Existing Customer Rate Increases (ECRI) are a fundamental part of improving the business performance of self storage facilities. This process enables owners and operators to move tenants from low promotion rates to proforma rates that bring in more revenue.
But ECRI needs to be deployed strategically. Raising rates on tenants can create unhappy customers, lead to churn, and even spark a negative review cycle.
In the second part of our Revenue Management 101 series, White Label Storage Co-Founder Peter Smyth breaks down how you can utilize ECRI to improve your profitability without tanking customer satisfaction.
