Reservation Rate is the ratio of reservations placed at your facility to the number of people that saw your facility page (Clicks).
Your Reservation Rate is a great indicator of the customer’s trust in both your facility and units available. Most importantly, the more reservations you receive, the more opportunity you have for customers to move in and become paying tenants. Reservation Rate also factors into our ranking algorithm which means the number of reservations that your listing receives influences the position of your listing in default search results.
Here are some ways that you can influence and improve your reservation rate:
Advertise all available unit sizes and variations – Our in-depth research of storage-seekers revealed that customers like options when looking for storage and have varying needs regarding unit size, amenities, etc. We recommend advertising all available inventory on SpareFoot in order to give customers as many options as possible and maximize potential reservations. Unit availability is also a factor in our ranking algorithm, and so providing more options can increase your facility's rank. Ranking well in search results will increase the likelihood of impressions and clicks and therefore the potential for reservations.
Be sure your listing is completely filled out - Unanswered questions about amenities, fees, etc may deter customers from reserving at the facility. Your facility listing amenities and details present an opportunity to show what makes your facility special. A robust facility listing can encourage customers to book at your facility as opposed to another one.
Maintain competitive pricing and promotions - Pricing is often the biggest deciding factor in a customer's choice of facility. Online storage seekers tend to be more price-savvy and open to shopping around. Customers who are shopping for the best deal are less likely to reserve at a facility if unit prices are higher than other facilities in the area.
Aim for at least 3 reviews with an average rating of 3.5 or higher - Online shoppers rely heavily on the reviews of previous customers when making a decision. Our research shows that potential tenants are most comfortable with facilities that have at least 3 reviews and a review rating of 3.5 or higher. 50% of storage customers are more likely to choose a facility with online reviews. SpareFoot has got a really great Request Reviews tool, if you need to seek out new reviews from previous or current tenants at your facility. If you’re working to address a negative review, we recommend replying to those reviews in order to ease customer concerns and show them how much you care about excellent customer service.
Upload 5 high quality photos - Think about the facility's selling points and take photos of the features you like to highlight on tours. We’ve found that listings without any photos leave a lot of unanswered questions and customers are less likely to reserve as they are unsure of what to expect. Our research found that potential tenants are most comfortable with facilities that have at least 5 photos.
Set your reservation window to 30 days - You may need to adjust the reservation window depending on your unit availability, but our recommendation is 30 days which captures 99% of storage seekers. Storage-seekers are often planning in advance of a big life event such as moving and won’t be able to reserve at your facility for their desired move-in date if the reservation window is too short. Unless your occupancy level exceeds 98%, we advise against reservation windows below 14 days.
Now that you know more about Reservation Rate, check out the last step in the conversion funnel: Move-ins.