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Gabfocus: Tenant Acquisitions

Gabfocus: Tenant Acquisitions

What are best practices to convert leads into paying customers? How do you keep track? What are the best tools? Check out this Gabfocus Session to hear how other self storage owners and experts are keeping their facilities full.

Moderators: Melissa Huff and Tommy Nguyen
Featured Speakers: Stephanie Tharpe, Chad Lundberg, Scott Worden, Holly Fiorello

Category: Marketing & Technology
Focus: Owners and Managers
Aired: April 30, 2020
Duration: 1:20:28

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.

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Top Questions Answered in this session

  1. How can operators get the most out of a lead?
  2. Are call tracking numbers worth the expense?
  3. What are some lead follow-up best practices?
  4. What are some best practices to increase lead conversions?
  5. What is the best resource to learn how to stay in contact with our customers?

These are just a few of the questions answered during this session! Get your pen and paper ready!

Live Poll Results: What tools are most important to provide to your employees?

poll-manager-skills

 

 

Meet your speakers

chad-lundberg

Chad Lundberg

The Storage Group

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

Scott Worden

CallPotential

Website: https://www.callpotential.com
Email: scott@callpotential.com
holly-fiorello

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

Got questions or comments for the panelists?

Our panelists will be happy to answer any questions you have. We hope you enjoyed this Gabfest Session. Talk soon!

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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

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!

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