Stein Investment Group today announced the successful deployment of Prorize’s automated pricing solution at all of its self-storage locations branded as Space Shop Self Storage. The solution uses Artificial Intelligence (AI) algorithms to find the ideal price for customers and operators under any market condition, and is providing much needed guidance in today’s fast changing environment. The partnership of the Atlanta-based firms also signals the success of two fast-growing local companies in implementing industry leading solution and best practices.
“Considering how fast things are changing, it is more important than ever to be rational and not take hasty actions that might have negative consequences down the road. Working with Prorize has enabled us to implement a precise, data-driven approach to price management. It also freed up resources for other urgent projects,” remarked Cliff Hite, VP of Operations at Stein Investment Group.
The self-storage is a need-based industry and relatively better positioned to withstand the economic slowdown than other industries. However, it too has not been immune to the sudden and steep drop in demand and the unprecedented uncertainty around pricing decisions. Instead of reacting with unwarranted blanket discounting, Prorize’s AI algorithms exploit pockets of opportunities based on likely business scenarios and align prices for different units accordingly.
Stein Investment Group first started the implementation of the Prorize Self Storage Revenue Optimizer™ (SSRO)™ in January 2020. “We were up and running after less than 3 months,” continued Mr. Hite. “Prorize really listened to our needs and understands our business, so the SSRO™ is configured considering the current market conditions with details specific to our business.”
“Stein Investment Group immediately understood the benefit of science-based pricing. We really appreciate their strategic and visionary approach to managing their business.” said Ahmet Kuyumcu, CEO and Founder of Prorize. “Prorize has invested heavily in AI in recent years and is well positioned to respond to the heightened uncertainty in the marketplace. Companies that can constantly gain insights from recent data and adapt quickly to this new changing environment will capture significant market share when the recovery comes. We look forward to working closely with Stein Investment Group to achieve this.”
Prorize’s Pricing AI Platform includes pricing solutions for new customers in stabilized and lease-up stores and existing tenant rent increases. Its unique approach combines business intuition with artificial intelligence that continually reevaluates the situation to enable the best possible decisions.