Life Storage Signs Exclusive Agreement with StorageTreasures

Posted by Modern Storage Media on Oct 23, 2019 12:00:00 AM

(October 11, 2019) – Phoenix, AZ. OpenTech Alliance, the leading developer of innovative smart-connected technology solutions for the self storage industry, announced Life Storage, Inc. (NYSE: LSI) has signed an exclusive agreement to use as the online auction platform for their full portfolio of 800+ facilities.

Life Storage, one of the largest self-storage companies in the world, manages over 55 million square feet across 29 states and Canada and leverages technology to allow their field teams to be more efficient and customer focused. “We’ve always been a forward-thinking company. If you want to remain a leader in this industry, you must have strong focuses on innovation and technology, and those with whom you partner must share that same vision,” said Joseph Saffire, Life Storage’s Chief Executive Officer. The switch from live auctions to brings the standard benefits of online auctions and frees up more time for front-line employees to focus on customers.

Life Storage recognizes the advantages StorageTreasures offers over live auctions – including lower costs, an ability to get units rent ready faster, and higher lien loss recovery rates. “StorageTreasures reached a stage at which it was providing value that was both meaningful and demonstrated and we are pleased to partner with them,” stated Michael Stratton, VP of Program Management at Life Storage.

Life Storage evaluated several online-auction vendors prior to their decision. “We saw no evidence that another vendor had the technical capabilities, dedicated customer support, geographic footprint, long-term vision, marketing budget, or commitment to our success that we found at StorageTreasures,” said Stratton.

“Life Storage is really moving the needle when it comes to being innovative,” stated Robert A. Chiti, CEO of OpenTech Alliance. “Their Warehouse Anywhere and Rent Now initiatives are great examples, but they’re not the only examples, and we are very proud they decided to partner with us to innovate their auction processes.”

OpenTech acquired a majority share in StorageTreasures in 2016 and manages operations from its Phoenix-based headquarters. Life Storage has already implemented INSOMNIAC CIA, OpenTech’s cloud-based access control platform, at several of its facilities. This relationship, as well as a shared focus on innovation with a people-centric approach, was another key point in its decision.

“We are always going to look at all our options and explore other partnerships,” stated Stratton. “But, two of the things we value most, and two of the main reasons we continue to partner with OpenTech in more areas, are their collaborative nature and their genuine desire to help us be successful. We feel they are truly invested in our partnership and helping the industry as a whole.”

StorageTreasures is the premier online auction platform, trusted by over 8,500 storage facilities to complete more than 18,000 auctions each month.