2019 was quite the ride for our company and the self storage industry in general. We’re looking back at what evolve this year and how it affects the year ahead. These are our 2020 predictions and trends. Stay in the know and ahead of the game before the new year rings in.
Throughout this year we heard a recurring theme around sales and occupancy. Despite measured growth, sales and occupancy remain some of the most notable struggles within the industry. According to this industry report, sales are one of the top concerns of self storage owners, managers, and operators this year. We’ve got multiple tools to help you there, from our President’s Club contest to this article on improving your sales skills.
Good talent is hard to come by no matter what industry you’re in. But according to this study, it’s going to be the hottest struggle of 2020. Make sure you’re doing everything you can to attract great talent. Retention rates, according to the same article, are not the issue, it has more to do with increased salaries and difficulty finding talent when a hire is needed. While we can’t do the budgeting for you (more on that in a minute) we can provide some recruitment marketing advice from industry experts.
Speaking of budgeting and hiring costs… Managing costs is one of the highest-ranked challenges owners are facing in 2020. Budgeting isn’t something we’ve dipped our hands into -however- our plans are designed to make you a little more money on every single tenant. While weighing each cost decision is still up to you, you can rest assured you’re not leaving money on the table when you choose TPP.
With budgeting and sales comes the importance of marketing. Modern digital marketing is a major factor between companies that are attracting tenants of all generations and those that aren’t. Beefing up your digital marketing with the help of a great marketing company like Michaels Wilder can take you much further.
According to this report, we are predicting continued growth for the self storage industry. Despite trends showing the difficulties with sales and occupancy, there is still an upward trend in the overall industry growth.
With all these trends and predictions it’s clear that reputation management will be an important part of 2020 business management. Online and offline your tenants will talk about you. If you’re not doing your part to monitor and manage the conversation you could be a victim of your tenant’s bad day. At the bottom of this article is a great resource straight from our President!
At Tenant Property Protection we are heavily invested in your future. Which is why we want you to succeed from sales to marketing and more. So we offer multiple resources, like the ones we’ve discussed in this article. But we don’t stop there. We are getting ready to release new features and offerings that you won’t wanna miss. So keep your eye out for amazing new things in the new year!