LEASING SUCCESS CASE STUDY
Re-Stabilized Development
Betteravia Self Storage Santa Maria, California
Our partnership with this owner is built on a foundation of long-term trust that developed from successfully managed three of their properties prior to this development. This track record led them to source our management services for their fourth location, a development currently under construction.
Our team aggressively drove the initial lease-up, reaching 93% occupancy within the first 18 months and we maintained that baseline for several years. The early lease up created an opportunity to expand the asset adding an additional 400+ units. We successfully leased the new inventory to 84% occupancy in 18 months.
This sustained leasing momentum has directly translated into exceptional financial performance. In the most recent 12-month year-over-year comparison, we achieved a remarkable 20% growth in total income, alongside a massive 31% increase in Net Operating Income (NOI).
Strategies Implemented
- Lead Generation: Maintained strong PPC campaigns, and aggregators such as Sparefoot to increase occupancy & generate additional revenue.
- Presence & Visibility: Implemented professionally maintained signage and consistency across digital platforms.
- Pricing & Revenue: Continued to drive ECRI’s during lease up to grow revenue and identified highly occupied size codes to apply rate increases.
- Customer Experience: Maintained a clean, safe facility to attract walk-in customers.
- Manager Incentives: Quarterly bonuses for the field staff tied to revenue and occupancy goals.
- Reputation Management: Training and coaching on the importance of sourcing positive online reviews.
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