Create products your customers value. We’ll generate prices that maximize profit.
Proactively Price to Build Shareholder Value
Get ahead of the curve and anticipate demand
The self-storage business is highly seasonal. But instead of incorporating seasonality to predict demand and price accordingly, self storage companies fall victim to utilizing current or past occupancy levels as triggers to set prices. This reactive approach does not take into account predicted customer demand, and leads to suboptimal revenue performance.
Investors and operators expect improving financials
Operators are pressured on many fronts to increase both occupancy and rents. In addition, many operators are expected to grow rates year over year. Ever changing competitive supply and rate offerings make it even more difficult to decide on the right price that sells and is profitable.
Prorize’s Self Storage Rent Optimizer®
Prorize Self Storage Rent Optimizer (SSRO) allows you to get ahead of the extremely cyclical nature of the self-storage industry in order to maximize revenue. We take your existing inventory, rental, transactional and market data and apply sophisticated demand forecasting models in order to capture seasonal trends, understand your customer’s willingness to pay, and deliver optimal unit-by-unit rents that achieve sustainable revenue growth. As a result, you differentiate value across your units within each store, improve control of your corporate pricing process and capture your most profitable customers.
SSRO also forecasts move-ins, move-outs and customer price sensitivities so that pricing opportunities are proactively captured in a timely manner. This enables you to use prices that are derived from the customer response to price, not based on suboptimal rule-based triggers.
SSRO is also built on the same platform as our award-winning Senior Living Rent Optimizer (SLRO) solution , which was recently awarded the Franz Edelman Award for excellence in analytics and operations research. Think of it as the Nobel Prize for data scientists. Both solutions address common characteristics shared by the self storage and senior living industries including aligning prices for unit types based on features and estimating shifts in move ins and move outs due to seasonality.
YOUR ENTIRE COMPANY BENEFITS
CEO / CFO
Maximize long-term revenue by improving efficiencies and driving consistent adherence to corporate pricing strategy across all stores.
Align prices to corporate business strategy and optimally balance street rates with expected occupancy based on facts.
Create a flexible and granular pricing model that predicts move-ins and move-outs and customer response to price changes, as well as captures value differences at the unit type level based on its features for each store.
Sales & Marketing
Improve the selling confidence of the team knowing the prices you provide customers are credible and sellable, allowing you to focus on selling value and unit features.
When evaluating vendors, Prorize stood out for the predictive accuracy of their algorithms and the strength of their pricing science. We deployed the Prorize revenue management solution across all eligible Safeguard properties, and I appreciate how easy the process has been and how quickly we’ve been able to leverage the technology.
Prorize is a valuable partner to Safeguard. Their revenue management system is changing the way we price our products. The system is highly configurable, allowing us to track internal notes, create our own watch lists, and implement customer views. Prorize is extremely customer-focused and will be an integral part of our business for years to come.
The Features You Need to Master Pricing
Data & Amenity Discovery
To your potential customers, one self-storage unit might look like another. Not to Prorize.
SSRO takes your historical rental and promotion data and recommends granular differences between unit types, their sizes and features such as ground floor, drive-up unit, climate-controlled units.
Don’t be scared of the term “data”. To debunk a common myth – it doesn’t take a massive amount of data to start – a year will suffice – nor does it need to be perfect. Keep in mind that your data will only get better and better as we continue to collect and use it.
Cleansing and organizing your data is an integral component of the SSRO engagement. Our sophisticated technology organizes data across multiple variables, identifies errors, and enables review of outliers and exceptions.
Demand Forecasting & Optimized Prices
Customer demand modeling is a key component of Prorize SSRO and one that is critical for a cyclical industry like self-storage. SSRO employs sophisticated segmentation and customer response modeling to anticipate demand and capture time-sensitive pricing opportunities. Our forecasters are specifically designed for the self-storage industry and are proven to be accurate based on an extensive forecast evaluation study.
SSRO incorporates customer sensitivity, the demand forecasting, and related business conditions to recommend optimized prices for each unit type. This can be at any time frequency – daily, weekly, bi-weekly, monthly. The optimized prices are presented on a single, user-friendly interface that offers you the flexibility to customize your view.
By getting the right prices out to your stores, you can be confident that you are balancing rates and occupancy in order to create a foundation for sustained revenue growth.
Actionable Insight & Recommendations
Prorize’s SSRO produces actionable rent recommendations that make a difference to your bottom line.
With Prorize, everything is automated. The system is calculating pricing recommendations while simultaneously taking into account the changing market demand. For any individual or team to do this is next to impossible.
How you act on these recommendations is entirely up to you. You can deploy and start getting immediate benefits. If there is a specific pricing issue you want to pursue, you can dig deeper into the data and obtain insights.
You also have the ability to tag units and create a comprehensive watch list, which allows you to create an aggregated list of units that you want to monitor. You can add notes for each unit, which increases communication efficiency and ensures that any unit you have a concern about will not fall through the cracks.
Our pricing recommendations are actionable and granular, allowing you to get as specific as you need to see into your asset base and understand where problems might creep up.
More than software. An expansion of your pricing team.
When you work with Prorize, you’ve done more than investment in the industry’s leading price optimization and revenue management solution. You’ve just expanded your pricing team.
We partner with our customers from day one and include direct support hours as you implement new pricing recommendations. We also value your feedback and work closely with you in the enhancement of our product roadmap. As a customer, you can expect an ongoing relationship characterized by regular over the phone and in-person meetings to provide status updates and gather feedback.
And when change happens, Prorize is with you providing an expansive array of value-added services including system configuration, in-depth data analysis, model tuning and re-calibration, data cleansing, addition or removal of properties or products.
We are a numbers company and our number one metric is your success.