by Marc Goodin
Finding land is not as simple as one might think. And that is why I am sharing 5 new tips on finding land each week.
6 Understand the time commitment to find land. Research 100 properties – make 3 offers – buy 1 parcel. Using a 4-hour average for each of the 100 properties is 400 hours. At 10 hours a week, it would take 40 weeks. This assumes you understand how to search for land, find land, and evaluate land. In this scenario, you would know you are on track if you are researching 2.5 properties a week.
7 Determine how much land you need based on your budget and goals. You can build 10,000 to 15,000 sf of gross building sf per acre of usable land as long as no restrictive regulations. Building regulations, the shape of the land, and topography all have a significant impact on how much self-storage. We suggest you look for 6 acres to build a minimum of 80,000 gross sf = 64,000+_ net rentable sf.
8 Prepare an outline of your sales and marketing plan. This is also critical to give you the confidence you can be the price leader in your area for more profits. The more you charge the more you can pay for land, increasing the number of suitable locations. Storage Authority provides all our franchise owners with a Sales and Marketing plan day one. Four months before opening we personalize it with them for their facility.
9 Build your team! Your engineer, architect, contractor, and self-storage expert need to be on board before you write up your first offer otherwise you are at huge risk. This will take mega hours to find, meet, interview, check references, check projects etc. Storage Authority provides an approved vendor list to save you, time, and money, and avoid huge disasters.
10 Determine areas where you can build and make a profit. At today’s ( Spring 2024) construction prices and interest rates you average rental rate per sf needs to be around $1.60/sf or more for a viable project, assuming you are getting a loan.
In case you missed tips 1 - 5 here is the link: https://www.storageauthorityfranchise.com/post/75-finding-land-hack-i-wish-i-had-known-sooner-part-1-hacks-1-5
Do you want to know if you qualify for a Storage Authority Franchise?
If you fill out the application (apply icon on our website) you will have your answer in 2-3 days and also get a copy of our franchise Agreement for your review..
Or we can have a 10-minute call today and not only will you know if you qualify, you will learn the basics of what is involved in developing and operating a self-storage business. Give me a call or let me know a couple of good times to call you. (Let me know the time zone - I am Eastern Standard Time)
Or better yet let’s meet up in Sarasota, FL for a day!
Marc@storageauthority.com or 860-830-6764
Marc Goodin is the President of Storage Authority Franchising. www.StorageAuthorityFranchise.com The only self-storage franchise. He owns 3 self-storages he designed, built, and manages. He has been helping others in the self-storage industry for over 30 years. He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answer your franchising, development, marketing, sales, and operations questions. His best-selling self-storage books are available on Amazon.
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