OpenTech Alliance, the PropTech leader in self storage, is pleased to announce record results for operators using the StorageTreasures online storage auction platform to resolve delinquent units. In February 2024, self storage facilities achieved an average of 39% lien loss recovery rate to recoup $8.8 million in total delinquent rent — the highest for both in the platform’s history.
OpenTech has made significant investments in the growth and improvement of the auction platform since it became the majority owner and managing partner of StorageTreasures.com in 2011. Amanda Holt, Senior Vice President – StorageTreasures, shared why this milestone is one to be celebrated:
“At StorageTreasures, we strive to provide the best experience possible for both auction sellers and buyers. For our seller audience —storage owners and operators — that primarily means the recovery of rental revenue that is critical to their bottom line. We’ve aggressively deployed several updates, enhancements and new services over the past few years designed to make that process easier, safer and more effective. These record-breaking numbers are a testament that those efforts are working, and proof our future plans should prove equally fruitful for operators using the StorageTreasures platform to manage storage lien sales.”
Operators consistently see industry-leading recovery rates on StorageTreasures.com, especially those that take advantage of the platform’s “Power of 10” best practices for online storage auctions. Backed by an analysis of 1.3 million auction sales, these best practices help users understand what can drive more views and bids to their auctions, and ultimately help them achieve higher lien loss recovery. Sellers are coached on these practices when they first join the platform and have access to ongoing auction insights and lien law education throughout the year.
StorageTreasures Users See Industry-Leading Lien Loss Recovery Rates
“Our results on StorageTreasures.com speak volumes,” stated Crystal Maas, Director of Implementation at Five Star Storage. “With a 71% average lien loss recovery rate and an average sale price of $279 across 36 facilities, we’re recouping significantly more rent than we have in the past. It’s clear our decision to partner with StorageTreasures has allowed us to efficiently clear units and maximize returns.” Five Star Storage included an average of nine photos, striving towards one of several data-backed best practices recommended by the StorageTreasures team, to increase final sale prices and resolve over 156 delinquent units in Q1 of this year.
OpenTech Invests in Marketing Automation to Increase Lien Loss Recovery Rates on StorageTreasures.com
In addition to several updates to the platform’s core technology, OpenTech has invested heavily in additional AI marketing automation and bidder tools to drive increased engagement with participating self storage operators’ auctions. The platform proactively promotes seller auctions via email and the new StorageTreasures online storage auction app to target auction buyers’ key interests and drive higher auction sales and final sale prices. Enterprise customers also have access to a Strategic Account Team to provide key support for auction and personnel management across the platform, as well as guidance on ways to improve their auction results.
To learn more about StorageTreasures and see how you can improve your online storage auction results, contact OpenTech Alliance today.
