The industry’s business owners have a history of adopting technology more slowly than many other industries, DeCoster says, but they should ask themselves whether they want to be disrupted or would rather be the disruptor. She says technology’s disruptive power is also improving self-storage, which has a strong foothold because “our business is based on Americans’ love affair with their stuff.” She asked at the summit, “In 20 years, what will the world look like, and what can we do now to prepare?” “Exponential” technologies are reshaping the world.ĭeCoster cites the COVID-19 mRNA vaccine as a prime example of an exponential, disruptive technology. Technology has played a significant part in the industry’s strong performance and promises to continue strengthening it.Īnne Mari DeCoster, chief operating officer for Storelocal Storage Co-op, based in Newport Beach, Calif., says technology is developing “faster than ever with more disruptive potential than ever.” She spoke at the Storelocal Innovation Summit in February. In roughly the past two years, despite the COVID-19 pandemic’s worldwide disruptions, and in some ways because of it, self-storage has outperformed the traditionally main classes of real estate: multifamily, office, retail, and hospitality. The Alexandria, Va.-based Self Storage Association estimates the industry generates $34 billion in annual revenue in the United States. While technology makes these functions easier and more efficient for operators and tenants and bolster operators’ bottom lines, it also presents possible pitfalls for operators to avoid. Most, if not all, of these technologies are adapted for use on mobile devices, and some include artificial intelligence (AI) and machine learning. These technologies enable a host of functions, including signing the lease, paying rent, accessing the storage site and unit, and managing security, accounting, payment processing, documentation, and tenant protection plans, among many others. Various technologies continue to improve self-storage facilities’ ease and efficiency of operation and usage. It has changed how industries, including self-storage, do business, how consumers buy and use products and services, and in many other ways how people live their lives. It defines modern life, with both good and bad effects.
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