Performance Tracking
Overview
Tracking your facility's performance helps you make informed business decisions, optimize pricing, and identify growth opportunities.
Key Metrics to Monitor
Occupancy Metrics
Overall Occupancy Rate
Percentage of units currently rented
Target: 85-95% for healthy facility
Calculate: (Occupied Units ÷ Total Units) × 100
Occupancy by Unit Type
Which sizes rent fastest
Which types struggle to fill
Seasonal patterns
Move-In vs Move-Out Trends
Monthly move-in rate
Average rental duration
Seasonal fluctuations
Financial Performance
Revenue Per Square Foot
Total monthly revenue ÷ total square footage
Helps compare different unit types
Industry benchmark comparison
Average Revenue Per Unit
Monthly revenue ÷ number of occupied units
Tracks pricing effectiveness
Shows impact of promotions
Collection Rate
Percentage of invoices paid on time
Late payment patterns
Outstanding balances trend
Customer Metrics
Customer Acquisition
New customers per month
Customer acquisition cost
Referral rates
Customer Retention
Average rental duration
Renewal rates
Reasons for move-outs
Using Stortech Reports
Accessing Reports
From your facility dashboard:
Click Reports or Analytics
Select the report type you want
Choose date range
Generate report
Available Reports
Occupancy Report
Current occupancy status
Historical occupancy trends
Unit type performance
Vacancy duration analysis
Revenue Report
Monthly revenue totals
Revenue by unit type
Payment timing analysis
Outstanding balances
Customer Report
New customer acquisitions
Customer demographics
Rental duration analysis
Move-out reasons
Analyzing Your Performance
Monthly Review Process
Step 1: Gather Data
Generate key reports
Export to spreadsheet if needed
Compare to previous periods
Note any anomalies
Step 2: Identify Trends
Occupancy changes over time
Revenue growth or decline
Seasonal patterns
Customer behavior shifts
Step 3: Find Opportunities
Underperforming unit types
Pricing optimization potential
Marketing effectiveness
Operational improvements
Key Questions to Ask
About Occupancy:
Which unit types consistently fill first?
What's the average time to rent?
Are there seasonal patterns?
Which marketing efforts drive most bookings?
About Revenue:
Are we priced competitively?
Which unit types generate most profit?
How do promotions impact revenue?
What's our collection efficiency?
About Customers:
What's our average customer lifetime?
Where do customers come from?
Why do customers leave?
How can we improve retention?
Setting Performance Goals
SMART Goals Framework
Specific: Clear, defined objectives Measurable: Quantifiable metrics Achievable: Realistic targets Relevant: Important to business success Time-bound: Specific deadlinesExample Goals:
Increase occupancy from 82% to 90% by end of quarter
Reduce average vacancy time from 45 to 30 days
Improve collection rate to 95% within 6 months
Benchmarking
Industry Standards:
Good occupancy: 85-95%
Excellent collection rate: 95%+
Average rental duration: 12-18 months
Local Market:
Research competitor pricing
Compare occupancy rates
Analyze market trends
Identify competitive advantages
Improving Performance
Boosting Occupancy
If occupancy is low (<80%):
Review pricing vs competitors
Increase marketing efforts
Improve storefront appeal
Offer targeted promotions
Check unit condition and cleanliness
If specific unit types struggle:
Adjust pricing strategy
Improve unit descriptions
Add promotional offers
Enhance photos
Consider layout changes
Increasing Revenue
Price Optimization:
Gradually increase pricing for high-demand units
Offer premium pricing for convenience features
Regular market rate reviews
Dynamic pricing based on occupancy
Additional Revenue Streams:
Tenant insurance sales
Moving supplies
Truck rental partnerships
Storage accessories
Improving Collections
Reduce Late Payments:
Clear payment terms
Multiple payment reminders
Easy payment options
Personal follow-up for issues
Optimize Payment Timing:
Offer autopay discounts
Flexible payment dates
Payment plan options
Quick response to failed payments
Using Data for Decision Making
Pricing Decisions
Rate Increase Timing:
When occupancy >90%
Strong market demand
After facility improvements
Competitive rate analysis
Promotional Strategy:
During low occupancy periods
To fill specific unit types
Competitive response
Seasonal demand patterns
Operational Improvements
Based on Customer Feedback:
Facility hours adjustments
Access improvements
Additional services
Communication preferences
Based on Performance Data:
Unit mix optimization
Maintenance scheduling
Staffing adjustments
Technology upgrades
Creating Performance Dashboard
Key Metrics to Display
Daily Snapshot:
Current occupancy rate
Yesterday's move-ins/move-outs
Outstanding balance total
New leads/inquiries
Weekly Summary:
Occupancy trend
Revenue vs target
Collection rate
Customer acquisition
Monthly Analysis:
Full financial performance
Occupancy by unit type
Customer retention metrics
Goal progress tracking
Tools and Resources
Spreadsheet Templates
Create tracking sheets for:
Monthly occupancy trends
Revenue per unit type
Customer acquisition costs
Competitive rate analysis
External Tools
Consider integrating with:
Accounting software (QuickBooks)
Market research tools
Competitor monitoring services
Customer survey platforms
Common Mistakes to Avoid
Analysis Errors
Looking at too short time periods
Ignoring seasonal patterns
Not accounting for external factors
Making decisions on incomplete data
Action Mistakes
Changing too many things at once
Reacting to short-term fluctuations
Not communicating changes to customers
Ignoring staff feedback
Quick Action Items
Weekly Tasks
[ ] Review occupancy changes
[ ] Check outstanding balances
[ ] Monitor new inquiries
[ ] Update competitive pricing
Monthly Tasks
[ ] Generate all key reports
[ ] Calculate key performance metrics
[ ] Review goal progress
[ ] Plan next month's actions
Quarterly Tasks
[ ] Comprehensive performance review
[ ] Market analysis update
[ ] Set new performance goals
[ ] Strategic planning session
Next Steps
With strong performance tracking in place, explore our Billing & Finance Guide to optimize your financial operations.
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