, a divorce, a death. Provide a personal touch, and remember why they need storage.” - Stephanie Tharpe

“Follow through as much as you possibly can. Remember they are human. Lead with empathy. If they are storing with you, remember you are part of their life.” - Chad Lundberg

“Follow up is plural.” - Scott Worden

“Remember that you’re not just going after the sale, you’re providing a solution. If you’re not following up, you’re not helping them.” - Holly Fiorello - Director of Marketing at CallPotential

"It’s all about having a conversation. Not just selling. Remember, you're talking to a person. - Melissa Huff

Gabfocus Takeaway

Follow Up. What we learned from all our experts this session was that they are discipled and proactive about following up with every lead they come in contact with. And, they don't just follow up once, they follow up consistently. All while doing so with empathy and understanding. Thanks to our expert panelists for sharing their insights!