Self Storage Feasibility Studies

Conducting a feasibility study should be looked at as more than just determining the viability of a specific location or market area for your project. It should be viewed as the process of determining if you really are suited to be in the self storage business along with the analysis of the specific location you have identified. The completed self storage feasibility studies should provide you with a road map to self-storage success or an objective warning telling you not to build on the location.

Consultant Qualifications

You should expect to pay a deposit of approximately one-half the fee, plus expenses or a travel advance at the time you execute the agreement. The consultant should provide quotes for air fares and try to save you money by booking one to two weeks out.

Self Storage Feasibility Studies

When obtaining self storage feasibility studies, gather the following information about your consultant:

  • How many self-storage projects he has developed (not how many has he/she sold or how many feasibility studies he/she has done).
  • How many self storage feasibility studies he/she conducts each year. Make sure this is not just a part-time endeavor. Avoid brokers who may have a conflict of interest.
  • Is he/she insured? With whom and for how much? Would he/she provide a certificate of insurance for errors and omissions or professional liability? Insist on insured consultants.
  • What is the consultant’s volume of self-storage transactions? A good target number might be something in the $500,000 range.

Where did the consultant receive his/her training to become qualified to consult? What kind of formal or informal training does the self storage feasibility studies firm have?

  • Ask for references. For whom has the consultant worked? Do you know them? Are any of the consultant’s clients large firms such as Storage USA, Extra Space, Public Storage, U-Haul or Sovran?
  • When was the last time the consultant sat behind the desk of a self-storage facility to know more about customer wants and needs? How does he/she stay in touch with the real self-storage world? Self storage feasibility studies.
  • In what types of properties does the consultant specialise? If your consultant is limited by geography or size, make certain he has the experience you seek.
  • How long will it take to get the deliver the self storage feasibility studies ? A good consultant is busy. A great consultant is busy and has depth – a feasibility study is not just a one-man show. Look for a consultant with enough resources to get the job done.

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