(Newswire.net — October 23, 2018) — Self-storage is an underrated, competitive industry.
It’s fairly easy to get into, there are a ton of companies involved, and you have both local and national competition. It’s easy to fall behind.
But Extra Space Storage hasn’t—while others have languished, the Salt Lake City, Utah-based company has become king of the self-storage industry. Their stock has continued to climb ahead of market indexes, and they’re part of the S&P 500.
How’d they pull it off?
1) Location, Location, Location, etc.
Location is absolutely key for any business, and self storage is no different. Extra Space’s location strategy has been simple: focus on locations near major thoroughfares.
This has given Extra Space a competitive advantage over other self-storage facilities, which are sometimes tucked away on side streets or outside of the main city area.
It’s a big advantage for people who want convenient access to their stuff, and it has the side benefit of increasing brand awareness—it’s a lot easier to remember the name of the place you pass by every day for work than it is to remember the name of the place you saw one time when you went to that random Chinese restaurant on the other side of town.
With 1,400 locations and approximately 910,000 units, Extra Space has been able to situate itself in great locations and take advantage of them better than its competitors.
2) Quality Is Something That Matters a Great Deal
One of the main tenets of Extra Space’s strategy has been to keep their properties clean and safe. Their “Clean and Green” standard means that they focus on keeping properties clean and well-landscaped. Each location has been given the care and concern that it deserves so that the community around enjoys being neighbors with Extra Space.
That makes it a great experience for anyone who comes by looking to rent a unit. When renting a storage unit, people want to feel confident that their property will be taken care of, and a clean, well-groomed location is key to that.
3) Security Is of the Utmost Importance
Keeping people’s personal belongings safe is what Extra Space was created to do over 25 years ago, and that’s what they still focus on today.
Each location has professional on-site managers, so there’s someone available if trouble arises. Electronic gates with coded access and individually-alarmed units help control entry and egress, making it harder for would-be thieves to get in and clean out a locker.
High-quality video surveillance of the premises also makes it harder for anyone to take a crack at opening a locker that isn’t theirs.
A thief can be very fast at getting inside a unit if they actually make it onto the premises. In five seconds, they can make it through a regular padlock. In fifteen, they can have the door open.
Extra Space’s well-lighted, well-secured facilities and central locations make it harder for thieves to find an opening, and harder for them to make an easy getaway.
4) Helpful, Personal Service Is Held at a Premium
Once someone’s made the decision to take a walk up to the location’s office and inquire about a storage unit, they’ll find an experience that matches the quality of the property.
Each Extra Space location is staffed by the best candidates they can find for every position, and people want to work for the company—that’s why they have one of the highest retention rates in the self-storage business.
Store managers are extensively trained both before and during their time in the position. They’re asked to be experts on storage, as are all Extra Space employees at each location.
Whatever the question that customers have, Extra Space wants to make sure that they have the answers to it. Not all competitors put their resources into training the way that they have, and the difference is noticeable in the degree of success.
5) And of Course, Don’t Forget the Extras …
Not every self-storage company has put the kind of effort into offering extras that Extra Space does. There are several attributes that set them apart from the competition.
Extra Space offers a huge variety of unit sizes at every location, as well as climate-controlled units for more sensitive items. That allows them to accommodate all kinds of customers, from someone who just wants to toss a few boxes in while they’re in a smaller apartment to someone who wants to store valuables that need a certain temperature.
They also offer recreational vehicle storage for people who don’t have the property space for it. For people with all the toys but not all the space, Extra Space is an easy choice—they’ve got it covered.
Finally, each location has a full line of moving and packing supplies that customers can buy right on the spot. They don’t have to leave to go somewhere else and get them—everything’s right there. And the storage experts working at the Extra Space location are ready and willing to help them get their stuff packed up in the most efficient way possible.
No matter how you slice it, this company is doing self storage the right way. And that’s why it’s become king of the industry.