Tune in to our latest webinar for an insightful exploration into the world of self-storage innovation with Andrew Capranos, President of 10 Federal Storage. This session is dedicated to showcasing the remarkable ways in which 10 Federal has consistently stayed at the forefront of technological advancements and industry leadership. Tune in our check out our recap below as Holly and Andrew discuss...
🌱 10 Federal's Success
📞 Industry Trends
💥 CallPotential's Contact Center software and its Impact
🔮 What's Next for 10 Federal
In our latest webinar, Andrew Capranos, President of 10 Federal Self-Storage, shared invaluable insights on the evolution and success of their self-storage operations. Here are some key highlights and quotes from the session:
Andrew discussed how 10 Federal manages its vast portfolio remotely, from its first self-storage property acquisition to becoming a pioneer in high-tech, unmanned facilities, "We do everything remotely from our Raleigh headquarters... We manage about 4 million square feet of real estate, 75 properties throughout the country."
Andrew emphasized the importance of technology in improving operational efficiency. He shared the early beginnings of automating processes, the impact of COVID-19 on accelerating online rentals and contactless operations, and their foray into using drones for property management, "Why can't we automate [our processes]? No one was doing it at scale, as high-tech as we were. So, we had to develop a lot of the tools in-house initially. We've saved a considerable amount of money just through attrition; as people leave, we don't replace them because we've added in all this technology."
Andrew discussed how leveraging technology like CallPotential has improved their margins and decision-making, leading to better investor returns and effective property management, "Using technology allows us the ability... to operate more efficiently and gives us some pretty high and attractive margins."
Discussing their integration of drone technology, Andrew remarked, "From a security standpoint, I can't tell you how many thefts it's reduced. And then from a standard of care and just auditing the property, it's really cool because we get to play real-life video games with our drones."
Discussing the future, Andrew highlighted their plans for expansion and the importance of staying ahead with technology to continue growing in a challenging market."We're on our fourth fund right now... We've raised $80 million so far... We're growing, and we're adding properties left and right."
Addressing the 'always open' ethos at 10 Federal, Andrew emphasized, "We wanted to make sure that we can deliver the same or better experience than a traditionally operated manned property."
Andrew advised operators to be open to change when asked about the future, warning against becoming stagnant, "Go [search] Blockbuster Video...I encourage all of you guys to think about what you can do differently. We're not going to be in that situation... You always want to keep finding ways to do better."
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