The self-storage industry has undergone a remarkable transformation, driven by the integration of cutting-edge technologies that are revolutionizing operations, enhancing efficiency, and shaping the future of this dynamic market.
To give you a deeper understanding of these advancements, we connected with an industry expert for the most accurate insights.
Guy Varble, fund manager of the customizable Momentum Wealth Fund LLC with Avestor and a seasoned self-storage operator, shares his insights on the latest technological trends and the future of this evolving industry.
Guy is a seasoned real estate investor known for managing and transacting over 10,000 units worth more than $220 million. His portfolio spans self-storage, single-family and multifamily rentals, residential flips, and commercial properties. He specializes in ground-up self-storage developments, repurposing big-box stores into storage facilities, and optimizing existing properties.
Advancements In Self-Storage Operations
Guy emphasizes the distinction between construction innovations and operational improvements when discussing the latest technological advancements in self-storage.
While the industry has seen innovations like auto-screeders and modular construction techniques, the focus shifts to the operational side, where technology plays a crucial role in daily management and customer service.
One of the most significant advancements is developing robust facility management software. These systems have evolved better to suit the unique needs of the self-storage business, enabling operators to manage tenant information, payment processing, and streamline overall operations.
Remote access control is another key technological advancement. Modern self-storage facilities are increasingly equipped with systems that allow customers to access their units using their smartphones, providing convenience and enhanced security.
AI-driven systems are also making their mark in customer communication, managing inquiries more efficiently in call centers and freeing up human staff to focus on complex issues.
The Role Of AI And Data In Self-Storage
As AI continues to advance, its potential impact on the self-storage industry could be profound. Guy expresses concerns about the rise of personal AI assistants, which could revolutionize how customers choose self-storage facilities.
In the near future, AI could become so advanced that it can recommend specific storage facilities based on highly personalized criteria, such as location, online reviews, customer ratings, and social media presence.
This potential shift underscores the importance of managing online reputation meticulously. Guy emphasizes that self-storage operators must actively manage their ratings on platforms like Google, Yelp, and Facebook to maintain a strong online presence and remain visible to potential customers.
Future Innovations In Self-Storage Technology
Looking ahead, Guy highlighted several areas where technological innovation could further shape the self-storage industry.
One area is in the underwriting process, where advancements in technology have already improved the accuracy and efficiency of identifying suitable locations for new facilities. Enhanced software tools now allow operators to gather and analyze data more effectively, providing insights into market demand and potential profitability that were previously difficult to obtain.
Additionally, the integration of AI into the customer selection process could lead to more sophisticated marketing strategies. As AI continues to evolve, it may become essential for self-storage operators to tailor their marketing efforts to appeal to the algorithms used by these AI systems.
This could involve optimizing online content, managing customer feedback more proactively, and ensuring that all digital interactions reflect positively on the business.
In conclusion, the self-storage industry is undergoing a technological transformation that is reshaping how facilities are built, operated, and marketed. From advanced facility management software to AI-driven customer service, these innovations are helping operators streamline their businesses and improve customer satisfaction.
However, as Guy emphasized, the future of the industry will likely depend on how well operators adapt to these changes, particularly in managing their online reputations and staying ahead of emerging technologies. As the industry continues to evolve, those who embrace these advancements will be best positioned to succeed in the competitive self-storage market.
