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Best Practices: Setting Your Unit Prices

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If your SpareFoot account is integrated with your self-storage management software, your unit prices will update automatically. If you manage your SpareFoot account manually, you'll need to log in to your MySpareFoot account regularly to update your unit prices.

This article discusses some tips and best practices for setting your prices on SpareFoot.

Keep your prices current

Facilities that regularly update their listings tend to receive a lot more SpareFoot reservations than those who don't, so be sure to review your unit inventory routinely and make sure it's correct! This is especially true for pricing, which is often the biggest deciding factor in a customer's choice of facility. No one wins when a customer reserves a unit for an outdated price; your facility may lose revenue, the customer may lose faith in your business, and SpareFoot's credibility may be undermined. That's why it's important to update your MySpareFoot account regularly to reflect your current pricing.

Remember, SpareFoot has no way of knowing your unit prices unless you make the necessary updates to your account. 

Keep your prices consistent across all marketing channels

We know it's tempting to increase your SpareFoot prices to offset SpareFoot's fee, but choosing to do so could make you less competitive on SpareFoot's network. The majority of SpareFoot facilities choose to list the same prices they offer to walk-in customers, so increasing yours may cause your listing to be passed over by comparison shoppers looking for the best deal. Our blog article about growing your occupancy offers some additional insight about pricing your units effectively online.

Honor your reserved prices for a reasonable length of time

No one likes a bait-and-switch, so raising a customer's rent after a short period of occupancy is likely to provoke some anger among your clientele. Remember, your SpareFoot customers found you online, which means they're likely to head back online to leave a review of their experience. It's best to be transparent and reliable with your pricing, so commit to the same rental rate for a reasonable period of time.

 

Need a hand?

Check out our article about updating your unit inventory. Or, if you aren't quite sure what prices to select, check out what the average storage unit costs based on size and location.

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