Self Storage Feasibility Studies. Is it always necessary to conduct a feasibility study when developing a self-storage project? If you meet any certain criteria, you will need to seek a self-storage professional to analyze your project. Self Storage Feasibility Studies.

Feasibility Studies

Conducting a self-storage 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 study should provide you with a road map to self-storage success or an objective warning telling you not to build on the location.

You must determine if the site is capable of being used for self-storage. Or, if there are obstacles standing in the way, if they can be overcome successfully. Are you prepared to deal with the marketing and property-management challenges you will face? Finally, the study should answer the question: Is it likely you will meet your investment objectives when the project is leased to a stable occupancy?

Tips on Finding a Feasibility Firm
Referrals. Referrals are great, but if you are referred by someone who just thought he got a good report, it doesn't do you any good. In addition to a referral, seek other references. It is also a good idea to go into the open market and shop your options. I suggest investigating some of the following sources.

Tradeshows. Go to industry tradeshows and visit the exhibits of companies that conduct feasibility studies. A good firm will be highly visible and available to answer questions. A tradeshow is a commitment. On average, it costs a company approximately $5,000 to exhibit (including travel and materials). If a firm is not willing to invest in meeting new prospects, you must wonder why. It could be the company just couldn't make it to a particular show; or it could be it is too busy to take on new business, financially unsound or just generally unavailable.

Articles and seminars. Look for a firm that contributes to the industry in ways other than advertising and marketing and keeps abreast of self-storage developments beyond its particular focus. Seek a well-rounded professional who has experience and expertise in acquisitions, management, brokerage, training, operating, financing and development. Perhaps the firm has written articles or conducted seminars on some of these topics. Not only are these good ways to learn more about the feasibility process, but they may provide insight to the quality of the firm.

Trade associations. It is a good idea to deal with firms that are members of state and national self storage associations--preferably ones active in the associations' activities. Giving back to the industry is an important part of the business process. It keeps consultants in touch with reality.

The Internet. These days, most reputable companies will have a website of some sort. If you search for a firm online, there are some things to look for: How informational is the firm's website? Can you view feasibility reports online? Are there other samples of the firm's work? Are fees listed? What about descriptions of levels of service? Are consultants' resumes posted? What kind of information is the firm willing to share?

Self Storage Feasibility Studies

"self-storage feasibility study should be looked at as more than just determining the viability of a specific location or market area for your project"

Projen

"Go to industry tradeshows and visit the exhibits of companies that conduct feasibility studies. A good firm will be highly visible and available to answer questions"

S&W Group

Self Storage Feasibility Studies