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The Next Generation Needs a Place to Keep Its Stuff

There is no doubt that the generation known as the millennials have surpassed the baby boomers in becoming the largest generation in U.S. history. Millennials are a driving force in the consumer market, with close to 79 million or roughly 25 percent of the U.S. population making up this age range, according to a recent report Marketing to Millennials.

Millennials are a generation of instant gratification seekers. They buy based on emotions and desire rather than necessity, as the baby boomer generation did. So, what does this mean to your business as a storage shed manufacturer? As these consumers continue to buy items on impulse, they are going to need a place to store them.

The outlook on the self-storage industry is forecast to continually increase each year and is projected to climb past $30 billion dollars in 2018, according to IBISWorld report. It stands within reason that the storage shed industry will also continually grow each year, offering the same benefits of a self-storage unit, but with the convenience and ease
of having it right at home. Who wants to drive across town to rent a storage unit they will never have ownership of when they have the alternative to invest in one they will one
day own that adds value to their home?

One of the key points of marketing to millennials is affordability. As a generation of consumers that buy on impulse, low cost is key. Millennials tend to spread their earnings over numerous purchases, rather than fewer, larger items. However, quality is still a very important factor with this generation, so they do not mind paying more for a superior product. This is where offering a good rent to own (RTO) program is beneficial to your shed business.

RTO offers a solution to a high majority of consumers, who would otherwise not be potential customers for your business. According to the 2015 Census survey, the median household income for the United States was $55,775. When you take into consideration the average American family also has approximately $17,000 in credit card debt, $176,000 in mortgage debt, $28,000 in auto debt, and $50,000 in school loan debt, it is easy to see why an affordable monthly RTO payment is much more appealing to the
average consumer.

In the past, manufacturers were hesitant to offer RTO options. They felt that the only consumers who would purchase using the RTO program were high
risk. Individuals with bad credit, low or fixed income, or no other alternative to financing were viewed as the target market for rent to own. With the generation of millennials, this is no longer the case. RTO makes good business sense because you are increasing your customer base drastically. You are increasing your business’ bottom line with an RTO program.

Like all good programs, the key to a successful RTO is knowledge.

The NBSRA was founded to provide this knowledge base to individuals in the shed industry looking to grow their business with RTO. The NBSRA keeps its members plugged in to all the changes and regulations that surround the world of RTO.

The vision and purpose of NBSRA is to bring into membership those firms and corporations engaged in the barn and storage rental business; to exchange views, promote the general welfare of members, and evaluate the standards and conduct of all those in the RTO shed industry in order to protect the industry’s future against legislation. NBSRA also seeks to encourage industry practices in accordance with God’s principles. This results in superior customer service and satisfaction.

In an effort to bring consistency and connectedness to the RTO shed industry, NBSRA hosts an annual event where all RTO shed companies, not just members, are invited to gather for a day and a half of networking. This provides a venue for RTO shed companies to ask questions and receive answers from authorities in the industry.

At the NBSRA conference, the needs of RTO companies in the field are brought to the surface. Ethical and legal solutions are offered. This in turn equips RTO companies to go out and do their jobs legally and professionally.

You could potentially be costing your business revenue if you do not research before choosing your RTO provider. A provider that is not equipped to do their job legally and professionally can cause major headaches if something is mishandled on their end with a customer. You are putting your company at risk of being sued, bad-mouthed, and losing existing or future customers due to complaints. It is important you invest your business name and reputation with an RTO provider that takes pride in doing things right.

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