According to The Nielsen Company, the top five New Year’s Resolutions in 2015 were:
1) Stay fit and healthy/Lose weight
2) Enjoy life to the fullest
3) Spend less, save more
4) Spend more time with family and friends
5) Get organized
With 2017 only days in and many of these top resolutions likely to stay in the top five, let’s examine how each one can apply to the self storage sector.
1) In order for our sector to stay fit and healthy we must have a plan for 2017. Whether you’re a developer, an operator, a broker or a lender, formulate a strategy for how you plan to tackle your business in the year ahead. Set goals for yourself. Write them down. Revisit them once a month to refocus yourself.
2) If those involved in self storage plan to enjoy life in 2017, we all must work together to ensure our sector maintains its strength. This means staying hyper-aware of new supply in our markets, watching rental rate trends closely and having a firm grasp of where the sector is heading as a result.
3) I wouldn’t necessarily advise spending less in actual dollars, but consider where you invest your time and money. Do your research, adopt new best practices that can save money and focus on markets where you can watch an investment truly grow.
4) The storage sector is vast and full of great people. Get to know some of those people. Attend trade shows and get involved in state and national organizations. Make friends that can help you in the New Year.
5) Staying organized is crucial in any business and the storage sector has valuable resources to assist. I’d encourage you to sit down while the holidays have slowed things down, investigate what companies and contacts could help you and reach out to them. Set up calls or register for webinars. With all the data we have for our sector, there’s no excuse not to be as organized as possible when you start looking at 2017.
We here at Jernigan Capital hope that you and yours had a wonderful holiday and wish you the happiest of New Years. Please don’t hesitate to reach out to us if we can assist in any way.
About the Author
Manager of Business Development
Warner Russell is the Manager of Business Development for Jernigan Capital. He is responsible for assessing project demographics before working with developers to underwrite individual deals. Before coming on board at JCAP, Warner worked as a writer and account executive for a nationally recognized advertising agency. He has also spent time working in retail banking and personal wealth management. A graduate of the University of Mississippi, Warner is married and the proud father of a golden retriever.