The self-storage industry is a great way to build your business portfolio. Self-storage is a constantly growing market due to the demand for personal and commercial storage. In an industry that seems to takes the highs and lows with ease, it is always interesting to see how new technology will impact the business.
In the last 6 months, the movement toward the use of artificial intelligence (AI) in many industries has provided lots of opportunity for discussion. What’s the best way to use it? Is it beneficial in this industry? Are there ethical concerns to using AI?
Let’s overview what AI is and how it can help your self-storage business grow today.
Though it might be surprising, AI is not really new. It’s a technology that’s been used for years in other industries. When proven to be helpful in one market, other markets have looked for ways to put it to work. For example, many functions of the automotive industry have been using AI for decades to build the cars we drive today. Automation is just one use of this technology. Additionally, AI has been used to test the safety of vehicles for years as well.
Now that the demand for contact-less self-storage remains, there are several ways that AI can increase your revenue overall.
- Improve the customer service experience
- Increase security
- Increase revenue
Improve the customer service experience
From the first point of contact when a potential customer finds your website, AI can be used to create a positive first impression. When you visit a website and a chat box pops up on the screen, that is powered by AI and used to provide real time responses 24/7 to people who need your service. Keep in mind that chat boxes can sometimes be annoying, but for people making a financial decision immediately, it can provide a positive customer service experience to get their need met instantly.
Additionally, the chat feature can assist current customers with concerns or issues in real time as well. The overall improvement in being able to handle an issue is a big plus for customers.
As well, AI features can allow for online reservations instantly rather than having to wait until operating hours to get things done. AI allows your business to keep working even when you need to sleep for the day.
Increase security
AI provides opportunities to increase secure access to your self-storage property. AI systems can be programmed to assess activity on a property and even differentiate between suspicious or normal activity.
According to Storable.com, “A.I.-driven smart security cameras and access control systems have the potential to improve the safety and security of self-storage facilities, while creating a smooth customer experience. Such systems can use A.I. to detect and respond to suspicious activities in real-time, reducing the risk of theft and unauthorized access.”
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Additionally, security systems operating with AI can utilize facial recognition, license plates and other identifiable features in order to allow gate access. There are even features that can limit access (where permitted by law) when rent is late or unpaid.
Increase revenue
Businesses can utilize AI to increase revenue in several ways. Rent increases are necessary periodically. AI can take data and determine which units are up for increases and provide data on missed revenue if the increases are not administered. AI can even determine revenue is missed out via improper use of space.
AI can also be used for marketing purposes to increase revenue by writing marketing copy and even creating graphics to share on social media and other platforms.
There are many ways that artificial intelligence can be used to grow your business. While AI can never replace human interaction, it can be a tool used toward productivity when humans need downtime to rest. With a solid management strategy, AI can be an asset to your business while not replacing the human component entirely.
As technology increases, it’s important to consider ways to work smarter and not harder. AI is just a tool to reach that end. If you’d like to learn more about growing your self-storage portfolio with the use of AI, Weaver Realty is ready to assist you every step of the way. We can help you realize the benefits of an improved customer service experience, increased security on site, and increased revenue for your property. Call us today at 904-733-0039 to work with our team of Argus Self-Storage Network Affiliates.
