Core Values
What are the two core values that start with "I"?
Integrity and Innovation
What is the monthly goal for reviews?
10 or more!
What are Offline Units?
Units that have been removed from the vacant spaces and are not available to rent?
What does ECRI and TRA stand for?
Existing Customer Rate Increase & Tenant Rate Adjustment.
What is a "Release of Interest"?
The Release of Interest form can only be used after consulting with your DM. This form releases the ownership of a customer's belongings to Extra Space, in which case we can auction the unit at the next available auction as a company unit.
*Note: When this form is used, do not send the customer to collections.
What core value states: "We embrace challenge, we pay attention to details, and we provide the best experiences for our customers. We never stop getting better"?
Excellence!
Define "Conversion Percent".
Rentals divided by Reservations.
How quickly should offline units be fixed/ repaired and made available?
ASAP!!!
Is it our job to "Sell" a rate increase to a customer?
Yes. When explaining the price increase to concerned customers, it is crucial that you understand the importance of a price increase and believe in it yourself! Your ability to “sell” this increase to your customers will decrease the number of customers who decide to vacate.
Can I tow a vehicle for lack of payment?
Who's quote is this? “PEOPLE ASK ME WHAT IT TAKES TO BE SUCCESSFUL AT EXTRA SPACE. THE ANSWER IS SIMPLE – LIVE OUR VALUES EVERY DAY"
CEO- Joe Margolis
What is the goal for both CPP% and CPP$?
80% and $17.00
A 10x30 rents for $299, the unit has been offline for 3 months, how much money have we lost?
$897... or more CPP, Admin Fee, Merch...
What percent does a store manager have the authority to issue a TRA up to without DM approval?
Store managers and NSC agents will have the authority to issue TRAs UP TO 35% of the ECRI amount, but not below ISR, without the TRA requiring a DM approval. Breeze will automatically do this math and display a new field called, “Approval Threshold”.
What is a "BUB" and a "ULP"?
Backup Bidder (BUB) - A backup bidder (BUB) case are used when the winning bidder fails to complete the sale.
Unit Liquidation (ULP) - A unit liquidation (ULP) case is used to offer unsold units to bidders at no cost to eliminate costly disposal fees.
What are the three outer ring "terms" of "The Customer Experience" on the value compass?
Care, Appreciate, and Inform.
What does "Rolling 90" mean?
It is the the average score over the last 90 days and updates daily.
A company unit can be how large if you have NO "Golf Cart"?
No larger than 100 square feet for facilities without golf carts.
Should we be doing a TRA for a unit type that is 100% occupied?
Depends...if a customer is currently way over the STD rate it may make sense to keep that higher paying customer versus bringing in a new customer at a lower rate.
How often should we be calling "Delinquent" customers?
Each delinquent customer should receive a phone call at least every ten days.
What are the three terms on the second ring of the value compass?
Customer Experience, Employee Experience, and Image.
Which 5/5 metric is calculated MTD?
Reviews!
How long can a "Kill Room" be in place?
These should not be in place for more than 1 week at a time. We need these units back online to rent ASAP! If the Kill Room isn’t working, we need to have the vendor offer another solution.
Why do we do ECRIs?
Consistent with most other operators of self-storage, the Existing Customer Rate Increases (ECRI) program allows Extra Space Storage to continue driving incremental revenue opportunities throughout the customer lifecycle. Similar to other industries, a promotional rate is offered to help acquire customers. Since Extra Space Storage operates on a month-to-month rental model, rate increases can and will happen as customers stay with us over longer terms.
Is a "Pay To Vacate" a preferred option to selling a unit at auction and why?
Yes. No risk, usually a larger payment than an auction, and you get the unit back online to rent sooner.