Every industry has its supply and demand cycle. Self-storage is no different. The 4D’s are four life-changing events that drive self-storage demands.
What Are the 4D’s
The 4 D’s, as they are referred to within the self-storage industry, are four major life events that drive people to rent a self-storage unit. They are things that most people go through in life, such as Divorce, Displacement, Death, and Downsizing. These four stages in life create the most stable and reliable self-storage customers. There are nearly 50,000 self-storage facilities in the United States compared to the 15,000 facilities available worldwide. Demand ebbs and flows. However, demand has always been consistent due to the four stages of life.
Divorce
Divorce can lead to a lot of challenges. The most significant hurdle is often separating the marital assets and finding a place to live. As is usually the case during a divorce, there are disputes about who claims what when household items are held in a shared storage unit. You might even find one spouse trying to take things out of the shared unit without the other spouse’s knowledge. While you can’t alleviate the stress or negativity associated with this unfortunate life event, you can help make the transition easier by offering services that can create peace of mind, to minimize stress and frustration.
As a facility owner, it’s important to have an up-to-date and accurate lease that complies with laws and regulations. Ensure that you have the right persons’ names on the lease and that it is clear who can access the unit. A clear understanding between both parties will ensure that your tenant’s belongings are secure.
Death
Death is the most devastating thing that can happen. In handling a customer who has experienced the loss of a loved one, it’s essential to make sure your customer service is sensitive to their needs and acts with compassion and empathy. Many people utilize self-storage facilities to take the emotional strain off of parting with a loved one’s belongings before being emotionally ready. Frequently, the little things that make the difference, a condolence card when they move into the space, will go a long way in easing the customer into this new stage in their lives.
As far as your legal obligations as the facility owner, there are a few things to mention. You must make sure your lease is up to date. If the name on the lease belongs to the deceased, you need to replace it. You need to know who is entitled to access the unit upon the leaseholder’s death. You never know the value of the items stored in their unit, and as the facility owner, the liability to protect those items is on your shoulders.
Downsizing
This is a real-life event for many unit renters. As society shifts to smaller living quarters, the need for self-storage is growing. While this may be the least emotionally draining life event, moving is stressful. Often, students are moving away for the summer or are off to college, or empty nesters are downsizing to upgrade their lifestyle.
To cater to this clientele, it is a great idea to offer ancillary products and services, such as movers, moving boxes, and bubble wrap. A nice add-on would include moving supplies with the unit rental itself.
Displacement
Displacement has a critical differentiating factor from downsizing. With displacement, the customer is not choosing to move to a smaller space. It is something they have to do, not something they want to do. You can offer the same services, incentives, and add on’s as you would someone downsizing to make the transition easier. But you should keep in mind the customer’s thoughts, that this is a sad time for them, and treat these customers with care and kindness. Displaced individuals are going through the same stress as those who have to move out of their homes due to divorce. This is usually not a happy change in their lives.
Whatever the impetus for someone renting a self-storage unit, it’s important to choose a company that offers the best service and accommodations to meet your needs. At The Tymac Group, we build facilities with state-of-the-art technology to ensure your loved items are stored in the best manner possible. Visit us today for your self-storage needs.