Centershift
Centershift
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Centershift Data Retention Policy
Mar
18
2010
Centershift Data Retention Policy
Effective February 20, 2010, Centershift will proactively amend our current data retention policy to include the policies outlined below. These policies apply to payment card data and other sensitive data such as social security and driver’s license numbers and are as follows:
· Upon tenant move-out in the application, payment card data, social security numbers and driver’s license numbers will be removed within 24 hours.
· Upon deactivation of a credit/debit card, payment card data will be removed within 12 days.
o “Deactivation” is defined as any instance when a card used for AutoPay transactions has been flagged as inactive, due to the card being denied for any reason, or because the card was deactivated by end users through the Store™ interface or any other integration point that allows users and/or customers to manage AutoPay settings. Deactivation may include, card expiration, denial, invalid card number and closed account.
· Upon de-conversion from any Centershift application, all payment card, social security and driver’s license numbers will be removed IMMEDIATELY.
· All payment card, social security and driver’s license numbers for current tenants will be held intact for 48 hours by the Store application. After that, they will be truncated to the last 4 digits for security purposes.
Once the data is purged from Centershift systems, it will be necessary for Store customers to re-obtain payment card data or other sensitive data from tenants if AutoPay processes need to be re-established. The removal of sensitive and payment card data from Centershift databases is permanent. The 12 day allowance for deactivated cards on otherwise active rentals is intended as a grace period to allow Store customers to work with tenants when card processing issues occur. During this grace period, payment card data will be retained so that expiration dates can be updated or other issues can be resolved.
When payment card data is purged for active tenants, a Store task item will be generated to alert the site manager of this action. For purged card data or other sensitive data, regardless of the rental status (rental was vacated), a Store account note will be generated to annotate this action.
Centershift strives to ensure that all of the data we manage on behalf of our customers is safe, secure and recoverable at all times. Payment card data, social security numbers, and driver’s license numbers are especially sensitive for obvious reasons and while AutoPay is a critical and time-saving feature within the application, holding payment card data longer than necessary is an unnecessary risk for you, your customers and Centershift.
We appreciate your understanding of these new policies. For questions, please contact your account manager or the Centershift Help Desk at (801) 303-1333.
Please note that Centershift ONLY stores payment card data for use in the AutoPay process and the above policies apply to AutoPay processes/interfaces only. Normal payment card data processing, such as taking payments at the point of sale or processing payment cards through web service integrations (web sites, call centers, kiosks, etc.) does not result in payment card data being stored by our system.Profitability Secrets of Large Owner/Operators That Everybody Needs To Know
Profitability Secrets of Large Owner/Operators That Everybody Needs To Know
By: Terry Bagley, President & CEO, Centershift, Inc. and Derek Naylor, President, Storage Marketing Solutions.
Secrets...
Secrets are a method, formula or plan - known only to the initiated or the few.
Everybody seems to have their own secrets that allow them to do something better, easier, more efficiently, with less investment, etc.
From running a cold jar of jelly under hot water to make the lid open easier - to your secret family recipe - to the secrets that magicians like David Blaine and David Copperfield use to put their audiences in a state of awe, secrets have kept the flames of curiosity burning strong since the beginning of time.
We imagine the cavemen had a host of secrets "up their sleeves" too...
While some secrets are purposefully withheld to protect an owner's intellectual property or to maintain a competitive advantage, others remain unknown to the masses simply because the entity holding the knowledge doesn't have a need to release the information or realize its value.
Whether they know it or not, large self storage organizations' operational secrets help them increase their revenues and profits in ways less experienced organizations haven't had a chance to discover, implement, or use as of yet.
The secrets we'll cover in this article will help you do the only two things you can do to increase your profits:
Millions of dollars and plenty of blood, sweat and tears have been invested for these lessons to be realized. It's our intent to save you a lot of time and a lot of money by sharing these with you.
The big operators have a lot of tools and advantages to help them achieve their goals. They benefit from economies of scale. They have access to plenty of human and monetary capital. They have the ability to test new concepts without putting the entire company at risk. They have acquisition and development teams to locate and buy facilities or prime properties. They can afford the latest technology and the time it takes to implement it properly.
Advantages like those are part of being big. They're really not easily duplicated for smaller companies.
However, we've identified 6 secrets that are readily available for those owner and/or operators with fewer facilities, or even just one site.
Secret #1 - Revenue Management
Large operators understand the importance of revenue management and utilize technology to help them leverage economic occupancy and implement timely and accurate rate changes with automated notification. They know that if this is not managed centrally with automated implementation it might not provide the intended results.
As the popularity and acceptance of the economic occupancy theory increases, so does the confusion about properly using economic occupancy boosting tools to your advantage.
Adjusting prices based on supply and demand is a standard business principle, but many owner/operators are still reluctant to raise prices. They feel like doing so will cause people to leave, and prospective tenants to walk out the door. While a few tenants might leave due to a price increase, here is something to consider:
If you currently have a 20% net profit margin and you increase your rates by just 5%, physical occupancy at the facility could drop by 20% and you would still maintain your bottom line!
When physical occupancy of a group of units of the same size with similar attributes reaches 85 to 90%, raise the street rate for the remaining vacant units. The size has proved to be popular, and the small increase will drastically help your economic occupancy and bottom-line profits.
The same principle should be applied in the opposite direction when a particular size unit doesn't seem to be renting out. Try adjusting your prices down by a small increment to see if the lower rate results in new rentals and an increased physical occupancy rate.
There are many theories and practices to managing rates, but it is a consistent truth that you can make more money by adjusting rent rates in response to trigger points in physical occupancy and/or set adjustments over time. Knowing this raises additional questions:
Q: At what percentage of physical occupancy do I raise or lower the rent rate?
Q: What is an optimal change amount?
Q: How can I make certain my managers are doing this properly?
Large operators automate the rent rate adjustment process. Your management software should automatically manage this process for you based on your defined trigger points or points in time. If you leave it up to employee discretion, you'll rarely get the result you want.
Secret #2 - Integration & Automation
Integration and automation are paramount to larger operator's success. While it's not as critical for smaller operators, integrating and automating can definitely add thousands to your bottom line.
The Internet is a powerful tool and should be used by every facility to increase profits. The power of the Internet allows you to seamlessly connect to a call center, kiosk, website, letter shop, payment processors, etc.
How much time would your site manager save if they didn't have fold, stuff and seal letters to go out to tenants? How many more tenants would you be able to sell if you could rent directly from your website?
Your management software and your call center, website, kiosk and payment processor should all "talk" to each other in real time. If a tenant moves out, your call center and kiosk should know right that second so that unit can be available for rent without getting your site manager involved.
Large operations save millions of dollars by integrating and automating every process they can. They make or save millions by integrating with websites, kiosks, payment processors, etc.
Look for management software that provides for integration and automation.
Secret #3 - Centralized & Outsourced Expertise
Using a CPA for taxes is a very common practice. Having a car mechanic work on your automobile is standard practice. Using an attorney to help you with the law is perfectly normal.
But, for some reason, many owner and/or operators still try to do their own marketing, letter mailing and phone answering. Let's be honest with each other here...
There are companies that specialize in marketing, phone answering, etc. They are very, very good at what they do. Seriously evaluate your "in house" expertise in all facets of your business. If your site manager is doing your marketing or writing sales scripts, but they don't have a proven track record doing those things, consider the impact that is having on your profits. Seriously look at outsourcing these important tasks to those who specialize in a certain category.
Most of the time, outsourced experts pay for themselves within 30 days and add a lot of value to your organization. Larger operators realize this and use experts wherever they know their bottom line will be helped by doing so.
Analyze where you think you can improve and explore the many great options available in this industry.
Secret #4 - Smart Marketing
The days of simple selling are long gone. Unless you're in a market with little or no competition, you must go beyond yellow pages and drive by traffic to occupy your facility physically and economically.
Large facilities target their marketing based on who they know - geographically and demographically - rents from them. They use online marketing strategies and through integration actually reserve many units through the internet.
Through technology, they can study customer demographics and trends so that they can market to the right people at the right time.
Not only does this save them money on ineffective advertising methods, but also generates many more rentals than they would get otherwise.
There's not enough room in this article to go into specifics on smart marketing, that's an article on its own. But, here are a few things to look at before spending another penny on marketing your facility:
If you know those 4 things, you can begin marketing smarter immediately and gain the profits that larger operators enjoy.
Secret #5 - Data Safety & Security
What would happen if you came to your office tomorrow and you had an urgent message from your site manager saying: "Ummm, the computer wouldn't turn on this morning so I took it to the repair shop. They said the hard drive was fried and unrecoverable. I know I was supposed to be doing backups, but I haven't for, like, 4 months. Please, please don't fire me!"
What are your customer's names and contact information?
When did they pay their bill last?
What is the credit card number that you were auto-billing every month?
Who's past due?
How much merchandise did I sell this month?
Not only would you deal with the hassle of getting the computer back up and running, but the time you spend, the mistakes that get made and the lost revenue will cost you a fortune.
Large operators protect their data like it was their life. In a way it is - their professional life. You find investors with data. You market with data. You make money with data. This saves them and makes them an untold amount of money every year.
If you're still using software that is based on your local computer, make sure you backup daily. Make sure the media you backup on is good. And, make sure the backup is taken away from the facility and put somewhere safe every night.
In addition to data loss, data/identity theft is becoming a major problem in our society and in the self storage industry. Large operators use technology that takes every precaution available so that "less than honest" employees aren't tempted with social security, credit card and driver's license numbers. This also reduces their risk of a potential legal action or bad publicity that could result from a breach or loss of this critical information.
Keep your company protected from lawsuits by using software that encrypts and number masks critical information.
Secret #6 - Relevant, Real-Time Reporting
One of the most successful operators in the country recently told a group of people at a workshop that he credits his success to his ability to make good and timely decisions based on up-to-the-second, accurate data.
The quality of your reporting is dependent on the quality and accuracy of the data being put in your management software. Do everything you can to control how data is input and how it is managed once it's in your management software. Many software programs add the control necessary to do this.
If you have more than one facility, centralizing this data is very important. You should be able to look at your business at the site level, but also for multiple sites on a consolidated basis, which allows for comparisons and organization-wide rollups.
In addition, reporting should be accessible in real-time from wherever you are. If not, you'll be making decisions on limited or dated data.
Now that you know the 6 secrets, it's up to you to implement them. Some are easier than others, but all are possible for owner and/or operators of any size. We encourage you to explore your options in this exciting industry. There are great companies that can provide expertise in each category to help you increase your bottom line drastically if you'll give them an opportunity.
By: Terry Bagley, President & CEO, Centershift, Inc. and Derek Naylor, President, Storage Marketing Solutions.
Secrets...
Secrets are a method, formula or plan - known only to the initiated or the few.
Everybody seems to have their own secrets that allow them to do something better, easier, more efficiently, with less investment, etc.
From running a cold jar of jelly under hot water to make the lid open easier - to your secret family recipe - to the secrets that magicians like David Blaine and David Copperfield use to put their audiences in a state of awe, secrets have kept the flames of curiosity burning strong since the beginning of time.
We imagine the cavemen had a host of secrets "up their sleeves" too...
While some secrets are purposefully withheld to protect an owner's intellectual property or to maintain a competitive advantage, others remain unknown to the masses simply because the entity holding the knowledge doesn't have a need to release the information or realize its value.
Whether they know it or not, large self storage organizations' operational secrets help them increase their revenues and profits in ways less experienced organizations haven't had a chance to discover, implement, or use as of yet.
The secrets we'll cover in this article will help you do the only two things you can do to increase your profits:
- Increase your sales revenues
- Reduce your operating costs
Millions of dollars and plenty of blood, sweat and tears have been invested for these lessons to be realized. It's our intent to save you a lot of time and a lot of money by sharing these with you.
The big operators have a lot of tools and advantages to help them achieve their goals. They benefit from economies of scale. They have access to plenty of human and monetary capital. They have the ability to test new concepts without putting the entire company at risk. They have acquisition and development teams to locate and buy facilities or prime properties. They can afford the latest technology and the time it takes to implement it properly.
Advantages like those are part of being big. They're really not easily duplicated for smaller companies.
However, we've identified 6 secrets that are readily available for those owner and/or operators with fewer facilities, or even just one site.
Secret #1 - Revenue Management
Large operators understand the importance of revenue management and utilize technology to help them leverage economic occupancy and implement timely and accurate rate changes with automated notification. They know that if this is not managed centrally with automated implementation it might not provide the intended results.
As the popularity and acceptance of the economic occupancy theory increases, so does the confusion about properly using economic occupancy boosting tools to your advantage.
Adjusting prices based on supply and demand is a standard business principle, but many owner/operators are still reluctant to raise prices. They feel like doing so will cause people to leave, and prospective tenants to walk out the door. While a few tenants might leave due to a price increase, here is something to consider:
If you currently have a 20% net profit margin and you increase your rates by just 5%, physical occupancy at the facility could drop by 20% and you would still maintain your bottom line!
When physical occupancy of a group of units of the same size with similar attributes reaches 85 to 90%, raise the street rate for the remaining vacant units. The size has proved to be popular, and the small increase will drastically help your economic occupancy and bottom-line profits.
The same principle should be applied in the opposite direction when a particular size unit doesn't seem to be renting out. Try adjusting your prices down by a small increment to see if the lower rate results in new rentals and an increased physical occupancy rate.
There are many theories and practices to managing rates, but it is a consistent truth that you can make more money by adjusting rent rates in response to trigger points in physical occupancy and/or set adjustments over time. Knowing this raises additional questions:
Q: At what percentage of physical occupancy do I raise or lower the rent rate?
Q: What is an optimal change amount?
Q: How can I make certain my managers are doing this properly?
Large operators automate the rent rate adjustment process. Your management software should automatically manage this process for you based on your defined trigger points or points in time. If you leave it up to employee discretion, you'll rarely get the result you want.
Secret #2 - Integration & Automation
Integration and automation are paramount to larger operator's success. While it's not as critical for smaller operators, integrating and automating can definitely add thousands to your bottom line.
The Internet is a powerful tool and should be used by every facility to increase profits. The power of the Internet allows you to seamlessly connect to a call center, kiosk, website, letter shop, payment processors, etc.
How much time would your site manager save if they didn't have fold, stuff and seal letters to go out to tenants? How many more tenants would you be able to sell if you could rent directly from your website?
Your management software and your call center, website, kiosk and payment processor should all "talk" to each other in real time. If a tenant moves out, your call center and kiosk should know right that second so that unit can be available for rent without getting your site manager involved.
Large operations save millions of dollars by integrating and automating every process they can. They make or save millions by integrating with websites, kiosks, payment processors, etc.
Look for management software that provides for integration and automation.
Secret #3 - Centralized & Outsourced Expertise
Using a CPA for taxes is a very common practice. Having a car mechanic work on your automobile is standard practice. Using an attorney to help you with the law is perfectly normal.
But, for some reason, many owner and/or operators still try to do their own marketing, letter mailing and phone answering. Let's be honest with each other here...
There are companies that specialize in marketing, phone answering, etc. They are very, very good at what they do. Seriously evaluate your "in house" expertise in all facets of your business. If your site manager is doing your marketing or writing sales scripts, but they don't have a proven track record doing those things, consider the impact that is having on your profits. Seriously look at outsourcing these important tasks to those who specialize in a certain category.
Most of the time, outsourced experts pay for themselves within 30 days and add a lot of value to your organization. Larger operators realize this and use experts wherever they know their bottom line will be helped by doing so.
Analyze where you think you can improve and explore the many great options available in this industry.
Secret #4 - Smart Marketing
The days of simple selling are long gone. Unless you're in a market with little or no competition, you must go beyond yellow pages and drive by traffic to occupy your facility physically and economically.
Large facilities target their marketing based on who they know - geographically and demographically - rents from them. They use online marketing strategies and through integration actually reserve many units through the internet.
Through technology, they can study customer demographics and trends so that they can market to the right people at the right time.
Not only does this save them money on ineffective advertising methods, but also generates many more rentals than they would get otherwise.
There's not enough room in this article to go into specifics on smart marketing, that's an article on its own. But, here are a few things to look at before spending another penny on marketing your facility:
- What are the geographic characteristics of your current customer base?
- What are the demographics of your current customer base?
- What tenants stay the longest?
- What advertising medium generates the lowest cost per rental?
If you know those 4 things, you can begin marketing smarter immediately and gain the profits that larger operators enjoy.
Secret #5 - Data Safety & Security
What would happen if you came to your office tomorrow and you had an urgent message from your site manager saying: "Ummm, the computer wouldn't turn on this morning so I took it to the repair shop. They said the hard drive was fried and unrecoverable. I know I was supposed to be doing backups, but I haven't for, like, 4 months. Please, please don't fire me!"
What are your customer's names and contact information?
When did they pay their bill last?
What is the credit card number that you were auto-billing every month?
Who's past due?
How much merchandise did I sell this month?
Not only would you deal with the hassle of getting the computer back up and running, but the time you spend, the mistakes that get made and the lost revenue will cost you a fortune.
Large operators protect their data like it was their life. In a way it is - their professional life. You find investors with data. You market with data. You make money with data. This saves them and makes them an untold amount of money every year.
If you're still using software that is based on your local computer, make sure you backup daily. Make sure the media you backup on is good. And, make sure the backup is taken away from the facility and put somewhere safe every night.
In addition to data loss, data/identity theft is becoming a major problem in our society and in the self storage industry. Large operators use technology that takes every precaution available so that "less than honest" employees aren't tempted with social security, credit card and driver's license numbers. This also reduces their risk of a potential legal action or bad publicity that could result from a breach or loss of this critical information.
Keep your company protected from lawsuits by using software that encrypts and number masks critical information.
Secret #6 - Relevant, Real-Time Reporting
One of the most successful operators in the country recently told a group of people at a workshop that he credits his success to his ability to make good and timely decisions based on up-to-the-second, accurate data.
The quality of your reporting is dependent on the quality and accuracy of the data being put in your management software. Do everything you can to control how data is input and how it is managed once it's in your management software. Many software programs add the control necessary to do this.
If you have more than one facility, centralizing this data is very important. You should be able to look at your business at the site level, but also for multiple sites on a consolidated basis, which allows for comparisons and organization-wide rollups.
In addition, reporting should be accessible in real-time from wherever you are. If not, you'll be making decisions on limited or dated data.
Now that you know the 6 secrets, it's up to you to implement them. Some are easier than others, but all are possible for owner and/or operators of any size. We encourage you to explore your options in this exciting industry. There are great companies that can provide expertise in each category to help you increase your bottom line drastically if you'll give them an opportunity.
SSA Partner Centershift Sees a Bright Future
-- Lee Matthews, Self Storage Association
Terry Bagley is used to wearing shades when he is on one of his frequent ski runs somewhere in the bright Utah sunlight. When talking to Bagley, it doesn't take long to realize he thinks shades are in order for those in the self storage industry-especially those in the technology sector.
Or, as the rock song said, "The future's so bright, I've got to wear shades."
Bagley, of Centershift, Inc., based in Salt Lake City, Utah, sees a bright future as he looks at the trends in the industry. He believes that bright future includes Centershift and its acclaimed management software solution, STORE.
He bases this optimism on Centershift's role in the industry as a leader and innovator in the form of self stor-age management software. STORE takes full advantage of the best and most innovative technology available and will continue to stay on the leading edge in the future.
"We help our clients become more competitive, make timely and informed decisions, provide higher service levels, and increase their profitability," said James Hafen, Centershift's chief technology officer. "As the indus-try continues to mature and gain increased interest and acceptance by the financial community, we expect that the industry's overall market value will increase. This will provide additional capital that will fuel more con-solidation, especially in the larger markets by the public and large private self storage companies."
As a result of the increased investments by sophisticated investment fund managers and because of en-hanced scrutiny of public companies, Hafen believes these companies will be required to have access to bet-ter information and management systems to support their growth and financial and operational reporting re-quirements.
"These requirements will provide increased opportunities for companies like ours that are prepared to provide solutions to help these companies better manage their growth and meet the ever increasing reporting re-quirements," says Hafen. "This will make the industry better and a more attractive investment in the long term."
Hafen should know too. After recently completing the extremely rigorous process of a SAS 70 Audit, the tech-nology chief can confidently confirm that Centershift's STORE application is not only safe and secure, but also provides accurate and relevant reporting for owner/operators who require the best accountability and report-ing available.
As the industry continues to mature, consolidate and become more competitive, Bagley expects owners and operators to seek better solutions throughout their operations. According to him, this not only includes better technology, but better management, marketing and innovative business models. "We believe the industry has a very bright future and look forward to participating in the exciting innovations that are sure to come with growth and increased competition," he says.
New Products Coming in the Fall
To stay ahead of the curve, Centershift will launch two new products later this year. STORE Enterprise and STORE Advantage will be released in the fall of 2007. According to Mark Smith, VP of Product Management, "These new products will completely revolutionize the way owner/operators manage and profit from their fa-cilities.
"For years, only larger operators have been able to experience the benefits that our STORE solution offers. With the release of STORE Advantage, operators of all sizes can profit from this cutting-edge technology."
STORE Enterprise is for larger operators and is a drastic improvement on the already successful product that two of the four largest REITs are using today. The centralized data model allows for management and profit opportunities that are otherwise impossible.
The team at Centershift is proud of their contribution to the success of self storage, believing that no other management software company can claim or even document the kind of numbers they have.
"On behalf of our clients, our STORE solution has managed more than 2.1 million rentals, over 12 million transactions totaling over $2.5 billion, in excess of four million tenant letters and invoices mailed, and over 10,000 users," says Smith.
An Expanding Role in the Industry
Bagley sees Centershift's role in the industry as a provider of leadership and innovation in the form of self storage management solutions and services that take advantage of the best and most innovative technology available now and in the future.
As Centershift makes significant investments in research and development, improves its support services and provides innovative technology solutions, it believes that it is helping to raise the bar for the entire industry. In fact, its employees believe that their leadership has resulted in a number of their competitors increasing their investment in research and development and commitment to better service levels. They believe ultimately, owner/operators in the self storage industry benefit from their leadership and increased competition among management software providers due to the increased focus on research and development.
Bagley says that while some in the self storage industry continue to harbor skepticism of its Internet-based software model, Centershift is experiencing tremendous growth and acceptance by large public and private owner/operators. Much of this acceptance is due to Centershift's willingness to invest in things like SAS 70 Audits and overall comfort with the Internet.
Centershift has also worked hard to educate the industry regarding identity theft and data security risks, ac-cording to Hafen. He worries that these issues have the potential to cause significant damage to the reputa-tion of the industry. "Because of this, we have aggressively advocated for better security measures and con-trols regardless of the management software being used by an owner and/or operator," he says.
Being one of the first companies to buy into the Self Storage Association's new Corporate Sponsorship Pro-gram further demonstrates Centershift's leadership, Bagley believes.
"As part of our commitment to the industry and as a leader, we are an inaugural member of the Self Storage Association's Partner Program," Bagley says. "This demonstrates our strong commitment to supporting and improving the industry by supporting our industry's association."
Revenue from the SSA Corporate Sponsorship Program is invested back into the industry by developing more resources for SSA members.
Asked what makes Centershift unique, Smith says to fully understand it, one must experience their solutions, customer service and culture.
"To help illustrate this, consider that we have already introduced 34 ‘industry firsts' in just seven years of busi-ness," Smith adds. "Talk to any one of our clients and they'll tell you that their solution is not an expense, but a profit producing investment. They'll tell you that our customer service is second to none and that the culture we have at Centershift drives innovation which will continue to revolutionize the management software indus-try.
"Choosing a provider of something as crucial as management software is a multi-faceted decision that goes beyond the software solution but looks into service, culture and ease of doing business. We believe we can't be beat in these areas."
And, thus, the need for shades at Centershift.
Terry Bagley is used to wearing shades when he is on one of his frequent ski runs somewhere in the bright Utah sunlight. When talking to Bagley, it doesn't take long to realize he thinks shades are in order for those in the self storage industry-especially those in the technology sector.
Or, as the rock song said, "The future's so bright, I've got to wear shades."
Bagley, of Centershift, Inc., based in Salt Lake City, Utah, sees a bright future as he looks at the trends in the industry. He believes that bright future includes Centershift and its acclaimed management software solution, STORE.
He bases this optimism on Centershift's role in the industry as a leader and innovator in the form of self stor-age management software. STORE takes full advantage of the best and most innovative technology available and will continue to stay on the leading edge in the future.
"We help our clients become more competitive, make timely and informed decisions, provide higher service levels, and increase their profitability," said James Hafen, Centershift's chief technology officer. "As the indus-try continues to mature and gain increased interest and acceptance by the financial community, we expect that the industry's overall market value will increase. This will provide additional capital that will fuel more con-solidation, especially in the larger markets by the public and large private self storage companies."
As a result of the increased investments by sophisticated investment fund managers and because of en-hanced scrutiny of public companies, Hafen believes these companies will be required to have access to bet-ter information and management systems to support their growth and financial and operational reporting re-quirements.
"These requirements will provide increased opportunities for companies like ours that are prepared to provide solutions to help these companies better manage their growth and meet the ever increasing reporting re-quirements," says Hafen. "This will make the industry better and a more attractive investment in the long term."
Hafen should know too. After recently completing the extremely rigorous process of a SAS 70 Audit, the tech-nology chief can confidently confirm that Centershift's STORE application is not only safe and secure, but also provides accurate and relevant reporting for owner/operators who require the best accountability and report-ing available.
As the industry continues to mature, consolidate and become more competitive, Bagley expects owners and operators to seek better solutions throughout their operations. According to him, this not only includes better technology, but better management, marketing and innovative business models. "We believe the industry has a very bright future and look forward to participating in the exciting innovations that are sure to come with growth and increased competition," he says.
New Products Coming in the Fall
To stay ahead of the curve, Centershift will launch two new products later this year. STORE Enterprise and STORE Advantage will be released in the fall of 2007. According to Mark Smith, VP of Product Management, "These new products will completely revolutionize the way owner/operators manage and profit from their fa-cilities.
"For years, only larger operators have been able to experience the benefits that our STORE solution offers. With the release of STORE Advantage, operators of all sizes can profit from this cutting-edge technology."
STORE Enterprise is for larger operators and is a drastic improvement on the already successful product that two of the four largest REITs are using today. The centralized data model allows for management and profit opportunities that are otherwise impossible.
The team at Centershift is proud of their contribution to the success of self storage, believing that no other management software company can claim or even document the kind of numbers they have.
"On behalf of our clients, our STORE solution has managed more than 2.1 million rentals, over 12 million transactions totaling over $2.5 billion, in excess of four million tenant letters and invoices mailed, and over 10,000 users," says Smith.
An Expanding Role in the Industry
Bagley sees Centershift's role in the industry as a provider of leadership and innovation in the form of self storage management solutions and services that take advantage of the best and most innovative technology available now and in the future.
As Centershift makes significant investments in research and development, improves its support services and provides innovative technology solutions, it believes that it is helping to raise the bar for the entire industry. In fact, its employees believe that their leadership has resulted in a number of their competitors increasing their investment in research and development and commitment to better service levels. They believe ultimately, owner/operators in the self storage industry benefit from their leadership and increased competition among management software providers due to the increased focus on research and development.
Bagley says that while some in the self storage industry continue to harbor skepticism of its Internet-based software model, Centershift is experiencing tremendous growth and acceptance by large public and private owner/operators. Much of this acceptance is due to Centershift's willingness to invest in things like SAS 70 Audits and overall comfort with the Internet.
Centershift has also worked hard to educate the industry regarding identity theft and data security risks, ac-cording to Hafen. He worries that these issues have the potential to cause significant damage to the reputa-tion of the industry. "Because of this, we have aggressively advocated for better security measures and con-trols regardless of the management software being used by an owner and/or operator," he says.
Being one of the first companies to buy into the Self Storage Association's new Corporate Sponsorship Pro-gram further demonstrates Centershift's leadership, Bagley believes.
"As part of our commitment to the industry and as a leader, we are an inaugural member of the Self Storage Association's Partner Program," Bagley says. "This demonstrates our strong commitment to supporting and improving the industry by supporting our industry's association."
Revenue from the SSA Corporate Sponsorship Program is invested back into the industry by developing more resources for SSA members.
Asked what makes Centershift unique, Smith says to fully understand it, one must experience their solutions, customer service and culture.
"To help illustrate this, consider that we have already introduced 34 ‘industry firsts' in just seven years of busi-ness," Smith adds. "Talk to any one of our clients and they'll tell you that their solution is not an expense, but a profit producing investment. They'll tell you that our customer service is second to none and that the culture we have at Centershift drives innovation which will continue to revolutionize the management software indus-try.
"Choosing a provider of something as crucial as management software is a multi-faceted decision that goes beyond the software solution but looks into service, culture and ease of doing business. We believe we can't be beat in these areas."
And, thus, the need for shades at Centershift.
Centershift's STORE - Self Storage Rental Management Software Solution for Multiple Facility Owners
Centershift STORE - Self Storage Rental Management Software Solution for Multiple Facility Owners
With a focus on supporting the needs of multiple facility owners, Centershift, Inc. was the first company in the self storage industry to provide a centralized, web-based rental management and point-of-sale software solution. Interestingly, numerous other industries, including some that are very closely related to self storage, like multi-family residential (apartments), are dominated by and have benefited from software providers that use the same model - centralized, web-based property management and point-of-sale software!
Software vendors that provide their solutions via the web are referred to as application service providers (ASP's), and as other industries have found, they can provide many distinct advantages over traditional software solutions. These advantages include but are not limited to:
Since its inception in late 2001, Centershift has leveraged the ASP model to provide leadership to the self storage industry in the form of industry changing innovation and by setting new market standards.
"Centershift realized a number of years ago that with the growth of the self storage industry, and more specifically the growth of individual self storage companies, that a robust, centralized, enterprise-class software solution was needed in order to support the needs of large and/or growth oriented self storage companies" states Bill Hoban, President & CEO of Centershift. "Centershift's STORE solution was developed specifically to support the requirements of the multi-facility self storage company."
Multiple Facility Requirements
If you're a multiple facility self storage owner or executive you are constantly faced with making decisions that have a significant impact on your company and its success. Having timely and accurate information given today's competitive environment is critical to making insightful and successful business decisions.
"When reviewing the needs of multiple facility self storage companies, we consistently hear a similar set of issues and problems that face them on a daily basis" stated Terry Bagley, Sr. Vice President of Sales & Marketing for Centershift. "These issues include the need to obtain timely, consolidated financial and operational reports; financial integrity of the system; providing fraud protection and detection; enhancing credit card and ACH (checking account) processing; reducing the close of day process; improving how software enhancements and updates are performed; doing away with manual letter processing; and the lack of tools to provide automated rent rate changes and forecasting, trending, demand, and competitive analysis."
Centershift STORE software addresses these and other issues by providing the following features and solutions:
Growth in Customers & Facilities
In the past two years, the company has experienced constant growth in terms of its customer base and the number of facilities supported by its STORE application. More significantly, the company will more than double the number of facilities that use STORE in the next 3 months, confirming the self storage industry's acceptance and support of the centralized, web-based model.
Centershift has continually proven its leadership, innovation, and vision to the self-storage industry by introducing these self storage industry firsts: real-time, consolidated, multi-site reporting; internet credit card processing; real time call center integration; tenant insurance integration; web-based business-to-consumer ecommerce (on-line credit card payments, account management, unit availability, rent rates, and reservation or rent); centralized mail processing for tenant correspondence; on-line support and documentation; web-based training; centralized yield management, forecasting, trending, and demand analysis; and fully integrated company & facility web site and web-site hosting.
What's In Centershift's Future?
Centershift is constantly looking for ways to provide additional innovation in the form of features that will benefit its customer's current and future requirements. James Hafen, Chief Technical Officer (CTO) for Centershift, provided some insight into the future plans for Centershift recently when he wrote about Centershift's efforts in the area of Rent & Yield Management. "Centershift will continue to enhance our customer's management and analysis capabilities by providing tools that allow them to unleash the power of an enterprise-class database. Today, this allows our customers to use their own data to easily put together models that forecast the impact of rent rate changes using historical attrition data, review trend and demand data, track competitive information and automate rent rate changes. In the future, we will continue to tap into the database to provide more information and automation power to our customers!"
In addition to Rent & Yield Management, Centershift is current developing and/or planning for the future in the following areas:
With continued focus on innovation utilizing both self storage experience and technology expertise, Centershift will continue to provide the multiple facility owner with the right solution today and into the future to help them make informed decisions and stay ahead of their competition.
For more information about Centershift and its STORE software solution for self storage multiple facility management please visit www.centershift.com or call 877-927-4438.
With a focus on supporting the needs of multiple facility owners, Centershift, Inc. was the first company in the self storage industry to provide a centralized, web-based rental management and point-of-sale software solution. Interestingly, numerous other industries, including some that are very closely related to self storage, like multi-family residential (apartments), are dominated by and have benefited from software providers that use the same model - centralized, web-based property management and point-of-sale software!
Software vendors that provide their solutions via the web are referred to as application service providers (ASP's), and as other industries have found, they can provide many distinct advantages over traditional software solutions. These advantages include but are not limited to:
- Web-based integration to web sites, vendors, and partners
- Centralized security & backup
- Lower start-up costs
- Access to state-of-the-art data center capabilities
- Faster & centralized enhancements and upgrades
Since its inception in late 2001, Centershift has leveraged the ASP model to provide leadership to the self storage industry in the form of industry changing innovation and by setting new market standards.
"Centershift realized a number of years ago that with the growth of the self storage industry, and more specifically the growth of individual self storage companies, that a robust, centralized, enterprise-class software solution was needed in order to support the needs of large and/or growth oriented self storage companies" states Bill Hoban, President & CEO of Centershift. "Centershift's STORE solution was developed specifically to support the requirements of the multi-facility self storage company."
Multiple Facility Requirements
If you're a multiple facility self storage owner or executive you are constantly faced with making decisions that have a significant impact on your company and its success. Having timely and accurate information given today's competitive environment is critical to making insightful and successful business decisions.
"When reviewing the needs of multiple facility self storage companies, we consistently hear a similar set of issues and problems that face them on a daily basis" stated Terry Bagley, Sr. Vice President of Sales & Marketing for Centershift. "These issues include the need to obtain timely, consolidated financial and operational reports; financial integrity of the system; providing fraud protection and detection; enhancing credit card and ACH (checking account) processing; reducing the close of day process; improving how software enhancements and updates are performed; doing away with manual letter processing; and the lack of tools to provide automated rent rate changes and forecasting, trending, demand, and competitive analysis."
Centershift STORE software addresses these and other issues by providing the following features and solutions:
- Proven web-based, thin client technology
- Consolidated, multiple facility financial, operational, & marketing reporting
- Strong financial audit, control, & security capabilities
- Internet based credit card & ACH processing
- Business-to-Consumer eCommerce integration with web sites
- Business-to-Business eCommerce integration with call centers & tenant insurance providers
- Centralized mail processing for tenant correspondence
- Automated rent rate & yield management and forecasting, trending, demand, & competitive analysis
Growth in Customers & Facilities
In the past two years, the company has experienced constant growth in terms of its customer base and the number of facilities supported by its STORE application. More significantly, the company will more than double the number of facilities that use STORE in the next 3 months, confirming the self storage industry's acceptance and support of the centralized, web-based model.
Centershift has continually proven its leadership, innovation, and vision to the self-storage industry by introducing these self storage industry firsts: real-time, consolidated, multi-site reporting; internet credit card processing; real time call center integration; tenant insurance integration; web-based business-to-consumer ecommerce (on-line credit card payments, account management, unit availability, rent rates, and reservation or rent); centralized mail processing for tenant correspondence; on-line support and documentation; web-based training; centralized yield management, forecasting, trending, and demand analysis; and fully integrated company & facility web site and web-site hosting.
What's In Centershift's Future?
Centershift is constantly looking for ways to provide additional innovation in the form of features that will benefit its customer's current and future requirements. James Hafen, Chief Technical Officer (CTO) for Centershift, provided some insight into the future plans for Centershift recently when he wrote about Centershift's efforts in the area of Rent & Yield Management. "Centershift will continue to enhance our customer's management and analysis capabilities by providing tools that allow them to unleash the power of an enterprise-class database. Today, this allows our customers to use their own data to easily put together models that forecast the impact of rent rate changes using historical attrition data, review trend and demand data, track competitive information and automate rent rate changes. In the future, we will continue to tap into the database to provide more information and automation power to our customers!"
In addition to Rent & Yield Management, Centershift is current developing and/or planning for the future in the following areas:
- Local area customer demographic integration
- Tenant credit scoring integration
- Collection agency integration
- Certified letter mail processing
- GSM (Mobile Phone) wireless remote access
- Point-of-Sale Kiosk integration
With continued focus on innovation utilizing both self storage experience and technology expertise, Centershift will continue to provide the multiple facility owner with the right solution today and into the future to help them make informed decisions and stay ahead of their competition.
For more information about Centershift and its STORE software solution for self storage multiple facility management please visit www.centershift.com or call 877-927-4438.
How Today's Technology Can Enhance The Customer's Point-Of-Sale Experience in Self-Storage
How Today's Technology Can Enhance The Customer's Point-Of-Sale Experience in Self Storage
Redefining the Location of Point-Of-Sale
The use of technology at the point-of-sale has been in place for at least one hundred years, yet recent advancements in technology and how it is implemented have accelerated the pace of development and implementation. Technology has even redefined where the point-of-sale occurs!
In most industries that provide products and solutions to consumers today, the point-of-sale can occur at the storefront, over the phone, on a web site, on a PDA (personal digital assistant), or at a kiosk. Technology has changed where and how the actual point-of-sale transaction takes place, and provides additional options to the consumer.
For the self storage industry the impact of these changes means that owners need to re-think where customers are looking to and how they purchase products and solutions. Owners now have numerous technology options to enhance and secure the purchase.
As competitive pressures surrounding consumer choice continue to increase in the self storage industry, owners that make a commitment and investment in technology to provide a better shopping experience for their customers will not only enhance their customers' point-of-sale experience but will also benefit in healthier revenues and profits.
Point-of-Sale at the Storefront
The traditional point-of-sale location for the self storage industry has been the storefront or office. Today's technology is helping to reshape the consumer's shopping experience in a number of ways at the storefront.
Point-of-Sale Software: A number of software vendors in the self storage industry are providing innovative solutions to enhance the customer's shopping, purchase, and rental experience. These capabilities include, but are not limited to, the following:
· Site Mapping: This allows the customer to view the layout of the facility and the location of the specific unit(s) they are interested in renting.
· Multiple Language Leases: This provides the customer the ability to review the lease in their native language.
· Recurring Automatic Payment: Using either credit card or ACH (checking account) processing, the customer can make their first payment as well as set up recurring payments.
· Merchandise: Using robust merchandise and inventory tracking the operator can quickly add merchandise to the customers purchase and increase the probability of having the right merchandise in stock.
· "Pay with Rent" Tenant Insurance: This allows the operator to provide the value of insurance coverage for the customer and quickly add tenant insurance to their transaction while reducing the paperwork involved.
Owners of self storage facilities that use rental management and point-of-sale software solutions that can provide these capabilities are not only providing a better point-of-sale experience for their customers but also are experiencing improved efficiencies, lower costs, and increased revenues as a result.
Kiosks: Retail kiosks have come a long way since being introduced in the 1980's, when they served as electronic gift registries. Today, kiosks have found their way into almost every retail experience including banking, pay-at-the-pump gas stations, airline ticket counters, parking pay stations, and lottery ticket sales. Even Wal-Mart, the largest retailer in the world, has implemented self-service checkout systems.
Nearly 13,000 self-check-out systems were installed in American retail stores like Kroger and Home Depot last year, more than double the number in 2001, according to the market research firm IDC. Delta Airlines spent millions of dollars last year to install 81 airports with kiosks: 22 million of its 55 million passengers -- 40 percent of the total -- checked in by touch-screen last year.
In fact, self-service kiosk transactions are expected to surpass $900 Billion annually in North America by 2007 according to a study from IHL Consulting Group in Franklin, Tennessee. Self storage owners simply can not afford to be left behind from this tremendous growth opportunity.
Kiosks are relatively new to the self storage industry and long overdue. They are breaking new ground for self storage operators and are a great advance in enhancing customer service and convenience.
Many customers prefer kiosks, as they are convenient, save time, simple to use, make fewer mistakes, provide better information and give instant printed proof of the transaction. At the same time the companies which provide the service prefer the kiosks as they offer increased coverage, 24 x 7 availability, low cost of operation, reliability and faster roll outs.
Self service kiosks provide the self storage consumer with the ability to rent units, make payments, update account information, schedule a move-out, buy insurance, buy locks, and view a video presentation about the facility. All of these capabilities are available 24 hours a day.
Self service kiosks for the self storage industry have been designed to help the customer with their point-of-sale transaction and unique requirements of self storage. This includes the following capabilities:
The introduction of self service kiosks in the self storage industry allows owners to offer a sophisticated yet user-friendly solution to customers that have already demonstrated acceptance and use of kiosks in retail and other environments.
Kiosk technology benefits owners of self storage facilities in a number of ways in addition to enhancing the customers' convenience and point-of-sale experience. If used to reduce or eliminate staffing requirements, it can reduce staffing expenses by reducing staffing hours or eliminating them altogether. It also provides for the potential of satellite or unattended operations.
Kiosks allow facilities to be open 24 hours a day. During normal business office hours, the kiosk can free up the facility manager to focus on growing your business. A kiosk that is set up with the appropriate technology (digital camera, fingerprint scanner, and credit card processing) can also help positively identify your customer, helping to keep your facility safe and secure.
When considering self service kiosks, self storage owners should consider open solutions that integrate with the leading rental management and point-of-sale software providers. The following vendors provide self service kiosks to the self storage industry: OpenTech Alliance - INSOMNIACTM (www.opentechalliance.com) and CTS Group - SAMTM (Simplified Automated Manager) (www.ctsgroup.com).
Virtual Point-Of-Sale (eCommerce Web Sites)
Nothing has helped to change the location of the point-of-sale more than the introduction and use of business-to-consumer eCommerce via web sites. Consumers are using the web to quickly and efficiently gather information and make informed purchases anytime, anywhere.
eCommerce powered web sites continue to capture a larger percentage of the consumer dollar every year. Leading self storage companies have found that a dynamic eCommerce powered web site provides another opportunity to offer their services 24 hours a day to an ever increasing audience of consumers.
A number of rental management and point-of-sale software companies are providing their clients the ability to provide enhanced services to their customers and potential customers in the form of business-to-consumer eCommerce.
eCommerce allows self storage owners to provide the following capabilities from their web site to their customers and potential customer:
The use of eCommerce powered web site technology benefits owners of self storage facilities in a number of ways in addition to enhancing the customers' convenience and point-of-sale experience.
It provides the ability for owners to cost effectively provide information and market their facility 24 hours a day, resulting in a better point-of-sale experience for the customer and increased rentals for the owner.
As an example, a large self storage ownership is using their dynamic eCommerce powered web site to provide facility information and real-time rental reservations is currently capturing hundreds of qualified leads in the form of confirmed reservations a month via their web site. This ownership is leveraging the investment they have made in their web site to reduce their costs, increase efficiencies, and grow revenue.
Self storage owners can obtain web site development, hosting, and web services that integrate with leading rental management and point-of-sale software providers today from the following vendors: CentershiftTM (www.centershift.com) and Online Self StorageTM (www.onlineselfstorage.com).
Point-Of-Sale Over the Phone
Many consumers continue to use the phone as their preferred method (and location) of gathering information and point-of-sale. In recent years, and with increasing frequency, retailers have settled on providing an auto-attendant greeting and either voice-mail or an answering machine as their chosen interface to their customers or potential customers. Customers, however, are not always impressed with this solution.
The self storage industry is not immune to this issue and many owners suffer very high call abandonment rates when customers call their facilities and get an answering machine or voice-mail. In fact, studies based on the self storage industry have shown that as high as 75% of the callers abandon the call when greeted by an auto-attendant when calling a self storage facility.
Fortunately, the self storage industry has a number of very capable companies that provide technology solutions to owners in the form of call centers. The call centers typically provide backup to the facility manager when they are not available to answer the phone or after normal office hours. These call centers allow self storage owners to provide their customers or potential customers the ability to have a trained call center agent answering their inquiries while spreading the cost of providing the services across their entire customer base.
Leading self storage companies have found that a call answered by a trained call agent at a call center that has access to real-time data from their site provides another opportunity to offer their storage services 7 days a week, including extended hours coverage.
At least one rental management and point-of-sale software company is providing their clients the ability to provide enhanced services to their customers and potential customers in the form of call center integration.
This allows self storage owners to provide the following capabilities via their call center partner to their customers and potential customer:
The use of call center technology benefits owners of self storage facilities in a number of ways in addition to enhancing the customers' convenience and point-of-sale experience.
It provides the ability for owners to cost effectively provide information and market their facility during extended hours and when the facility manager is not available which results in a better point-of-sale experience for the customer and increased rentals for the owner.
Numerous self storage ownerships are utilizing call center services that are resulting in thousands of qualified leads in the form of reservations, of which a large percentage are converted to rentals. This service provides a significant competitive advantage and when implemented correctly results in incremental rental revenue that exceed the cost of the service.
Self storage owners can obtain call center solutions that integrate with leading rental management and point-of-sale software providers today from the following vendors: Online Self Storage (www.onlineselfstorage.com), PhoneSmart (www.phone-smart.info) and XPS (www.xpsservices.com).
Mobile Point-Of-Sale
With the improvements in wireless technology, owners can now take the point-of-sale opportunity to the customer. Wireless technology is now providing high speed internet connections from many different locations.
Using either existing wireless WiFi "hot spots" technology or the emerging GSM/GPRS data technology available from most of the large cellular service providers matched with web-based rental management software, owners can now take location of the point-of-sale to the customer.
A representative of the self storage owner armed with a PC notebook, portable printer, and wireless connection can access their web based rental management and point-of-sale software. This allows the representative to rent a unit in real-time to a potential customer. Similarly, a wireless enabled kiosk could be used for the same purpose.
Now the customer can have the added convenience of having the point-of-sale available where they are most likely to take advantage of securing a unit rental, giving the facility owner a competitive advantage over owners that are waiting for the customer to come to them.
This spring, a large self storage ownership that has a number of facilities located in college towns is planning on using wireless technology to offer self storage rentals on campus. The students will now have the convenience of being able to secure a storage unit and complete the entire rental transaction, including taking a credit card for payment, right on campus.
The self storage ownership is sending sales representatives to the campuses with PC notebooks, portable printers, and GSM/GPRS data enabled cellular phones in a table top environment that will allow them to connect to their web based software and not only rent storage units but also utilize the revenue management capabilities of the software to match the increasing demand of storage units at the end of school year with automated price increases as supply decreases.
Clearly, this owner will be providing potential customers with added convenience by bringing the point-of-sale direct to them. This will enable the self storage owner to capture the rental opportunity before the customer has to think about calling or visiting competing facilities while providing a reminder of the need and the convenience of renting storage right on campus.
Self storage owners can obtain mobile point-of-sale solutions from Centershift, Inc. (www.centershift.com)
Closing Point (Of Sale)
Self storage owners can achieve a significant competitive advantage by focusing on enhancing the customer experience at the point-of-sale by making informed decisions about the best possible use of technology.
Self storage owners should look for vendors that can provide turnkey or fully integrated point-of-sale technology solutions that have been tried and tested. Owners should also ask these same vendors about their commitment and investment to innovation in the form of research and development This will insure the owner the best chance for success and support for the technology they are planning on using today and in the future.
Terry Bagley is the President and CEO of Centershift, Inc. Centershift offers STORETM, a web-based rental management and point-of-sale software that is the leading solution to growing, multiple-facility self storage ownerships. Centershift has continually proven it's leadership, innovation, and vision to the self storage industry by providing technology solutions that benefit their clients and by introducing a host of industry firsts, including capabilities that support point-of-sale requirements.
Terry is responsible for guiding Centershift to new successes and managing current accomplishments. Terry has 20 years of experience in sales, marketing, strategic planning, and business operations. Most recently, he served as Centershift's Senior Vice President of Sales and Marketing. Terry holds a MBA from San Jose State University and a BS in Accounting from Brigham Young University.
Redefining the Location of Point-Of-Sale
The use of technology at the point-of-sale has been in place for at least one hundred years, yet recent advancements in technology and how it is implemented have accelerated the pace of development and implementation. Technology has even redefined where the point-of-sale occurs!
In most industries that provide products and solutions to consumers today, the point-of-sale can occur at the storefront, over the phone, on a web site, on a PDA (personal digital assistant), or at a kiosk. Technology has changed where and how the actual point-of-sale transaction takes place, and provides additional options to the consumer.
For the self storage industry the impact of these changes means that owners need to re-think where customers are looking to and how they purchase products and solutions. Owners now have numerous technology options to enhance and secure the purchase.
As competitive pressures surrounding consumer choice continue to increase in the self storage industry, owners that make a commitment and investment in technology to provide a better shopping experience for their customers will not only enhance their customers' point-of-sale experience but will also benefit in healthier revenues and profits.
Point-of-Sale at the Storefront
The traditional point-of-sale location for the self storage industry has been the storefront or office. Today's technology is helping to reshape the consumer's shopping experience in a number of ways at the storefront.
Point-of-Sale Software: A number of software vendors in the self storage industry are providing innovative solutions to enhance the customer's shopping, purchase, and rental experience. These capabilities include, but are not limited to, the following:
· Site Mapping: This allows the customer to view the layout of the facility and the location of the specific unit(s) they are interested in renting.
· Multiple Language Leases: This provides the customer the ability to review the lease in their native language.
· Recurring Automatic Payment: Using either credit card or ACH (checking account) processing, the customer can make their first payment as well as set up recurring payments.
· Merchandise: Using robust merchandise and inventory tracking the operator can quickly add merchandise to the customers purchase and increase the probability of having the right merchandise in stock.
· "Pay with Rent" Tenant Insurance: This allows the operator to provide the value of insurance coverage for the customer and quickly add tenant insurance to their transaction while reducing the paperwork involved.
Owners of self storage facilities that use rental management and point-of-sale software solutions that can provide these capabilities are not only providing a better point-of-sale experience for their customers but also are experiencing improved efficiencies, lower costs, and increased revenues as a result.
Kiosks: Retail kiosks have come a long way since being introduced in the 1980's, when they served as electronic gift registries. Today, kiosks have found their way into almost every retail experience including banking, pay-at-the-pump gas stations, airline ticket counters, parking pay stations, and lottery ticket sales. Even Wal-Mart, the largest retailer in the world, has implemented self-service checkout systems.
Nearly 13,000 self-check-out systems were installed in American retail stores like Kroger and Home Depot last year, more than double the number in 2001, according to the market research firm IDC. Delta Airlines spent millions of dollars last year to install 81 airports with kiosks: 22 million of its 55 million passengers -- 40 percent of the total -- checked in by touch-screen last year.
In fact, self-service kiosk transactions are expected to surpass $900 Billion annually in North America by 2007 according to a study from IHL Consulting Group in Franklin, Tennessee. Self storage owners simply can not afford to be left behind from this tremendous growth opportunity.
Kiosks are relatively new to the self storage industry and long overdue. They are breaking new ground for self storage operators and are a great advance in enhancing customer service and convenience.
Many customers prefer kiosks, as they are convenient, save time, simple to use, make fewer mistakes, provide better information and give instant printed proof of the transaction. At the same time the companies which provide the service prefer the kiosks as they offer increased coverage, 24 x 7 availability, low cost of operation, reliability and faster roll outs.
Self service kiosks provide the self storage consumer with the ability to rent units, make payments, update account information, schedule a move-out, buy insurance, buy locks, and view a video presentation about the facility. All of these capabilities are available 24 hours a day.
Self service kiosks for the self storage industry have been designed to help the customer with their point-of-sale transaction and unique requirements of self storage. This includes the following capabilities:
- Selection of new rental units
- Virtual tours of the facility
- Cash payments using bill acceptor or deposit slot
- Credit card or ACH (checking account) payments
- Account transaction history
- Lock dispenser
- Site map presentation
- Lease printing
- Speaker phone access to call center
The introduction of self service kiosks in the self storage industry allows owners to offer a sophisticated yet user-friendly solution to customers that have already demonstrated acceptance and use of kiosks in retail and other environments.
Kiosk technology benefits owners of self storage facilities in a number of ways in addition to enhancing the customers' convenience and point-of-sale experience. If used to reduce or eliminate staffing requirements, it can reduce staffing expenses by reducing staffing hours or eliminating them altogether. It also provides for the potential of satellite or unattended operations.
Kiosks allow facilities to be open 24 hours a day. During normal business office hours, the kiosk can free up the facility manager to focus on growing your business. A kiosk that is set up with the appropriate technology (digital camera, fingerprint scanner, and credit card processing) can also help positively identify your customer, helping to keep your facility safe and secure.
When considering self service kiosks, self storage owners should consider open solutions that integrate with the leading rental management and point-of-sale software providers. The following vendors provide self service kiosks to the self storage industry: OpenTech Alliance - INSOMNIACTM (www.opentechalliance.com) and CTS Group - SAMTM (Simplified Automated Manager) (www.ctsgroup.com).
Virtual Point-Of-Sale (eCommerce Web Sites)
Nothing has helped to change the location of the point-of-sale more than the introduction and use of business-to-consumer eCommerce via web sites. Consumers are using the web to quickly and efficiently gather information and make informed purchases anytime, anywhere.
eCommerce powered web sites continue to capture a larger percentage of the consumer dollar every year. Leading self storage companies have found that a dynamic eCommerce powered web site provides another opportunity to offer their services 24 hours a day to an ever increasing audience of consumers.
A number of rental management and point-of-sale software companies are providing their clients the ability to provide enhanced services to their customers and potential customers in the form of business-to-consumer eCommerce.
eCommerce allows self storage owners to provide the following capabilities from their web site to their customers and potential customer:
- View company and facility information
- Reserve units and take reservation deposits
- Make online credit card payments
- Review personal transaction history
- Inventory the contents of their unit(s).
The use of eCommerce powered web site technology benefits owners of self storage facilities in a number of ways in addition to enhancing the customers' convenience and point-of-sale experience.
It provides the ability for owners to cost effectively provide information and market their facility 24 hours a day, resulting in a better point-of-sale experience for the customer and increased rentals for the owner.
As an example, a large self storage ownership is using their dynamic eCommerce powered web site to provide facility information and real-time rental reservations is currently capturing hundreds of qualified leads in the form of confirmed reservations a month via their web site. This ownership is leveraging the investment they have made in their web site to reduce their costs, increase efficiencies, and grow revenue.
Self storage owners can obtain web site development, hosting, and web services that integrate with leading rental management and point-of-sale software providers today from the following vendors: CentershiftTM (www.centershift.com) and Online Self StorageTM (www.onlineselfstorage.com).
Point-Of-Sale Over the Phone
Many consumers continue to use the phone as their preferred method (and location) of gathering information and point-of-sale. In recent years, and with increasing frequency, retailers have settled on providing an auto-attendant greeting and either voice-mail or an answering machine as their chosen interface to their customers or potential customers. Customers, however, are not always impressed with this solution.
The self storage industry is not immune to this issue and many owners suffer very high call abandonment rates when customers call their facilities and get an answering machine or voice-mail. In fact, studies based on the self storage industry have shown that as high as 75% of the callers abandon the call when greeted by an auto-attendant when calling a self storage facility.
Fortunately, the self storage industry has a number of very capable companies that provide technology solutions to owners in the form of call centers. The call centers typically provide backup to the facility manager when they are not available to answer the phone or after normal office hours. These call centers allow self storage owners to provide their customers or potential customers the ability to have a trained call center agent answering their inquiries while spreading the cost of providing the services across their entire customer base.
Leading self storage companies have found that a call answered by a trained call agent at a call center that has access to real-time data from their site provides another opportunity to offer their storage services 7 days a week, including extended hours coverage.
At least one rental management and point-of-sale software company is providing their clients the ability to provide enhanced services to their customers and potential customers in the form of call center integration.
This allows self storage owners to provide the following capabilities via their call center partner to their customers and potential customer:
- Give personal, live service for extended hours
- Reserve units and take reservation deposits
- Make online credit card payments
- Provide company and facility information
- Electronically send reservations back to the rental management software
The use of call center technology benefits owners of self storage facilities in a number of ways in addition to enhancing the customers' convenience and point-of-sale experience.
It provides the ability for owners to cost effectively provide information and market their facility during extended hours and when the facility manager is not available which results in a better point-of-sale experience for the customer and increased rentals for the owner.
Numerous self storage ownerships are utilizing call center services that are resulting in thousands of qualified leads in the form of reservations, of which a large percentage are converted to rentals. This service provides a significant competitive advantage and when implemented correctly results in incremental rental revenue that exceed the cost of the service.
Self storage owners can obtain call center solutions that integrate with leading rental management and point-of-sale software providers today from the following vendors: Online Self Storage (www.onlineselfstorage.com), PhoneSmart (www.phone-smart.info) and XPS (www.xpsservices.com).
Mobile Point-Of-Sale
With the improvements in wireless technology, owners can now take the point-of-sale opportunity to the customer. Wireless technology is now providing high speed internet connections from many different locations.
Using either existing wireless WiFi "hot spots" technology or the emerging GSM/GPRS data technology available from most of the large cellular service providers matched with web-based rental management software, owners can now take location of the point-of-sale to the customer.
A representative of the self storage owner armed with a PC notebook, portable printer, and wireless connection can access their web based rental management and point-of-sale software. This allows the representative to rent a unit in real-time to a potential customer. Similarly, a wireless enabled kiosk could be used for the same purpose.
Now the customer can have the added convenience of having the point-of-sale available where they are most likely to take advantage of securing a unit rental, giving the facility owner a competitive advantage over owners that are waiting for the customer to come to them.
This spring, a large self storage ownership that has a number of facilities located in college towns is planning on using wireless technology to offer self storage rentals on campus. The students will now have the convenience of being able to secure a storage unit and complete the entire rental transaction, including taking a credit card for payment, right on campus.
The self storage ownership is sending sales representatives to the campuses with PC notebooks, portable printers, and GSM/GPRS data enabled cellular phones in a table top environment that will allow them to connect to their web based software and not only rent storage units but also utilize the revenue management capabilities of the software to match the increasing demand of storage units at the end of school year with automated price increases as supply decreases.
Clearly, this owner will be providing potential customers with added convenience by bringing the point-of-sale direct to them. This will enable the self storage owner to capture the rental opportunity before the customer has to think about calling or visiting competing facilities while providing a reminder of the need and the convenience of renting storage right on campus.
Self storage owners can obtain mobile point-of-sale solutions from Centershift, Inc. (www.centershift.com)
Closing Point (Of Sale)
Self storage owners can achieve a significant competitive advantage by focusing on enhancing the customer experience at the point-of-sale by making informed decisions about the best possible use of technology.
Self storage owners should look for vendors that can provide turnkey or fully integrated point-of-sale technology solutions that have been tried and tested. Owners should also ask these same vendors about their commitment and investment to innovation in the form of research and development This will insure the owner the best chance for success and support for the technology they are planning on using today and in the future.
Terry Bagley is the President and CEO of Centershift, Inc. Centershift offers STORETM, a web-based rental management and point-of-sale software that is the leading solution to growing, multiple-facility self storage ownerships. Centershift has continually proven it's leadership, innovation, and vision to the self storage industry by providing technology solutions that benefit their clients and by introducing a host of industry firsts, including capabilities that support point-of-sale requirements.
Terry is responsible for guiding Centershift to new successes and managing current accomplishments. Terry has 20 years of experience in sales, marketing, strategic planning, and business operations. Most recently, he served as Centershift's Senior Vice President of Sales and Marketing. Terry holds a MBA from San Jose State University and a BS in Accounting from Brigham Young University.
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