How to Create a Profitable Income by Renting Storage Space?

How to Create a Profitable Income by Renting Storage Space?

There is an evident increase in the need for storage spaces across the globe. In the US alone the storage industry generates a revenue of a whopping $38 million from as much as 1.7 billion square feet of rentable storage space every year. Neighbor, a storage space company is shaping the storage industry quite differently by creating an alternative option for storing space. The unique platform brings together the people with extra storage space at their homes and the people who are in need of storage space.

Following the trend set by the Neighbor app, an increasing number of people have begun to use the platform to rent storage spaces in their homes and earn extra money. This model of the storage business is cheaper than the conventional storage space by 10%-50%. In this blog, we are going to discuss a few ways to create profitable income by renting storage space like Airbnb for storage space.

  • Become a Part of Online Storage Space Platform:

Neighbor is one of the examples of an online storage space platform. Just like Neighbor, there are several self storage management software and they are highly profitable. These Airbnb for storage space apps are simple to use, quickly accessible, and less expensive than the conventional storage spaces, which are the reasons for their success. Find suitable self storage management software, rent your storage space, and start earning.

  • Offer Value-Added Services:

Value-added services are of huge advantage among all business and especially the storage industry. There are several value-added services you can offer along with your storage space such as.

o   Paid Storing Service – most people do not want to go through the trouble of strategically storing their things for the optimal usage of the storage space. It is both time-consuming as well as cumbersome; therefore, wouldn’t mind paying few extra dollars to avail a storing service.

o   Regular Maintenance Service – storage spaces generally collect more dust faster than other places. They are also prone to molds, termites, stench, and other unhygienic factors. Therefore, to maintain the integrity of the things stored they have to be regularly emptied, cleaned, disinfected, and restored. These tasks can be taxing; therefore, will be easily availed as a value-added service.

o   Inventory Service – creating and maintaining an inventory is a difficult task and in the case of more things to store, then it becomes even more difficult to create and maintain an inventory. Anybody would be willing to outsource this tedious task. Based on the volume of the storage capacity you can charge for creating and maintain an inventory.

  • Start Your Own Storage Management Software:

This is even better than becoming a part of a self storage management software. Nowadays, developing self storage management software is an easy task as there are several software developers who can provide you with a readily deployable Airbnb for storage space clone apps. With the right resources, you can start your own storage business just like Airbnb for storage space. RentCubo, a leading software development company, can help you develop your own storage management software similar to RentStorage – its very own storage management software.

  • Customize Your Storage Space:

How do you like the idea of renting your storage space to multiple clients? Yes, by offering customized storage space, you can rent your storage space to more than one client at a time. Customizable storage space is in much demand since people like to pay for how much space they are utilizing than the entire storage space. Give your clients the leverage to choose how much space they need within your storage space. And then customize the space according to their requirement, this way you will have enough space to accommodate more clients within your storage space.

  • Expand Your Storage Space:

Almost every house has a built-in storage space that can be rented out, but a closer look at your home will help you assess a lot of unused space. These unused spaces can be converted into storage space that can be rented out, which in turn will result in more profitable income. You can assess your home for unused spaces in a timely manner to help expand your storage space consistently. The profits that get out of the rental storage space business can in turn help you acquire larger storage space ensuring consistent business growth.

When you get creative with your storage space the possibilities are almost endless. You can convert any unused space into a passive profitable income; however, you must make sure that it complies with the protocol of local ordinances, homeowners’ association if you live in a community, insurance company, etc. It is impossible to eliminate the need for storage spaces and those with unused space and creative initiative can make the most out of the ever-growing demand.

The CEO of Neighbor storage space company said that the company is already witnessing a 500% annual growth rate and that the home-based storage space idea could soon disrupt the storage space industry. So, go ahead and be your own boss by renting out your unused space.

Things to Consider While Choosing Self Storage Management Software

Things to Consider While Choosing Self Storage Management Software

Whether you are running a self-storage business or planning to start one, you would know the importance of good self storage management software. In order to launch and manage a successful self-storage business robust self storage management software is empirical. There are several aspects to consider in choosing the right self-storage software for your business. There are plenty of self-storage options available in the market and you need to make sure you choose the right one that can grow your business.

While choosing self-storage software it is pivotal to make informed and strategic decisions since the right software can make your daily business operations easy and efficient. Correct self-storage software can even help automate the business process and help you focus only on other crucial aspects of your self-storage business. Whether you are launching a new self-storage business or revamping an existing one you must consider the below-mentioned tenets in choosing the right self storage management software.

  • Difference Between Online and Offline Software – While both are developed to aid the self-storage business, online software is preferred over offline software as it offers many benefits over offline software.

o   Offline software provides restricted accessibility since it is confined to the specific computer or laptop it is installed in. Therefore, the operations through the offline software are also restricted.

o   Whereas, online software helps you manage your business from anywhere and from any device, sync all your business-related data to one account, and allows for quick access to information.

  • Integrated Software – in the early days of modernization and integration of software, multiple software was required to execute dedicated tasks of the business. However, self storage management software has evolved to become highly comprehensive and advanced like Airbnb for storage space software. This integrated software can ably and effortlessly execute all your business requirements, eliminating the need for multiple software. A fully integrated software not only reduces the redundancy of tasks and operations but also saves time, effort, and cost of managing your business.

Although the upfront cost of integrated software may be costlier than the traditional software, in the long run, it is cost-efficient and remarkably efficient.

  • After Sales Support and Upgrades – these are perhaps some of the crucial aspects to consider in choosing self-storage software that are overlooked by most business enterprises. It is very important to look for software companies like Airbnb for storage space that provide comprehensive after-sales support and timely upgrades to the self-storage software. Trying to outsource this aspect of the self-storage software to third party software companies can be tedious, improper, and a costly affair.

Timely updates are crucial for any software as they help keep up with the advancements made in the respective market and not become outdated quickly.

  •  Must-Have Features – self-storage software provides several features but not all the features are essential to your business, some might even be useless. However, there are certain must-have features you need to look for in self-storage software while choosing one for your business. Here is a list of a few must-have features.

o   Task Management – you need to be able to manage all your business tasks under one banner. It will be cumbersome to toggle between multiple banners for each and every task.

o   Customer Relationship Management (CRM) – as a business owner, you need to give attention to customer feedback, reviews, complaints, etc., and address them as soon as possible. This will ensure an optimal customer experience.

o   Pricing and Discounting – all information about price and discounts need to be overseen and monitored for each transaction. This is an all-too-important feature that cannot be compromised.

o   Communication Tools – an in-app communication tool is also a non-negotiable feature that must be provided with Airbnb for storage space software. This ensures hassle-free communication with all the stakeholders of your self-storage business within the software.

We live in an era where software has become an integral part of any business enterprise and not just a self-storage business. Since the prevalence of software is pragmatic it is necessary for self-storage businesses to be wise and strategic in choosing the right one. The abovementioned tenets will help your business navigate through numerous software that is available in the market and finding the right fit. In addition to these, you need to choose a software company that can grow with your business requirements and provide the right tools, updates, support, etc., as and when you need them.

RentCubo is a leading software development company that can develop an Airbnb for storage space software, provide all the necessary tools, upgrades, and support, and grow along and assist your business requirements. RentStorage is the software partner for your self-storage business.