Think retail. Would you put retail on a back road or behind another development? No and the same goes for new self-storage developments.
Too many people tell me they are about to build self-storage on land they own or located because self storage is needed in the area. And they are right about half the time. Not a good enough percentage to move forward with a multimillion dollar investment. In the end, new developers are going to need help to make the final decision. But you can rule out some properties with a bit of effort and determine which property in an area would be the best one to choose for a feasibility study.
First you need to determine the existing population. The population can be provided by many realtors or is often provided with many property listings. There are also several on line programs that can provide the population.
The unknown is the demand of square foot of self-storage per person. And there is not one size fits all locations correct answer since demand can and does vary from state to state and even area to area within a state. Demand in the end is not a square foot per person but rather a square foot/person where facilities reach equilibrium (90% -+ full) at acceptable rates. In other words, demand cannot be determined in a vacuum and must be used in conjunction with a review of the existing market occupancy rates and prices. Be careful not to assume full means there is a need for more facilities. Full with a regular 10 x 10-unit renting for $70 is not a good sign while 10 x 10’ renting for $160 is a great sign.
For many urban areas where there are numerous self storage facilities to choose from the draw/competition area of 3-mile radius is commonly used. And the demand of 8+_ sf per person can be used as a temporary starting point.
So, if the 3-mile population is 30,000 the total self-storage demand would be:
30,000 people x 8 sf/person = 240,000 sf of self-storage needed.
Next you need to determine the location, number and size of the existing self-storage in the 3-mile radius. Most novices underestimate the number of nearby facilities. You can use google earth pro or “google nearby” to help you find the 3-mile facilities. On google earth pro you can draw a 3-mile radius and visual search for the self storages. For a given address on a google map you can enter self-storage in the nearby tab and it will show the nearby self storages. But it does not go over town lines, so it is tricky to get all the facilities. This is considerable work to make sure you get it right but can often give you a quick count. You may be able get the existing square footages from the land records or scale from google earth pro, again a lot of work. Or you could use a real rough estimate of 50,000 sf of self-storage for each facility with a square footage check as part two of your demand study.
So, if you had 3 existing self storages in the three-mile radius you could temporarily assume that: 3 facilities x 50,000 sf/each = 150,000 sf of the existing demand has been met.
The needed demand for this case would be:
The total demand of 240,000 sf – 150,000 sf existing = + 90,000 sf. demand needed.
You would also need to subtract the demand for any facilities under construction or in the approval process.
You can see a sample mini demand study at the Storage Authority News Room
The good news is there are programs that can quickly determine the population and the existing self storages and even the square footage of the facilities, so the existing and unmet self storage demand can be determined quickly as part of a preliminary study.
One developer who recently contacted me did his own demand calculations. When I emailed him back our check of his findings with an online demand review he said “ Wow what you did in 10 minutes took me over 2 day to do by hand.”
Below is a screen shot of the Radius program we use to determine the existing self-storage demand & population. It also does a ton more, from providing the existing self storage square footage, the names of your competition and the rates of your competition.
The program is available at : https://www.unionrealtime.com/radius.html
I suggest you set up a demo with James de Gorter the co founder of Union Real time. Here is a link to set up an appointment on his calendar https://calendly.com/radiusteam/radiusdemo
This location is a 3-mile radius review for one of the FL Kmart locations closing this year. While it shows the existing self-storage is 7.36 sf per capitol (see bottom left hand side) the key is the fact that there is only 0.69 sf/person of climate control. So, this is a great location to investigate further for a big box conversion to climate control self-storage. If you want to learn more about this program or even conversions email me at firstname.lastname@example.org
Of course, Storage Authority and our national brokers will help find and review your potential sites, saving you mega hours. Better yet we will even help you determine the best areas to look for land in your neighborhood.
The occupancy of the existing facilities (and their rates) can tell you a good deal about the local market demand. You should stop by a couple and call a couple to get their rates and see if they will tell you their occupancy even before you start looking for land.
In the end, there are many important factors in addition to demand so a feasibility study is highly recommended. For your planning purposes, each can cost $6,000 to $7,000. If you need preliminary assistance with your initial investigations or need a recommendation for a feasibility expert email me at marc@storageAuthority.com and I would be happy to help.
The shape of the land, topography, wetlands, drainage, flood limits, neighbors, building design, and zoning requirements can have a significant impact on the final building square footage. Some towns, for example, only permit 50% impervious lot coverage for the buildings and pavement, other towns do not permit a new self storage within 3 miles of an existing facility. Regulated wetlands setbacks or wetland buffers often vary from 50 feet to 150 feet from the wetlands in many locations. On site storm drainage detention, if required can require a half acre or more land. High parking requirements in some towns can also limit the amount of buildings. In other words, the regulations can significantly reduce the amount self storage permitted. Often self storage is not even permitted in residential zones and other zones.
If you don’t have city sewer you will need extra land for a septic system. If you do not have city water, you will need room for a well and significant building fire walls will be required that will add substantially to the project cost.
5 acres were used on this 9-acre site. The rest of the land was not usable.
There is an art and a science to presenting auto-pay to the self-storage customer but there is a tremendous value for both the customer and the self-storage facility.
The presentation of auto-pay is everything, how you say it, how you deliver it and the sub-conscious triggers the customer reads all work as a synergy to optimize your auto-pay program. With Storage Authority Franchising we have the system in place for you to maximize your revenue and streamline the process.
We love customers on auto pay because they save us time (for marketing) Typically only the few who put themselves on auto pay get on auto pay. Even if asked if they want to go on auto pay say no because most yes or no questions naturally end up with as a no. This one is a no-brainer. It just takes learning the script and techniques mandatory and one hour of training and the proper lease. Because people stay 2 extra months if they are on auto pay an extra 10 auto pays a month is worth $30,000 a year.
When presenting the hard copy lease, Storage Authority may be the only one who has this option on the front page of a lease making it easy to present and get a yes at just the right time. And no extra paperwork like every other facility. Of course, we had to pay a self-storage attorney to set it up to make sure we met the law, but well worth the investment.
As self-storage evolves, and we make the paperless transition the very wording on how you start the lease presentation will be critical to your success, ” All I need is your ID and the debit card you would like to keep on file.” As you swipe the debit card (debit cards carry less merchant service fees than credit cards) into the software you remind the customer their card will be debited on whichever date their move-in date every month and we will send an email confirmation. You automatically put them on auto-pay by just assuming they want the value of the program. Remember they are also reading your late fee schedule that is on your counter (*See Below example) as your working through the lease presentation. It’s expensive to be late in self-storage there is an immense value to the customer to automate their payment process.
For self-storage owners & operators, auto-pay is, undoubtedly, their best source for obtaining on-time payments. It helps lighten many of the biggest hassles that go along with operating a storage facility—namely delinquent payments, collection calls and lien sales. In addition, too, customers on auto-pay generally don’t think about paying that bill every month or scrutinize the dollar amount they’re paying too closely. Because it becomes just part of their monthly budget many will also stay an additional two months or more as noted earlier. Adding a rental increase also becomes streamlined and more acceptable for tenants enrolled in an automatic-payment system.
Take advantage of the “no late-fee guarantee” program use your tool on the counter to help educate the customer if there is any hesitation. Tell the customer how convenient it is to enroll. Also, be sure to ease their fears about any risks of keeping the card on file by letting them know your software program meets Payment Card Industry Data Security Standards (PCI DSS) and compliance. Customers cards are stored on an encrypted level where managers can only see the last four of the card.
Ultimately, the service should reduce your collection calls and lien sales, as customers on auto-pay will always make their payments on time. Plus, it’s another great service and valuable convenience you can offer your tenants.
Auto Pay Program + Late Fee Schedule
These should be outlined on a single laminated sheet and displayed on the counter or positioned in a plexiglass 8×11 frame very visible on the counter for the customer to read. Many self-storage operators fail to realize how valuable this is. Too often we forget to tell customers about our late fee schedule, or how they are guaranteed no late fees by enrolling in our simple, automatic, debit/credit-card payment plan.
How much of a collections issue would you have if most of your customers were on auto-pay? Quit asking new tenants if they want to sign up for it. Instead, make it part of the lease and sales presentation. For example, you can say, “Our customers love the convenience of our auto-pay program. All I need is your ID and debit card to get started?” More auto-pay customers mean fewer past-due customers and more streamlined revenue for the facility.
Money in the bank following the Storage Authority Franchising system.
Yesterday Kmart/Sears/Macy’s announced another round of store closings.
If you type in kmart & sears closings into google search you will see round after round of store closings. Maybe there is one near you. In the past 5 years Sears has gone from over 2000 stores down to 12oo stores.
Here is a map of the latest round closings. The article above will give the Towns.
While this is a sign that Amazon is killing the big box stores it is also a sign it time to consider conversions for self storage. I recent talked to one self storage developer and he only does conversions. He has done 4 and has each is doing very well. The big boxes are typically in areas of suitable, even high populations so it is a matter of confirming the available demand taking into consideration of the existing self storage.
Conversions typically save you time because they are much easier to get approvals and takes less time to build. Grocery stores are a great conversion as well and they don’t have to be oversized. Often a 30,000 square foot self storage will have a large parking lot you can convert into another 30,000 sf of self storage.
Here is a quick web demand study on one site I randomly choose. This is a great program everyone looking for self storage because what used to take a couple of days is provided in seconds. send me an email at Marc@storageauthority.com to learn more about conversions or this web demand study
If you look to the left you can see the existing self storage demand information. What is real interesting and what makes this site worth checking out is almost all the existing self storage is non climate control!
To More Success in 2018!
You can do it!
Sample Development Budget & Proforma.
You will do multiple budgets proformas for yourself along the way to a final one for your bank. The first is one based on several assumptions and estimates so you can have some initial discussions with your banker. The second, one after you have a site plan, so you can provide a proforma based upon your actual design plans, including the exact number and size of units to be rented to get an updated pre-approval. And the final application with real construction cost from contractor bids and expenses from your feasibility report and other investigations, for the final loan approval. Your loan request will include several items in addition to the proforma. This information will help your banker make a positive decision on your application. It will provide valuable information about yourself, your business plan and your expertise and an executive summary which help your banker quickly understand your project and find the major data they need without looking everywhere for it. It is one more item to let the bank know you are a professional day one. Self storage is loan friendly because self storage loans have one of the lowest failure rates for real estate development. But part of loan decisions are based directly on you and how you present yourself, your project and your team.
There are no one size fits all standard construction cost, expenses or profits for self storage. Typically, the first semi accurate development and operational cost and profits come after you have found land, obtained a conceptual plan and obtained a feasibility study by a self storage expert. But it is important to understand the basic general magnitude of construction, operating expenses, rental rates and various financial information to determine if self-storage makes sense for you. The concept budget below is based upon assumed costs & expenses that may vary greatly. Be cautious as it would be easy to tweak one or several factors to eliminate the profits or double them. Many items and details are not included in this example such as carrying cost to get from empty to break even.
This is an example for educational purposes only and should not be used to make any final self-storage investments or development decisions.
CONCEPT BUDGET & PERFORMA*
50,000 Square Foot New Single Story Construction
TYPICAL LAND REQUIREMENTS*
Single Story Self Storage: Typically, 5 +_ usable acres when storm water detention is required and or subject to certain zoning restrictions. Land requirements can vary on local zoning requirements and land quality.
Typical Construction Cost vary on many factors from design, amenities, locations, land quality and more and must be determined by actual construction bids. Cost below have been assumed and will vary.
PRELIMINARY DEVELOPMENT COST* – 50,000 SF Single Story
Land $800,000 + –
Construction: $3,250,000 +_ $65/sf x 50,000 sf
Unusual land etc.**. $0 if none
Unusual City regs. ** $0 if none
Soft cost $400,000+_
Carrying costs $300,000+_
Total $4,750,000+_ Single story 1 phase
Phase 1 -25,000 sf $3,300,000+_ Note land/office/soft carrying costs in phase 1
Loan Equity $1,155,000 Phase 1 owners’ equity required
Loan Equity $412,500 Phase 1 owners’ equity required
As you can see there is a vast difference in equity required between a traditional bank loan and a SBA loan.
Typically, when phase one occupancy reaches 70% it is time to get started on phase 2. Most of the time you will use the same bank for both phases so you do not have to pay a prepayment penalty. Often your equity in phase one will be enough for most if not all of the loan equity required for phase 2. You should have these discussion with your bank when you apply for the phase one loan as this is not the case for every lender.
STORAGE RENTAL INCOME* FOR A 50,000 NET RENTABLE SPACE
Rental income varies upon many factors and are very dependent on location, unit mix, managers experience, marketing and several other factors. The SSA reported the 2015 national average rental rate for Q4 2014 was $1.18/sf for a 10’ x 10’ non climate control unit and $1.51/sf for a 10’ x 10” climate control unit. It is important to get data from your local area.
Typically, we consider 90% rented at premium rental rates full. For this example, 90% Rented at an assumed average rate of $1.35/sf is used.
50,000 sf x .9 x $1.35/sf = $60,750 monthly income = $729,000 Annual income
PRELIMINARY OPERATION COST*
Operation cost vary on many factors. Often, they range between $5 to $6 a sf.
Use $5.75/sf for this example.
Assume $5.75/sf x 50,000 sf = $287,500/ year or $23,958/month (Before Debt Service)
NET OPERATING INCOME* (Before Debt Service)
$60,759 – $23,958 = $36,729/month = $441,504/Year (Before Debt Service)
Assume 5 Cap rate – $8,830,080
Assume 6% Cap Rate = $7,358,400
Assume/use a 4,000,000 loan at 5.5%, 25-year amt. = $24,563 month (P & I)
CASH FLOW AFTER DEBT SERVICE*
$36,729 – $24,563 = $12,166 per month = $145,992 Per year cash flow before taxes.
Will this be your cash flow? Of course not. There are too many variables. Your land could cost more or less. You could put in more or less equity. Your rental rates may be higher or lower. Your expenses could be more or less. You could do more or less marketing and sales then the typical self storage.
The goal is to build a self storage that provides a six-figure income while you can still continue your career if you want to and down the road to have a retirement nest egg that many people could never even dream of. Once you have found a property that meets your initial review and requirements you will get a 3rd party feasibility study that will not only provide you with a demand review but also all the above financial information above based upon data to your specific location and facility size.
Disclaimers: This informational and example is for preliminary education and overview purposes only and should not be used for investment purposes. This is an over simplified financial review. Once a property is located a detailed feasibility study, site investigation, site designs, construction costs and regulatory investigation are required in order to determine the feasibility of a project and projected profits.
*Development cost can vary widely based upon location, zoning, standards, your experience and a variety of factors. You should consult with a local self storage expert for development cost in your area. This is an example and there is no representation these numbers will represent your development costs. Industry rental rates, income & expense can and do vary upon many factors including, competition, local property taxes, location and owners experience. Typical rent up periods for the industry are between 18 months and 3 years and can be longer.
** Unusual construction requirements such as ledge, significant cuts or fills, retaining walls, unusual zoning requirements, off-site improvements, local pricing etc. are not included and can significantly increase construction cost.
Multi story facility cost more and typically can’t be phased, so they require significantly more capitol and initial equity. This is why first time self storages developers typically build one story facilities. Many multi story self storages will even have a higher price tag because they are often in areas of higher populations and are larger to offset the development cost per unit, to get better returns.
A word of caution, never develop a parcel of land simple because you own it or the purchase price is low. It must have several important features including significant drive by traffic and enough unmet demand for self storage.
Now based upon your liquid assets you can start determine the best options for your needs and investigate land, design, regulatory and banking requirements in more detail. At this point you are either ready to charge forward or realize you don’t have the capital required. If you don’t have the capitol don’t give up. Finding a more aggressive lender and or finding a partner with either the land equity or cash equity may be a great option.
Working with an experienced self storage development expert can also help reduce the construction cost, operational expenses and increases profits. You can look at building a smaller facility but they tend to be significantly less profitable and more of a hobby than a business.
If you want to learn more about how you can start your own Storage Authority self storage Franchise send me an email. Marc@StorageAuthority.com
The Five Most Frequently Asked Questions
1 I don’t have any self storage experience; can I build a successful self storage business?
Yes, you can. In fact, the vast majority of the 50,000 self storage businesses in the USA are owned by individuals who only own one self storage facility. They started out just like you with no self storage background. With research and help along the way you can build a successful self storage business that will be more profitable than most other real estate businesses.
Many of the existing self storage were built when “build it and they will come” infancy period of self storage. Now with all the competition and smart money you must be better prepared from day one. You need 3 out 4 of the four things to develop a very successful self storage:
3 Self Storage Experience
4 Marketing & Sales Experience
Storage Authority obviously provides items 3 & 4 but you will be surprised how Storage Authority helps you with items 1 & 2 as well.
The three most common problems I have noticed for new developers is 1) to under estimate the costs (often by over looking some items), 2) under estimating the development and rent up time frames and 3) underestimate the importance of sales and marketing platforms online and off line,
Self storage consistently has provided better returns on investment then the other types of real estate investments. It requires fewer employees and significantly less maintenance, which means less headaches and work for you. (better lifestyle)
And best of all self storage produces one the most important things that many businesses never produce: a residual positive cash flow that can last a lifetime or even for generations. And its fun!
I hate do give a dollar amount because there are so many factors not to mention size. But I know that is what you are looking for. So to start a self storage business (not a self storage hobby or side line) it is typically approx. $400,000 for an SBA bank loan and more for a conventional loan.
Typically, you will need 25% to 35% equity for a conventional bank loan. There can be exceptions to both the low end and high end depending on the market, economy in your area, your business experience & credit rating, individual banks and other factors. It is important to meet with your banker(s) early in the process. You do not even need a piece of property or facility picked out to meet with a banker (or two) to get some preliminary banking input.
SBA loans are available for self storage and they typically require significantly lower equity often 15% of the total cost.
There are several specifics that must be considered to determine the best option. And it is very important to realize not all loans are equal by a long shot. Yes, interest rates and required equity are important there are several other equally import items and that is why you need a self storage expert help you with your loan package.
There are three main areas of cost that should be considered.
The first is the pre construction costs (or pre loan costs). These include feasibility study cost, land surveying engineering costs for site plans and regulatory approvals; bank fees for the loan application (loan application fee or points, appraisal fees etc.), soil testing fees and land option fees, architectural fees etc.
While these fees are often considered part of your equity in the project you typically have to pay these fees out of pocket because a bank will not give you a loan without a Town approved project. This is money at risk because there is no guarantee that the town or bank will approve your project. So it is very important you do your due diligence regarding the “quality” of the land (wetlands – easements -zoning – other restrictions) and with the chances of approval with the Town before you spend large sums for final engineered site plans. Often paying a local civil engineer to review the property and zoning regulations and provide you with a conceptual plan to review with the Town is money well spent. Typically, this first group of fees are typically range from $75,000 to $200,000 if no major problems are incurred.
The second group of costs is the land and construction costs. These costs can vary greatly depending on the price of the land, individual land improvements and size and type of self storage facility. Land can vary from $50,000 and acre to several hundred thousand per acre depending on the location and amount of land. Individual land improvements can vary greatly between sites.
I own 3 self storages and each had distinct special land improvement cost. One site was relatively level with sand and gravel which had low site improvement cost. A second self storage was on a sloped parcel which required an extra 3-4 feet of fill for half of the site. One property required $20,000 worth of soil testing for pollution and more for soil remediation required.
It is hard to give a specific cost for construction. Recently many feasibility studies are using $60 per square foot for construction for typical single story metal self storage buildings, plus soft costs and the land. This preliminary construction cost by square foot estimates do not include the special land improvements or other unusual cost that may be encountered. Multi buildings are typically higher than the cost of single story buildings.
The costs can be refined after you have a chosen a property and your local civil engineer has done a conceptual site plan. And once a final detailed site plan is completed you can have a contractor(s) provide you a construction estimate for a more realistic cost
Early on in the process, as soon as you find a piece of property, I recommend you contact a building manufacturer to get input on the building design. They can also give you a proposal to supply and construct building. I use Trachte www.trachte.com because they make the process simple, and have a better product at a great price.
The third group of expenses is the costs during the rent up period before you break even. Some banks will loan you some of the rent up cost but many (even most) do not. If you did not include the office, maintenance equipment & supplies in your construction cost (which I recommend) don’t forget to include them here. You are going to open your new self storage business with your typical operational costs (loan – employees – utilities – taxes etc. outlined in your business plan) and limited rental income. Every month you will have to put money into your business until you have enough rentals to pay all your bills. This can take several months to two or three years depending on a lot of factors. If you have done your due diligence and determined there is a need for the new storage facility, have a good location with suitable drive by traffic and are prepared to market the facility well you can significantly reduce the time to break even and make a profit. Hopefully you have worked with your bank to cover at least some of your start up costs in your loan package.
Typically, the second phase cost much less to build because you have already paid for the engineering, the property and don’t need new staff so the break even point comes faster.
Financing is one of the major issues for many businesses. Banks typically require 30% down and SBA loans require 15% down. So in many regions you can get started with $350K to $400K cash equity. One option is to join forces with a local land owner as I did for my second facility. The land and design cost may be enough to meet your equity investment in the project. A good written partnership agreement is important.
A good feasibility study is a msut and should provide some preliminary cost until you have more detailed plans and actual bids. If you need initial prices before than I recommend you contact a self storage feasibility consultant to review your circumstances and what size facility you plan to build.
First you need to determine how much self storage the existing population can support and how much self storage already exist. You can do some preliminary calculations on your own. The key is accurately calculating the square footage needed in your area and subtracting the existing square footage and any storage proposed or under construction. For many areas where there are numerous self storage facilities to choose from the draw area is typically a 3-mile radius and the demand is typically 5 to 8.3 sf per person.You can see a sample mini demand study at the Storage Authority News Room
These factors do vary significantly from place to place. For rural areas and areas where there are no self storage facilities the draw area may be larger. You can call a local self storage appraiser (make sure they have a background in self storage feasibility) and ask what numbers they use in your area. Your bank will typically require an appraisal of your project by their approved appraiser. Your bank may give you the names of their appraisers to contact for this local information.
If you are not confident of your calculations or simple want confirmation and some guidance you should get a feasibility study done by an expert. Please understand a feasibility study is not the same as the appraisal required by your bank. For your planning purposes each can cost $6,000 to $7,000. If you want a feasibility study or preliminary assistance with preliminary development cost I recommend you contact Bob Cooper, 866-269-1311 http://www.selfstorage101.com
There are some business theories that should be observed when deciding how much storage to build. One is having an exit stagey. Typically, the highest prices for self storage sales go to facilities that are purchased by REITs or other large self storage operators. Typically, they want facilities that are 40,000 to 50,000 sf and larger.
Also you don’t want to have a facility that is so small that it only proves self storage is a good fit for the area and attracts a larger self storage operator to make the majority of the profits after you did the hard work. The exception to this is if you are considering your self storage business a side business that you built on land your already own and run out of your existing business office.
Self storage rent up is so much faster (and rents for more per sf) when you have an office with regular office hours. To pay for a manager and make a good profit and pay for all your efforts and risks you can use a preliminary estimate of 40,000 sf (for all phases) until you have done all the due diligence for your specific project.
You do not have to build out the entire project in one phase and in fact phasing is highly recommended. It will save you the added expenses of having a large supply of unrented units. A 50,000 sf project could be built in two or maybe three phases depending on the storage needs of a specific area.
The amount of land you need is highly dependent on the local zoning regulations and specific land features. Typically, you will need 4-5 acres for 50,000 square feet of single story buildings, less for multi story buildings. See Site Selection for more information regarding property requirements.
We have you covered with Morrow Hill!
We start by understanding you, your goals and your finances. Unfortunately most people and brokers start by looking on Loopnet. Big mistake, as Loopnet is where we find about 10% off our self storage sites. If thats your plan or your brokers plan it could take you several months if not longer to find the right parcel for you.
Next we provided 30 minute driving maps from your home or from the center of where the you want your facility. This map will also show the existing self storage facilities and the area road network. An areal view will also help you understand the population density. From this you can start to understand the existing self storage density along with changes to the population density.
We then typically choose an existing facility and draw a 1 & 3 mile radius. This in turn allows you to understand the general size of the compitition impact area.
As a side note many people look at the above map of Sarasota FL Area or their home town and think all the good places are gone. I have to laugh because many great successful self storages will be built this Sarasota FL area in the next couple of years. Until you compare the population density to the existing square footage of self storage you can not generalize. Here is the same 30 minute driving time map for Houston TX. See a much higher density of self storage? We have a new Storage Authority just about to start construction in Houston and expect many many more.
The next step is choosing a broker and educating them on self storage. This can take time. The Storage Authority Dynamic Ease Development Series has multiple sections to help you and your brokers find land. And of course we are there every step of the way as well. I hate to say it but many of our franchisees have told us they often do not even get call backs from agents for days.
To reduce the time to find land we have added Morrow Hill as our preferred national brokers. They understand Franchisees, Storage Authority and know how to find land.
If you have a great commercial land broker thats great just make sure they have the land requirements and work sheets from our Dynamic Ease Development Series and have the expertise to use all the tools required to find land fast. One of the many questions I would ask is, excluding loopnet how would you help us land.
The second pit fall in finding land is understanding if you need 5 acres of land, that any 5 acre parcel may not meet your needs for so may reasons and takes substantial investigation. This is because there are so many things that can reduce the usable area including wetlands, flood planes, easements, deed restrictions, utilities, zoning, stormwater detention, endangered species, topography, and even neighbors. And of course the 3 mile population density and amount of existing self storage in 3 miles , traffic counts, visibility, access, pricing are critical in the decision making process.. As a civil engineer and site plan designer for 30 years I learned site development in the trenches and am ready to share them with you and your team. Of course in many respects I am a part of the Morrow Hill team because we started by sharing our ideas on land and we will continue to so.
If you have questions about Storage Authority Franchising or finding land for your next self storage project give us a call. You can also sign up for our news letter and get our white paper on finding land.
Marc Goodin 860-830-6764