By Drew Case
Storage Authority Franchise
When you are looking for land, conversion or at an existing self storage facility, don't get caught up in just the one site you identified online or noticed one way or another. It's easy to get fixated and be concerned about working the deal on the one you found, but just like buying a car you always wanted.....walk away and think about it. Make sure you are right for each other and the deal is right!
You might think, "that sounds crazy" ...you finally found it. I am simply implying you do a little more due diligence. Certainly, you will need to make contact, confirm zoning, walk the property and then just think about it. However, first you should drive the area and get more familiar with the community. Assuming you have done all your research online already, its time to learn more about the area in which you plan to invest millions of dollars.
Do you see new housing/apartment developments being constructed? If so, these new homes will be constructed before and after your self-storage completion, so they will only help you fill your new storage facility over time. You can also check with local planning and development to see if permits are approved for additional developments that might confirm or conflict with your research. The more the better. If you don't see new developments, you must ensure that the current demand will justify your investment.
What type of stores and restaurants are in the area? Are they discount stores and half empty plazas or are they higher end locations and you observe newer chains in the area? Are there anchors like grocery stores or large department stores that keep the community traveling by or near your investment? Google Maps can show you most of what is going on int the area, but nothing beats driving the area. Drive by at different times of the day and also observe traffic patterns and access to the site.
When you actually arrive to your site by driving, drive past it in every direction. Drive all over within three miles and get a feel of what is going on. If you drive right to the site, you will be too focused on just that site. determine if other sites are available in the area. Do you see vacant land or signs "FOR SALE" that were not posted online. If so, make contact and get a better feel on the value of the other locations so you can better determine what the value of your site should be. You can potentially use those sites as bargaining chips to lower the price of your potential site or maybe you will identify a better site. This is a great for confirming you are making the right decision.
Always drive the entire area, do not just do research online or base zoning and land features based upon what somebody else told you, not matter what their job lor title happens to be. Ultimately, make the best decision based upon thorough research. Do not become fixated on looking at solely the one property. Determine market value and other options by researching other sites in the area. Doing so will confirm your are going to make the right decision and get the best deal possible.
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Storage Authority's guidance in self-storage development underscores the intricate balance between meeting storage demands and environmental sustainability. By aligning with Storage Authority's principles and leveraging our team's expertise, along with your engineer, architect, and general contractor we can navigate the complexities of impervious coverage with confidence, ensuring the creation of self-storage facilities that are both economically viable and environmentally responsible.
Storage Authority Franchising is all about owning your own local self-storage business, supported by professional systems and expertise. We like to say, "You're in business for yourself but not by yourself." If self-storage is on your mind, don't hesitate to reach out to Drew Case at Direct: 513-582-0125 or Drew@StorageAuthority.com to learn more about the Storage Authority Franchise opportunity. Your self-storage journey awaits!
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