Storelocal's Tenant Protection Program Expands to 600+ Facilities
Storelocal's Innovative Tenant Protection Program Grows
Storelocal's Protection program has demonstrated a remarkable achievement, now safeguarding over 600 self-storage facilities nationwide. This outstanding expansion signifies a commitment to providing industry-leading protection solutions for tenants while simultaneously maximizing revenue opportunities for storage operators.
Since its launch, Storelocal Protection has proven to be an invaluable asset, protecting more than 82,000 units. This unique members-only program differs from conventional tenant insurance by allowing participating operators to retain a significantly higher share of revenue—up to 80%. This innovative structure enhances profitability, positioning tenant protection as a key profit center for operators, often second to rental income.
Rethinking Tenant Protection Economics
Traditionally, operators only retained a small percentage of tenant insurance revenue, about 30%. Storelocal has fundamentally reshaped this dynamic, providing a program that places more financial benefit in the hands of the operators. Emily O'Leary, the Program Manager for Storelocal Protection, emphasizes, "We've created a solution that directly addresses the shortcomings of traditional tenant insurance, enabling operators to realize significant financial gains. Our collaborative approach is resonating well across the industry."
The key differentiator lies in how Storelocal Protection operates. Unlike conventional insurance products, this program features zero deductibles, pays claims based on current replacement values, and does not affect tenants' personal insurance rates. An integrated online claims portal streamlines the claims process, enabling tenants to file quickly and effortlessly.
Boosting Efficiency with Tenant Inc. Integration
A notable feature of Storelocal Protection is Automatic Enrollment via the Tenant Inc. platform, which simplifies operator processes while optimizing revenue. O'Leary adds, "The Automatic Enrollment feature significantly enhances participation rates, often reaching above 70%. This not only augments revenue but also reduces the operational burden for onsite staff."
Consider the financial effects demonstrated by a recent case study involving a 300-unit self-storage facility. With a penetration rate of 70% from Automatic Enrollment, 210 units were enrolled in a protection plan priced at $12 monthly. Operators can retain approximately 75% of this revenue, translating to about $9 per unit enrolled.
Such figures culminate in a substantial monthly Net Operating Income (NOI) increase of $1,890, leading to an annual boost of $22,680. Moreover, this financial enhancement reflects a significant uplift in asset valuation. Utilizing a 6% capitalization rate, the uptick in annual NOI amounts to an estimated increase in facility value by around $378,000.
Storelocal Protection - Empowering Operators and Tenants Alike
This program exemplifies how Storelocal Protection empowers self-storage operators to generate meaningful, recurring revenue while bolstering the long-term worth of their facilities, all while maintaining minimal operational complications.
For operators interested in optimizing revenues, Storelocal Protection provides an avenue to explore their facilities' untapped earning potential. The integrated features and a focus on maximizing operator benefits position this program as an essential innovation in the self-storage industry.
About Storelocal Protection
Storelocal Protection is a groundbreaking tenant protection initiative designed with the operator's success and the tenant's peace of mind in focus. Operators significantly benefit by retaining up to 80% of revenue while enjoying a level of operational flexibility that traditional insurance does not provide. Tenants enjoy top-notch coverage with features like zero deductibles and replacement value payouts, all with a streamlined claims process.
About Storelocal
Storelocal is dedicated to empowering independent self-storage owners and operators. By leveraging collective strength, it enables operators to compete effectively against larger entities, offering enhanced buying power, leading technology, educational resources, and opportunities for networking and brand licensing.
Frequently Asked Questions
What is Storelocal Protection?
Storelocal Protection is a members-only tenant protection program designed to provide coverage to tenants while maximizing revenue for storage operators.
How many facilities are covered by Storelocal Protection?
As of now, Storelocal Protection covers over 600 self-storage facilities across the nation.
What are the benefits of Storelocal Protection for operators?
Operators can retain up to 80% of the revenue generated from this program, making it a significant profit center compared to traditional tenant insurance models.
How does Automatic Enrollment work?
Automatic Enrollment allows operators to seamlessly enroll tenants needing protection, optimizing participation rates and enhancing revenue efficiency.
What advantages does Storelocal Protection offer tenants?
Tenants benefit from features like zero deductibles, claims paid at replacement value, and a straightforward claims process through an online portal.
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