Nate Kinet, Chief Revenue Officer of SafeLease, shares how insurance, automation, and reputation management reshape self-storage performance. Nate blends a decade of tech-driven insurance experience with deep storage knowledge, showing us how to turn compliance headaches into meaningful revenue and stronger customer trust.

Key Takeaways:

• (02:00) Making the shift from tech and insurance to self-storage.

• (07:02) Learning from how leading operators drive program adoption.

• (10:28) Using technology to streamline compliance and claims.

• (14:11) Designing programs that reduce risk and increase revenue.

• (16:45) Automating coverage enforcement across portfolios.

• (19:51) Building consistency through strong lease enforcement.

• (24:25) Creating tailored insurance solutions for the industry.

• (30:11) Scaling growth with a proactive sales strategy.

Transcript

Hello, welcome to Students of Storage.

I'm Matt Engfer, the co-founder and CEO of Cubby. We're the self storage platform that makes growth simple. We make software for facility management, revenue management, call center management, and more. Today I'm joined by Nate Kennet, who is the CRO, or Chief Revenue Officer, over at Safe Lease. He's based in Madison, Wisconsin, and excited to chat with him today. Thanks for being here, Nate. How are you?

I am very well, thanks. How are you?

I'm doing great. I appreciate you coming on. Where are you today?

I am in Madison, Wisconsin.

Madison, Wisconsin. Is this the home office?

This is — yeah, this is my home office. Well, no, it's in a co-working space, but it is technically remote.

Nice. Nice. You got to get out of the house sometimes to get some stuff done.

Too many kids. Yeah.

Awesome. Appreciate you being here. Let's start with your story. Tell us about your role and how you got there, your professional journey, and what interested you in ending up at Safe Lease, and now being with the company, and then we'll talk a little bit about Safe Lease itself, but tell us your story.

Sure.

So, for those who don't know, I'm the chief revenue officer at Safe Lease. We are a technology-enabled insurance provider for the self storage space. What that means is we provide tenant insurance, tenant protection, but also recently property and general liability insurance to help owners protect their facilities. I started my career in New York City in sales, got into the tech world.

Lived in New York for six years at a few companies, but probably the most meaningful was a company called Trustpilot — it's an e-commerce review website or platform. Interestingly, at the time — this was back in like 2013 — my sales team sold into the self storage vertical.

And this was my first kind of exposure to storage. Little did I know I'd work at a storage company a decade later. But we did really well in this self storage vertical over the four years I was there. I left Trustpilot, spent four years at an insuretech that essentially helped brands build digital insurance businesses as a bolt-on to their core business. Think like an online car retailer — they sell cars,

they want to sell insurance as a nice add-on, and our APIs powered that. So I had this kind of strange mix of insurance and storage. And the worlds collided when I was introduced to our founder, who was looking for a sales leader to head up a sales team at a self storage company. It's almost too good to be true.

Awesome. I have a couple questions double-clicking on that. First of all, how did you get introduced to Stephen, the founder of Safe Lease?

Yeah, good question. I was actually found through a headhunter. Nothing — okay.

Nothing super interesting there. Stephen set out on a search to find a sales leader. I don't think when he set out, he thought he'd find someone with the unique background I had, but yeah, it just worked out.

Cool. Cool. And Trustpilot is a reputation management company, right?

It is. Think of Trustpilot like Yelp — the way you use Yelp for restaurants, right, or local businesses, you use Trustpilot to essentially validate the trustworthiness of online businesses.

Though there's a B2B side where the online retailer will collect reviews, and then there's a consumer-facing website where people like you and I can go and understand the reputation of businesses before we decide to make a purchase or rent a storage unit, etc. It surprises me when I look at your career.

You started at Trustpilot in, I think, 2013, and I think you started as an independent salesperson, right, and within four years you were director of sales for that company, and then you moved to Sure, the insuretech company you mentioned, and within another four years you were the chief revenue officer. That's pretty rare.

Why — how did that happen? How did you accomplish that?

Well, pretty quick ascent from individual contributor to CRO.

So when I started at Trustpilot — Trustpilot is a Danish company — and when I joined, I was the second employee in the US. The big strategic drive at the company at the time was to expand in North America, obviously the biggest market. I was very fortunate to follow a VP of sales who had worked out at a previous company — he left to be the first employee at Trustpilot, and then I followed him. So I was employee number two in the US. Similar theme at Sure —

I joined very early, one of the first 10 employees at our Series B. And then at Safe Lease, I was the first hire.

And so I always like to say I took a couple risks joining companies early. I think you've probably seen it in your career, working at some of the companies you have, right — you get in early, you are successful, then opportunities typically present themselves.

The way I think about this — and people close to me have heard me say this — but guys like me, or guys like you when you were a sales leader, the way I think about it is we get four or five at-bats in our career, right, and you're trying to maximize each one with the different companies. So I certainly think getting in early helped me personally.

Cool. Yeah, I think that's true for self storage professionals too — you don't get that many at-bats, you got to maximize the chances you get. Cool. So tell us about Safe Lease — how did it get started, what's the origin story, and where is it at today?

Yeah.

So our founder, Stephen Stein, is a self storage owner first, before Safe Lease came to be. He owns 20-plus properties across the country, and his properties are largely managed by REITs, and they do a fantastic job with a bunch of stuff, but one thing in particular was the way they drove adoption of their tenant protection program.

So I think over the first couple years of him owning this portfolio, 90% of his tenants had a protection plan, and he saw the numbers that came along with that, and it kind of set off the light bulb — wow, there might be an opportunity to create a product for the rest of the self storage market, the part not managed by REITs.

And it set him off on a journey to essentially build a product — the insurance product, but then also develop some technology, and we can get into that later. To essentially go and sell to the 80% of the self storage market that's non-REIT managed. This was back in 2021 — we started the business in 2021.

May of '21, it was Stephen and I at the time. Obviously the world was crazy with COVID, so we started the company remotely. Fast forward to today, our product is distributed in over 3,000 facilities across the country, and the team is around 60 employees currently, and we're spread out, but do have an HQ down in Austin, Texas.

Awesome. Okay, cool. Let's start with — you guys do a bunch of different stuff, and I think you've built an incredible reputation within your customer base. People you work with really appreciate you as a vendor, as a partner.

Let's dive into what exactly you're doing for them. Let's start with tenant protection. I think the first question is, what is tenant protection, and how is it different than tenant insurance? This is an elementary question, but I just like to level-set — why is it better or different?

So, you know, I think the folks listening will mostly have familiarity with storage. Tenant protection and tenant insurance are the two different products facilities distribute or sell to their tenants at move-in. Typically, the way it works is the store will say, "Hey John, you are required to have insurance in order to rent a unit, that's part of your lease. You either can show me your own insurance, or you have to buy this product that we're selling you at the counter."

The analogy I always use is it's very similar to — you're at the rental car counter, the guy at the Hertz counter is saying, "Hey Matt, in order to get your rental car, do you want to buy my damage waiver?" And you're like, "No, I don't want to spend whatever money."

"Okay, who do you have insurance with?"

Right, they want to know that you have insurance with someone. Apply that to self storage — that's tenant protection or tenant insurance.

The product that storage facilities sell is either a tenant protection product or a tenant insurance product. They're very similar — from the tenant's perspective, they operate effectively the same way. You pay an additional amount of money every month, and then you're covered for damage or theft of your stored stuff. The differences are on the back end, with how the risk gets transferred to the insurance carrier.

There are some different regulations on the different products. To be super clear, we offer both products — tenant insurance and tenant protection. We started as a protection plan, and then we added insurance. We think both are good products, we think there are pros and cons to each. But at the end of the day, the insurance product or the protection plan, at this point, they're pretty commoditized.

Our protection plan, our insurance product, are pretty similar to the other companies that offer those pieces of paper, because that's what they are — a piece of paper. The difference is the technology around it to make the program successful, right? That's really what sets us apart.

Totally. Okay, so I want to talk about that, but when you decide between offering a tenant insurance product or a tenant protection plan at your facility, what are the trade-offs you're weighing, assuming you're fully understanding the decision you're making in that moment?

Sure.

So I think the big one most owners think about is, do they want to become licensed as an insurance agent, essentially? In order to sell tenant insurance, you have to carry what's called a limited lines license in most states. So effectively you're being regulated the same way your Dave Farm agent down the street is.

And we hear all the time from owners, "Guys, I own a storage business, I don't want to deal with this insurance stuff." And that's perfectly reasonable.

With protection plans, the risk gets transferred from the tenant to the owner, and then the owner transfers the risk to an insurance company. So the downside for some owners is they say, "I don't want to be part of the liability transfer." With insurance, it goes directly from the tenant to the insurance company. And I'm oversimplifying it, just for the sake of not getting too into the weeds.

Well, with protection plans, owners are like, "I don't want to have to be involved in this liability transfer." So, again, pros and cons to both. There are others, right — you have more flexibility with setting prices for tenants with protection plans, less on the insurance side. So it really is pros and cons, and whatever, at the end of the day, the owner is more comfortable with, we will support.

Would you say the primary trade-off in that decision is accepting liability in order to get some more freedom or flexibility around how you manage your revenue? Is that the primary decision point?

I think that's a pretty good way to put it. I don't know that I've ever summarized it that way, but essentially — I think the other thing to keep in mind is insurance has been around for 30-plus years, I don't know exactly how long.

Protection plans have only come to be in the last decade, and certainly gained popularity over the past few years. So I think it's one of those things where a lot of folks who've always known the insurance model are more comfortable with it. But change is always uncomfortable to a certain extent. But as more companies adopt protection plans and more people become used to the concept.

Cool. Okay, so let's talk about what outcomes can an insurance or tenant protection product help a storage owner achieve.

I want to define the goals here, and then we'll back into how technology and the way you manage them can improve those things. But what is an owner hoping to achieve when considering one of these products?

Yeah.

I think it always makes sense to be super upfront and direct about the fact that the number one reason owners participate in these programs is it becomes a really meaningful revenue stream for their business, which obviously helps increase the value of their property or portfolio, because they're increasing their operating income. That being said, there's a lot of value to tenants as well, right?

Things go wrong all the time — could be something as simple as a leaky roof, or mice getting into your unit and chewing through your couch. So they're selling their tenants a valuable product that will make them whole should something go wrong. And a lot of owners also like that when things do go wrong, the tenants aren't coming to them saying, "Hey, can I get help for this?"

The owners may say, "Well, that's why we have an insurance requirement — go file a claim with either your protection plan or the other insurance you provided us."

Cool. And how do you operationalize unlocking those things? Whether that's achieving more revenue, and how much revenue should you expect to unlock if you're doing a good job, and diverting customer service issues, or whatever it might be. But let's start with the revenue piece.

How do you operationalize it?

So everyone gets really fixated on how much of each protection plan or insurance policy the owner gets to keep, right — people commonly refer to that as a revenue share. And what is that typically?

It'll vary.

Not just for you guys, but in the space.

In the space, I don't know, anywhere from 30% to 80%, I think, is a good range. And it's a big range, and obviously other things — think of that as 30% of $12 all the way up to 80% of $12 on a monthly basis. And so a very well-executed or implemented program at a storage facility can be as much as 8 to 10% of their operating income. So again, it's super meaningful.

Again, people get really fixated on the revenue share. What we really want to focus on, and talk a lot about when we're pitching prospective customers, working with existing customers, is really the important part is the enrollment, right? If you only have 5% or 10% of your tenants enrolled, it doesn't really make that much of a difference.

What a well-run program will be is anywhere from 80 to 90% of their tenants enrolled in a Safe Lease plan, or whoever their partner is. And that really comes down to how you're implementing the program at the store level, how you're enforcing your lease requirement that says to tenants, "Hey, you must have insurance." And traditionally that's been a pretty big lift or burden on store managers.

What we've tried to do is build technology and automation to remove that burden from store managers, so it's just running in the background, making sure tenants have insurance and ultimately are complying with their leases. And Safe Lease — that's what we've built technology to really focus on and help facilities offload.

What are the different touch points the automation is looking for that actually drive the results of getting more revenue from your protection plan program?

Yeah, it's actually pretty simple. Well, there's a few, right. Right at move-in,

decision number one for the tenant is, are they showing their own insurance, or are they adding on a protection plan or tenant insurance policy?

So that's going to be built in — when we have customers on Cubby, super easy, super slick, they choose their unit size, choose their protection plan, it just gets added. Then for customers who opt out, we're asking them to upload their own insurance — that can be through software directly, like Cubby.

We've also built our own portal to help make it super easy for tenants or store managers to upload insurance. And then on a go-forward basis, we're monitoring every single unit in our ecosystem every day to make sure the tenant either has a valid insurance policy on their account, or has a Safe Lease plan.

And so it becomes this constant compliance engine to make sure 100% of your tenants always have valid insurance — whereas, just to compare, in a pre-Safe-Lease world, managers would audit once a month or once a quarter, and then realize a whole bunch of tenants' insurance policies are expired, and then it's this whole manual effort to reach out to tenants, becomes this big thing. It's really hard to keep up and keep current.

So again, we just try to take that off store managers' plates altogether.

Cool. So, makes a ton of sense. I've seen it — the automation really makes a big impact. Auto-enrolls, things like that — anything you can do to take one unit of human effort out of the loop seems to make a big impact on enrollment and dollars collected, things like that.

What — you guys work with 3,000-plus storage facilities. The folks achieving the highest levels of attainment, revenue, enrollment percentages operationally — how do they adopt your product differently than someone who might be struggling to get that percentage of tenants enrolled in a protection plan up?

What's the difference between a great adopter and someone who's not?

I think, look, it's a good question, there's a lot of different ways you could go with that. But I think probably the number one thing we hear, or see, is owners or operators who say, "We are on board with enforcing this insurance requirement," but then when the rubber hits the road and there's a tenant who says, "I don't want to have insurance,

what is this," making it seem like the world's about to end — they give them a free pass, right? They dummy the insurance information, they don't make them comply with their lease requirement. So it's kind of letting people slip through the cracks in fear of losing a tenant to a facility down the street.

The reality is — and obviously we have a lot of data — when stores enforce these requirements, you will get some blowback from a few tenants, right. It's like a rent increase — you get five phone calls, and again they'll make it seem like the world's ending, but a day later they get on with their life. It's not worth packing up their stuff and moving down the road.

So, back to your question, I think the biggest difference between someone who successfully implements this and not is being a little loosey-goosey with the insurance requirement itself. As long as you're on board with that, the technology automation is going to drive and manage the program on your behalf. There's not really much you have to do day-to-day.

What we see all the time — if you're sitting behind a desk at a storage facility and someone comes in moving, and something happens during some significant life transition, could be anything —

you will do anything in your power to resolve that customer's anxiety in that moment. You will enter credits, you will invent money and enter it into the accounting system, you will waive your requirement for tenant insurance or tenant protection. It's just a super stressful moment.

And I think what we see is that the folks who see lower attainment percentages in tenant protection, or higher waives or things like that — it's just a matter of they don't have a well-understood customer service plan. How do you address customer issues? What tools do you actually have at your disposal?

And without site managers or call center agents really understanding those things, they hit the first button they can reach, and often that's something like waiving a tenant protection plan. But those things compound, and if you just have a good customer service plan and training for how to address these issues without giving away the store, so to speak — people, we see it — tenants don't really have too much of an issue if you just deliver the news in the right way.

Yeah.

That's a good point — for starters, we can still get a lot better at training store managers, because a lot of times we sell our product to the owner, but then they're like, "Hey store manager, go implement this," and the store manager's like, "What do you mean implement, what?" And on top of that, store managers turn over quite a bit, so how do you keep this constant training going so the new person always knows what's going on? And if you don't have a store manager and you're an owner-operator, you don't want to be

dealing with angry tenants about tenant protection — that's kind of why you own a storage unit, so you're a little more hands-off. So at least, I think for some folks, a lot of it is putting a really solid plan in place.

Cool. Awesome. Let's talk a little more about property insurance. This is something I don't know nearly as much about. You guys have a property insurance product you recently introduced, right? Let's start there.

Yes.

So quick backstory — obviously mentioned how many facilities we work with, we have tons of conversations on a daily, weekly, monthly basis. I can't even tell you how many times people reached out to me personally and said, "Hey Nate, do you know where we can get property insurance?" Or, "Do you guys do property insurance? We're getting absolutely crushed with premiums." You go to conferences all the time, and I'm sure you hear people talking about it — it's a talked-about topic at shows. And we kept hearing this feedback.

Myself, Stephen, our entire team — and it kind of set off the second light bulb, maybe a year and a half ago, where it was like, hey, maybe there's a better way for us to bring a product to market. So we set off on a journey about a year ago to build a brand new, bespoke property and casualty — so property and general liability — product for storage facilities.

We're working with the same insurance carrier we work with on the tenant side, and we brought it to market as of March 1st. And to save some time without going into a ton of details, what we've done is we've stripped out some coverages that aren't relevant to storage facilities, because a lot of times products elsewhere in the market are built for a wider range of commercial asset classes.

So we stripped out some non-relevant coverages. We're handling claims in-house, we have our own reinsurance business, so we're taking on some of the risk on the program. We're also going direct. So we have some efficiencies by vertically integrating different aspects of the insurance stack, to be able to be really cost-competitive. And, you know, we're three months in at this point.

Reception's been really good. We're obviously learning a lot, we have a lot of stuff we can improve and get better at, in terms of how we're selling there, and just the opportunity as a whole. But definitely off to a quick start.

Cool. You've identified there's this problem in the market,

you've specialized a product for self storage, and with the skill set you guys have in-house, you're able to put something together that makes a little more sense and strips out some of the costs. Aside from what Safe Lease is doing, what's the problem out there? Why is there such fervor around this conversation? I see it in all the forums, all the trade shows — people are very frustrated, and it's not just happening in self storage.

I own a rental house in Florida, and we've had three insurance companies in three years.

Yeah, but what's going on under the hood in this market?

I think there's a lot of things going on, but the two big things that get brought up the most are, one, rising construction costs, right — so when a claim happens, they're more expensive for insurance companies.

And two, I think there have just been more natural weather events causing losses. So I think those two things together have had a big impact on increasing costs across the industry. We've heard stories from folks about monster increases over the past few years, and they've been working with the same insurer, no losses for two, three, five years,

but every single year they're getting, "Hey, your renewal quote's going to be 20% more, 25% more than the previous year." And that becomes really impactful when you think about it, because insurance is one of the biggest line items on the expense side of a storage business.

Yeah.

And so obviously you want good coverage to protect what is probably your most valuable asset, but at the same time you're trying to balance that against what does that mean for the expense side.

Cool. Yeah, super interesting. I'll be keen to see what you guys can do in that market. One more question on tenant protection, insurance, maybe property insurance. One of the things I hear some people noodling on often is setting up a captive.

And in talking to Stephen or you in the past, I think there's some misconceptions out there around the benefits that can bring you, depending on your scale and that kind of thing. Have you run into this, where an operator's considering setting up a captive, and you're talking cost-benefits with them and helping them with those decisions?

What is your take on this in self storage, as it relates to tenant protection or tenant insurance? First of all, yeah, it's another big question, there's a lot to unpack there. I will preface by saying I'm not an expert in captives, but I can tell you a few things. Typically the folks who set up their own captive and have their own in-house program have to have a certain scale, right.

You're not going to do it if you have one store with a couple hundred units.

It's typically folks with big portfolios and thousands or tens of thousands of units. There's going to be more work involved — you have to figure out who's going to handle claims, just in terms of the general setup and administration of the program — but the upside can also be much bigger on the financial side. So I think those are some of the trade-offs.

One thing I will say is, we work with companies that have 30, 40, 50, 60,000-unit portfolios, and they're still working with a third party. I think that's somewhat of a reflection of the amount of work it is to set up and manage a captive. And some folks just say it's not worth it, it's not our area of expertise, it's not what we want to be doing.

Very helpful. I was always curious about that, because it does — I think it surprises people how much work it is, actually handling all those claims. I do want to talk about reviews and reputation management and things like that, but before we do — your team is, it amazes me,

you guys have been able to penetrate the market so quickly, and I think it's a testament to the business team you've built there. Talk to me about this — why is it a competitive advantage for you, Safe Lease? What did you build, and how does it help you?

Yeah, I think you'll probably appreciate this more than most, given your background working at high-growth tech startups, but really, that's what we did — we brought a SaaS tech sales engine and put it in the self storage insurance world, which largely didn't exist, right? If you look at our competitors, typically smaller teams, it's typically much more relationship-driven.

What we've done is we've built an army of BDRs, and we're getting in front of every self storage owner out there, right. I think last year our sales team made 110,000 cold calls over the course of 2024.

Incredible.

And we run that operation with data — they are very process-driven. We have a very process-driven handoff to our ADs and then our sales process. So we have to use that as an advantage, because that's just not the way our peer set operates in this space.

And I don't think it's a secret that that's how we're driving demand, and it's largely worked for us up to this point.

Yeah.

I think a lot of people — not a lot of people, but some people — hear the word "salesperson" and think it's a dirty word or something like that. I don't think that's true.

99% of the time. I also think it's so funny that insurance people who sell insurance are some of the most voracious salespeople in the world, and then you get into self storage and it's — I didn't see it, like, there are all these insurance companies that aren't really selling, they're not out there pushing their products very hard, when in every other vertical you see insurance, the top insurance companies are extremely aggressive from a sales and marketing perspective.

I think it's been part of the secret sauce for y'all. It's super interesting. It's been a lot of fun to build a team in a space where — I'm used to being in a world where my competitors sell the same way, and it's the same type of sales motions. That's just not the case. Whether that's right or wrong, or good or bad, I don't know,

but for us it's certainly been a differentiator, and it's helped us grow at the rate we have, and I think establish ourselves within a space where really our peers are companies that have been around for a really long time. There's not really many newcomers on the insurance side of storage besides us — maybe one or two others, but I'd consider our biggest competitors folks who have been around quite a while.

Yeah.

Cool. Let's talk reviews. Your time at Trustpilot taught you this — you knew it well before you guys ever got into the game at Safe Lease with —

what's important for an operator to know in this space, and what's your view on reputation management and self storage as it stands today?

Yeah.

So this one's kind of a funny one, because again I have this experience with reviews, and it's come full circle here. We built a reputation management solution that helps storage operators collect reviews from tenants, right, and syndicates them onto Google. So when people are searching for storage facilities, they're going to see someone's awesome reputation and be more likely to go rent a unit there.

Storage operators obviously are very focused on their Google reviews and live and die by their reputation. What's interesting is — we've talked a lot about insurance on this call — some people are like, "Well, how do you guys do reviews, you're an insurance company?"

Well, this actually came out of a hackathon with our engineering team. And the reason we worked on it is one of the biggest reasons facilities get bad reviews typically coincides with an event that a tenant would file a claim for, right?

Got it.

There's water damage in their unit, or mice chewing the couch again, right? What does the tenant do? They go leave a one-star review, and that reflects poorly on the facility. So we built software that automates review collection for facilities, helps them manage their reviews, and helps them display reviews online.

So it's a way to help manage your reputation overall, but ultimately get more people in the door if you're displaying really positive customer reviews.

Cool. Awesome. Yeah, I think it's important, and we see it on the online rental side — it generates a ton of activity if you have a really good review management program in place. It boosts your SEO. There's a lot of benefits beyond the obvious.

Yeah.

Immediate ones.

And it's interesting, because there are a ton of reputation management companies — millions you can go get, Trustpilot being one of them, a company I used to work for. But there are very few companies triggering review invitations to tenants at the most optimal time in the self storage customer's life cycle, right?

Yeah.

Is it best to invite someone right when they move in, when they're really excited about their unit? Is it best to invite them when they move out?

Is it best to invite someone to leave a review when they've accessed the gate, maybe 24 hours later, because you know that in the past 24 hours that tenant had a need for their storage unit,

they're probably feeling pretty good about it. So what we've done is built different triggers to invite tenants to leave reviews at optimal moments, and obviously we track all the data and figure out what's converting best, to give operators the best chance of collecting reviews. Anything you can share, or is that secret sauce — what are the best moments to convert that you've seen?

Well, the best one is move-in. Yeah, the problem with move-in is they haven't really had any other experience than talking to the store manager.

So that typically tends to convert best. People are excited because they needed storage, they just got their — we typically will trigger some review invitations, I think it's 24 hours later. But that's an ongoing experiment across a whole variety of touch points, trying to figure out what's best.

Cool. So, Safe Lease has grown into a reputable name, and you've got 60 employees, 3,000 facilities leveraging your services.

What's next? Where are you taking it?

And what do you hope to achieve in '25 and beyond?

Yeah, good question, and a tough question. I think there's a lot — I've been here a little over four years, and I'm really proud of what we've built, really proud of how far we've come, the team we've built. We have some great people, I think people love working together.

But in a lot of ways, I feel like we're just getting started, right — this launch of this new property and casualty business feels a lot like it did back in 2021, when we were just getting the business off the ground. So we're kind of back to square one.

There's such a big opportunity with this property product — every facility has to have property insurance, right, you don't have to do tenant insurance or tenant protection. So there's a massive opportunity for us to capture.

It's really refining, iterating, improving our sales process on the property side. If we could get that into 3,000 facilities the same way we've done with tenant protection, there's going to be a lot of possibilities for us as a business, but at the same time there's a ton of work that needs to be done. And yeah, that's really what we're focused on.

Cool. Well, I hope you get there.

You guys have been great partners to Cubby. We appreciate it — it's really nice to have a tight integration and an engineering team that works in lockstep with our engineering team to improve the integrations and things like that. We appreciate it, and it's been great talking to you. Thanks for joining.

Yeah, I'll just close, Matt — I'll give you a similar compliment. I think very similar to why we have an opportunity on the property side, you guys have an opportunity to innovate in the space. I always describe — when someone asks me about Cubby, I always say we appeal to the same type of storage owner that's a little more technology-forward, innovative, and I think that's why our partnership's been successful. And yeah, we're super bullish on Cubby.

We love working with you guys, and hopefully we can support many more mutual customers.

Awesome. Appreciate it. Have a very good one.

Thanks, Matt.

Thanks.

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