DOMICO Upgrade Makes Owners Big Money

By Glenn Hunter, President

Extensive field testing indicates new yield management tool has potential to significantly increase revenue for facility owners.

Term: Yield Management
Definition: The practice of adjusting prices up or down in response to demand in order to control yield.

Typically, a property manager will increase standard rent rates once a year. The new rate is often based on a variety of factors, including competitor pricing and current occupancy levels. But what if you had the tools to make these rate changes more frequently, and to establish more responsive pricing, with less effort and less time spent on continuing analysis? DOMICO 2005 provides you with these tools, and much more.

DOMICO 2005 now has a feature that is analogous to the well-known model of airline seat pricing: classic, on-the–fly (no pun intended), supply and demand pricing -- also known as yield management or revenue management.

In the airline industry, a year is much too long to wait between price adjustments. In fact, airlines change rates hourly based on consumer demand and seat availability. This same practice can be applied to self storage.

Case in Point

We were recently surprised to discover that some of our users had not raised their standard rent rates in over five years, including rent rates for size codes with over 85% occupancy.

In our field-testing trials, we decided to activate our new Recurring Rate Change feature for a few of these sites. This tool allows you to schedule automatic rent rate increases for vacant units based on the occupancy level for a particular size code. The result? Within 90 days, we calculated an average increase of $2500 per month per site for new move-in income, as compared to the new move-in income for these same size codes in the previous year (with little change in the number of new move ins).

While your results may not match these exactly, as a DOMICO owner, there is no reason to think that your income will not increase by using these tools. Once in place, the only "work" you will have to do is to monitor your success.

DOMICO 2005 will be shipping to all DOMICO warranty customers beginning in mid- March.

Employee Spotlight: Polina Chekhun

DOMICO would like to extend a warm welcome to our new Marketing Coordinator, Polina Chekhun. She will be joining us in Las Vegas next week for the annual ISS Spring Expo, so be sure to come by our booth and say hello.

Polina comes to us with a diverse employment background that includes time spent as a Marketing Coordinator for a consulting firm, where her duties varied from corporate event planning to collateral development, and as a Market Research Assistant for Goldman Sachs, where she conducted a broad range of market and investigative research.

Polina was born in Kiev, Ukraine and came to the United States at the age of 15. She graduated with honors from San Francisco State University, and as a member of the Golden Key International Honor Society. In her free time, she enjoys ice skating and studying world affairs.

Feb. 23-25 | ISS Expo Las Vegas - DOMICO will be an active participant at this year's ISS Expo, held at the Las Vegas Hilton. Come visit us at our booths (331-333), sit in on our roundtable session (Using Technology: Save Money, Save Time & Prevent Theft presented by Rodney Vernon), or receive a demonstration of our latest software release at the Software & Security Summit.

March 16-18 | SSA Philadelphia - The Self Storage Association's annual Spring Conference and Tradeshow will be held at the Philadelphia Marriott. DOMICO will be exhibiting in booths 321-322.

Exempt Units From Delinquency - You can easily exempt certain units from delinquency by selecting the customer (either from the site map or using Customer Action), clicking on the red Delinquency button, and checking the Exempt from Delinquency box for that unit.

This is especially useful for tenants with multiple units. If you want the account to incur only one set of late charges, be sure to check the Exempt from Delinquency box for all but one unit. Otherwise, every unit will be assessed a late fee when those units enter delinquency.

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DOMICO Upgrade Makes Owners Big Money Employee Spotlight: Polina Chekhun Upcoming Events Tech Tip of the Month
DOMICO Upgrade Makes Owners Big Money By Glenn Hunter, President Extensive field testing indicates new yield management tool has potential to significantly increase revenue for facility owners. Term: Yield Management Definition: The practice of adjusting prices up or down in response to demand in order to control yield. Typically, a property manager will increase standard rent rates once a year. The new rate is often based on a variety of factors, including competitor pricing and current occupancy levels. But what if you had the tools to make these rate changes more frequently, and to establish more responsive pricing, with less effort and less time spent on continuing analysis? DOMICO 2005 provides you with these tools, and much more. DOMICO 2005 now has a feature that is analogous to the well-known model of airline seat pricing: classic, on-the–fly (no pun intended), supply and demand pricing -- also known as yield management or revenue management. In the airline industry, a year is much too long to wait between price adjustments. In fact, airlines change rates hourly based on consumer demand and seat availability. This same practice can be applied to self storage. Case in Point We were recently surprised to discover that some of our users had not raised their standard rent rates in over five years, including rent rates for size codes with over 85% occupancy. In our field-testing trials, we decided to activate our new Recurring Rate Change feature for a few of these sites. This tool allows you to schedule automatic rent rate increases for vacant units based on the occupancy level for a particular size code. The result? Within 90 days, we calculated an average increase of $2500 per month per site for new move-in income, as compared to the new move-in income for these same size codes in the previous year (with little change in the number of new move ins). While your results may not match these exactly, as a DOMICO owner, there is no reason to think that your income will not increase by using these tools. Once in place, the only "work" you will have to do is to monitor your success. DOMICO 2005 will be shipping to all DOMICO warranty customers beginning in mid- March. Employee Spotlight: Polina Chekhun DOMICO would like to extend a warm welcome to our new Marketing Coordinator, Polina Chekhun. She will be joining us in Las Vegas next week for the annual ISS Spring Expo, so be sure to come by our booth and say hello. Polina comes to us with a diverse employment background that includes time spent as a Marketing Coordinator for a consulting firm, where her duties varied from corporate event planning to collateral development, and as a Market Research Assistant for Goldman Sachs, where she conducted a broad range of market and investigative research. Polina was born in Kiev, Ukraine and came to the United States at the age of 15. She graduated with honors from San Francisco State University, and as a member of the Golden Key International Honor Society. In her free time, she enjoys ice skating and studying world affairs. Feb. 23-25 \| ISS Expo Las Vegas - DOMICO will be an active participant at this year's ISS Expo, held at the Las Vegas Hilton. Come visit us at our booths (331-333), sit in on our roundtable session (Using Technology: Save Money, Save Time & Prevent Theft presented by Rodney Vernon), or receive a demonstration of our latest software release at the Software & Security Summit. March 16-18 \| SSA Philadelphia - The Self Storage Association's annual Spring Conference and Tradeshow will be held at the Philadelphia Marriott. DOMICO will be exhibiting in booths 321-322. Exempt Units From Delinquency - You can easily exempt certain units from delinquency by selecting the customer (either from the site map or using Customer Action), clicking on the red Delinquency button, and checking the Exempt from Delinquency box for that unit. This is especially useful for tenants with multiple units. If you want the account to incur only one set of late charges, be sure to check the Exempt from Delinquency box for all but one unit. Otherwise, every unit will be assessed a late fee when those units enter delinquency.