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Who Should Own Self Storage?



Who Should Own Self Storage?

Who Should Own a Storage Authority Franchise?

Entrepreneurs

who want a solid real estate investment for both income & retirement.

Business Owners & Professionals

who want to build a second reliable six figure Income.

Families

who want a retirement they can count on and a generational business.

Couples

who want to have a business where they can work together.

Self Storage Owners

ready to take their business to the next profit level and crush the competition.

 

Why doesn’t everyone take advantage of the Storage Authority opportunity?

Because 99 percent are waiting for the “right time” to start a business.  They are waiting for the perfect business.  Don’t believe me?  Just tell your neighbor you are going to build a self storage and they will tell you how lucky you are and  “I was going to do that but………………..”

So that leaves us with the 1 percent who Declare “now is the time.”  They took the time to research self storage and understand self storage is  a solid business that can provide both a great income and a great retirement income.  And they are ready to work to make it happen for them.

Self Storage development is just hard enough to keep it very profitable.  Typically it takes $400,ooo liquid cash equity to get started.  And takes time and work to get it built and profitable.  Storage Authority Makes Self Storage Easy.

If you are a 1 percenter we would love to talk with you.

To Success!

Marc Goodin

Founder & CEO Storage Authority

860-830-6764 direct

 

How & Why Storage Authority was Started

Now is one of the best times ever to join the self-storage industry. I hope you have a minute to read a little about my self storage story and Storage Authority. I became a self storage expert by learning in the trenches. As a professional engineer I designed my first self storage over 30 years ago and many more since then, including 3 personal self storages I designed, built, own and manage.Screen Shot 2016-01-02 at 9.01.40 PM

GP & I relaxing on the concrete slab of one of our self storage buildings.

I have helped many people get started in Self Storage. Quickly I learned everyone was asking the same questions over and over so I wrote a couple of self storage books, to help with some of the common questions and sold thousands. But only 1 in over a thousand readers ever got started. For most there were too many unknowns.

 

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My book covers many of the basics but there is nothing compared to having Storage Authority on your Team.

One day a hotel franchise expert, Scott House, gave me a call. He had searched everywhere to find someone to help his hotel and apartment clients get started in self storage, where they would make much better returns. He could not find anyone until he read my books and decided to call me. I agreed to help. After about 2 months he was amazed at how complex it was to get started and how each project is both similar and unique and suggested we develop a self storage franchise. And Storage Authority Franchising was created, the only self storage franchise in the US. Scott got so excited about self storage and Storage Authority that he is presently building his first personal self storage in FL

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This is the first draft elevation of Scotts office.   The place is going to be beautiful.

Getting started with Storage Authority is easy and the best way to ensure your success in the self-storage industry. You will benefit from our many years’ of experience as we advise and assist you in all phases of self storage ownership, from land acquisition, design, construction, marketing, operations, sales and on-going support. We not only eliminate the need for a costly learning curve but provide your business with the latest technology, operating systems, marketing strategies and ongoing training that will not only allow you to compete in your market but dominate!

Many franchisees want to take advantage of additional profits by building their own self storage vs. buying an existing self storage. This route also allows many new franchisees to get started with $400K liquid cash equity, less than half the typical cash capital investment.

It is a complex maze between finding the right parcel of land, banking, design, obtaining regulatory approvals, construction, and pre-opening marketing and preparations with minefields, delays and cost overruns at every turn. Storage Authority is the Solution. We have learned self storage in the trenches and are ready to help you jump over the minefields.

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You don’t want to be feeling like this guy!  And that is why we have your covered!

We have created the Storage Authority proprietary “Dynamic Ease Development Series” Finding Land Through Pre-Opening Tasks. This step by step process along with our one on one expert guidance helps our franchisees throughout the land discovery and development phases, get started faster, go around the minefields, save money and be ready to open with a modern, premium facility with clients at the door waiting to move in day one.

We look forward to explaining more about how this optional premium development service will help you build your state of the art facility for less money and in less time, with confidence. The great news is we are waiving the $50,000 fee for this premium service for franchises awarded in the next 2 months.

I would love to sit down over a cup of coffee and tell you the rest of the story.  Send me an email and I would be delighted to meet you in Sarasota FL

To Your Success!

Marc Goodin

Ps Don’t forget to sign up for our free news letter on our website. Every month you get the latest Self Storage news and tips you can use. www.storageauthorityfranchise.com

Storage Authority proprietary “Dynamic Ease Development Series” Finding Land Through Pre-Opening Tasks.

Many franchisees want to take advantage of additional profits by building their own self storage vs. buying an existing self storage. This route also allows new franchisees to get started with less than half the cash capitol investment.  The problem is they do not know how to started.

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It can be a complex maze between finding the right parcel of land, banking, site plan design building design, obtaining multiple regulatory approvals, construction and pre opening marketing and preparations, with minefields, delays and cost overruns at every turn.  Marc Goodin, our founder, has learned self storage by being in the trenches and is ready to help you jump over the minefields.  He is a professional engineer who designed his first self storage over 30 years ago and many more since then, including 3 personal self storages he designed, built, owns and manages.

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We have created the Storage Authority proprietary “Dynamic Ease Development Series” Finding Land Through Pre-Opening Tasks. This system along with our one on one guidance helps our franchisees get started faster, go around the minefields, save money and be ready to open with a modern premium facility, ready to rent up.  Our Strategic Development Systems consists of an integrated step by step process where our expertise provides guidance and support throughout the land discovery and development phases.

Here is a partial list of items covered in our dynamic Ease Development Series.

Chapter 1      Introduction

 A     Building Your High Performance Team

B     First 30 Days

C     Development flow charts

D      Chapter 1 Worksheets

  • Storage Authority Competition Review.
  • Storage Authority Developer Secret Shop Review.
  • Storage Authority Partial Designer and Vendor List

IMG_1913 Think Retail $17.95 on sale for just $12.99 and sell more locks than your competition sells at $9.99.

 Chapter 2     Land

 A      The Basics of a Good Location

B      Typical Basic Land Requirements

C      Hiring a Quality Broker to Assist You with Finding Land

D     Additional Ways to Find Land

E     Initial Land Review Prior to An Offer or Feasibility Study

F       Making the Offer & Due Diligence

G      Feasibility Study

 H      Chapter 2 Worksheets

  • Example letter for contacting a land owner.
  • Questions for first meeting with town planner & staff.
  • Individual land parcel info worksheet.
  • Site drive by worksheet.
  • Initial zoning review worksheet.
  • Land offer worksheet.

 Chapter 3   Purchasing an Existing Self-Storage Facility

A      Seven Primary Steps of a Real Estate Transaction.

B      Investigating an Existing Facility

 Chapter 4   Banking/Lending

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 A         Loan Options

B         Loan Considerations

C         Often Over Looked Expenses

D       Chapter 4 Worksheets

  • Loan request sample

Chapter 5   Design & Regulatory Approvals

 A      Finding Design Consultants

B      Site Plan Design

C      Regulatory Meetings

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D     Building Design

E    Security Design

F   Video Surveillance Design

G      Chapter 5 Worksheets

  • Additional Site Plan Design Items to Consider.
  • Additional Building Design Items to Consider.
  • Site Details
  • Owner to do during the Design process.

Chapter 6   Bidding and Construction

 A      Finding a Contractor

B      Construction Specifications & Bidding

C      Construction Review

Chapter 7   Pre-Opening Preparations

A      120 Prior to Opening

B      30 Days Prior to Opening

C      Pre Opening Marketing

D      Chapter 7 Worksheets:

  • First product order
  • Managers book table of contents
  • Business cards & marketing cards
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You may even have experience in some or many or these items but you will be surprised how many items are just different in the self storage world and because of that our assistance will make a huge difference.  For example you may have a good relationship with your bank and getting a bank loan may not be a huge concern but there are a couple of standard bank loan clauses such as requiring a Debt Coverage Service Ratio ( DCSR) of 1.3 in the loan.  This could be risky as self storage start empty and may not meet this prevision in the beginning.  But even a good loan request presentation will make you look very professional and experienced in self storage and this along with the Storage Authority Franchise program you may get you a better loan.

Our well timed reminders and explanations will often save you money and give you the proper time for coordination which means fewer delays.  You may have many of them on your check list like, wetlands delineations, maximum impervious surface zoning check, sight line check, soil borings, existing water service pressure test for sprinklers, site sign design, photos & reports for regulatory meetings etc. etc, etc, it easy to forget one or two or several get the wrong results or over pay if a clear explanation is not provided.  Just for your engineers we provide over several dozen items for them that are often overlooked and typically multiple dozens more as we review their plans.  And of course the better your plans are the more accurate your constructions bids will be with fewer problems and cost overruns.

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One major area we provide detailed guidance on is your site layout.  Often this saves multiple weeks in the process and gets you a better layout and even more square footage.

The best way to learn more about our proprietary “Dynamic Ease Development Series” Finding Land Through Pre-Opening Tasks and our various systems and platforms is to complete our online application to become prequalified for a franchise as soon as possible and start discussions with your franchise director. We look forward to explaining more about how this optional  development service will help you build your premium facility for less money and in less time with confidence.

We are ready and excited to help you succeed!

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And while your questions may intialy be about development soon your questions will be open and sales, marketing and operation.  The good news is we are ready to help you Crush Your Competition! 

You Can Do it!

 

Self Storage Development Disasters Waiting to Happen

 

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Storage Authority President Marc Goodin Shares Self Storage Development Disasters Waiting to Happen

 

By Garrett Byrd

 

There are many things that often go wrong during the development and construction of a self-storage facility. Franchising helps to avoid the pitfalls trusting in the expertise and guidance of the franchisor.  Marc Goodin (President of Storage Authority) is a civil engineer at trade and has been designing and building self storage facilities the last 25 years, that’s experience you can trust in.   Storage Authority helps and assists the franchisee examine some of the key difficulties that often go unpredicted by owners and developers, that often create significant cost overruns, lengthy delays and even project shut downs that could have been avoided with the proper research, planning, and design. The most overlooked disasters occur because of poor or incomplete investigations or lack of understanding of the following categories:

 

 1 Initial investigations

2 Environmental issue

3 Permits/approvals

4 State Department of Transportation (DOT)

5 Site Plan & Architectural Design

6 Budgets

7 Construction

Keep an eye out for Marc’s latest article in the September 2017 issue of Inside Self Storage; he is giving tips to developers on avoiding development disasters.  With Storage Authority franchising you get the guidance and expertise first hand.

If you haven’t already, here is a link to subscribe to Inside Self Storage.

SUBSCRIPTION INFORMATION:

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Storage Authority Franchising is about owning your own hometown self storage business. And having the professional systems and knowledge to assist and guide you. We like to say You are in business for yourself but not by yourself.  If you are thinking about self storage you owe it to yourself to contact Garrett Byrd at 941-928-1354 or Garrett@StorageAuthority.com to learn more about the Storage Authority Franchise opportunity.

www.StorageAuthorityFranchise.com

Self Storage Planning……… Chapter 4 & 5

Planning-SiteSelection-Design-Build

Your Self Storage

Planning – Site Selection – Design – Build

Over 150 proven ideas to save you time and money and make you a success!

By Marc Goodin

Chapter 4

Why New Construction Vs. Buying Existing Facilities.

     1.Be Closer to Home.  There Are Very Limited Quality Facilities Presently for        Sale.

  1. Better Locations. “Build It and They Will Come” is a thing of the past. NOW: “Build It in The Right Location and Market it and They Will Come”.
  2. Many Existing Facilities Are Over Priced Due to Bidding Wars and REITs Paying New Record Prices Every Month. As A Facility Owner I Get Unsolicited Request at Least Twice a Month to See If I Want to Sell from Buyers Who Have the Cash to Buy Now.  Buy at 4 Million Vs. Build $2 Million = More Equity and More Profits
.
  3. New Facilities Can Be Developed for 1/3 The Equity Requirements of Buying.
  4. You Reap the Rewards of Your Efforts Vs. Paying A Premium for Others Efforts.
  5. You Can Build in Phases So You Can Start Off with Lower Equity Requirements.

 

Chapter 5 

 Why Self Storage Now? – The Top Seven Reasons

  1. There Has Never Been a Better Time to Get Started.
  2. Extremely Profitable – 30% Plus Returns Vs. 0-10% Returns for Other Real Estate Development Like Apartments or Hotels. Self Storage Not Only Provides Present Day Income but It Also Provides Retirement Income.
  3. Abundance of Financing Options with Equity Requirements as Low as 10%. And interest rates at all time lows.
  4. Significant New Construction Is Required to Meet Pent Up and Surging Demand.
  5. Owner Life Style – Replace Your Income with A Manger Driven Self Storage Business with Automation: Franchising; Kiosks; Web Based Automation.
  6. No Painting, No Backed Up Toilets, No Midnight Calls and Just a Couple of Employees.
  7. You Can Keep Your Present Job with A Manger Driven System.
  8. Storage Authority Franchising Is Not Only Ready To Help You Compete With The REITs And Big Boys But Will Help You Surpass Them. They Are Ready to Provide You the How to Knowledge and Help You Need Get Off to A Fast Start and Provide You the Systems and Experience That Will Make a Difference.

 

If you want to have the complete book as a reference you can order it now for just $9.99 at www.SelfStorageMarketing101.com 

Chapter 3 Start Today!

Chapter 3

Start Today!

Thirteen things you can to do this week to get off to a fast start.

  1. Do a personal review to make sure you have sufficient time, energy and money to get off to a great start. After you read this book you will have a much better idea of the time, money and work it takes to build a self storage.
  1. Join your local State Self Storage Association and attend meetings.
  1. Subscribe to one or two Self Storage trade magazines: www.insideselfstorage.com or www.ministoragemessenger.com.
  1. Read the Zoning and Wetland regulations from the Town(s) you may purchase land in. Often they can be found online for free. Meet with the Town Engineer and Planner to discuss the permitting process for a self storage facility, where in Town they are permitted and the zoning regulations on self storage development.

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  1. Find a commercial realtor to help you with your search for land.
  1. Meet with your banker and ask about self storage loans.
  1. Meet with a local civil engineer to get rough time frames and costs for site plan design and approvals.
  1. Stop at every self storage you pass by and talk to the owners. Let them know you are thinking about starting your own self storage. Some owners will be reluctant to say much but many will be happy to give you tons of useful information.
  1. Join our LinkedIn group “Marketing Self Storage” for great marketing ideas and a forum where you can ask any questions you may have. Feel free to ask any questions you have too.
  1. Order your free developers “getting started packet” from http://www.trachte.com a premier self storage building manufacturer.
  1. Start a business plan folder today. A lot of the information you accumulate over the next several weeks will be used to prepare your business plan.  Your business plan will help you understand the costs, planning, work and risks associated with your new project.  When you apply for your loan the submission of a well prepared business plan will let the bank know you understand the self storage business and are well prepared. This can often help the bank make a positive decision in less time and often with better terms.
  1. Check out the fastest and most profitable way to get started in self storage www.StorageAuthorityFranchise.com  Don’t forget to read the blog for tons of great info you will need to build & market your self storage.
  1. Email me at marc@storageauthority.com when you have 3 of the above items completed for a free 1/2-hour phone consultation for faster profits.

You be amazed how quickly you start learning valuable information.

For the three self storage facilities that I built and presently own it took aprox. 1.5 years from when I initially decided (before I found the land) to finish building a facility.  The longest period of time for me was making the decision to build.  The rest went by quickly.  After you make the concrete decision to build self storage you have to find a piece of land that fits your needs, and negotiate an option to buy. If you already have a piece of land under consideration you are already off to a fast start. Then, your engineer has to design the project and get approval from the local municipal boards. After the regulatory approvals you have to do more detailed designs. Next, you have to choose a contractor(s) and, of course, you than have to build the facility. The more realistic you are about your time schedule the better prepared you will be, and certainly it will be a lot less stressful.

Need help – send me an email marc@storageauthority.com

 

 

Three Must Do’s for Over the Top Success while Pre-Marketing your New Facility.

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Three Must Do’s for Over the Top Success while Pre-Marketing your New Facility.

By: Garrett Byrd

 

1.)       As soon as you have closed on the parcel you will be building your self storage facility make it a point to get your self storage coming soon sign up.  Make sure you get permission and adhere to the city/county rules and regulations with signage. This will be your introduction to the community for the next six to eight months so make sure your hello to the community stands out and is inviting,  remember less is more on a quick drive by sign.  You will want to have your  phone number on the sign where your future customers can  call and receive information  or leave their contact information phone and email to be put in your data base for your facility updates and progress.   It’s a good idea to have your website on the sign as well, even if your website is in the beginning phase it’s nice to have a place where your customers can receive basic information as well as register their interest as your site progresses.  As soon as you have temporary electricity, make sure you have spot lights or even Christmas lights on the sign.  It’s the 15,000-30,000 cars driving by your parcel that well be your future customers you want to be as visible to them as you can. The average facility has 15-20 rentals and reservations, Storage Authority’s goal should is to have 50-60 hard reservations or rentals before you open your doors. If this isn’t your goal you are likely losing out on $60K in income your first year due to poor pre- planning.

Coming Soon                                        storage10steps_0_o

 

 

2.)          Join your local chamber and real estate associations.   When you join these types of associations you must be involved and you should network all angles.   You are networking, it’s not net-eating, net-socializing, or net sitting, it’s networking and you have very little time to make connections and utilize each other’s platforms to generate new business.  For your local chamber, you want to attend as many events as you can, let them know your facility will be open soon.  Business card exchanges luncheons, support any grand openings for your fellow chamber members.  It’s important that you let them know you care about their growth just as much as you care about your facility’s growth.  It’s the law reciprocity, people feel a sense of obligation to do something for you when you’ve done something for them. Help your fellow businesses achieve their goals and it will pay dividends to your facility’s growth.  The realtor associations are important as well, self storage is a transition business and  realtors are constantly in front of their clients who are on the move and in need of storage solutions. The realtor associations usually will let you sponsor their training classes for a luncheon or brunch.  They will allow you to set up a table and give a five-minute information pitch about the self storage services you provide.   Be sure to have some branded give a ways (totes, pens, marketing material) for the realtors and let them know you have a realtor resource center at your facility to help promote their business.  Ultimately the realtors want to know if they are referring your self storage facility their clients are going to have a first-class experience.

 

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3.)      Community outreach to your local businesses with in your three-mile radius.  This is critical to do before you open your doors.  You want to prepare yourself with a branded marketing tote and have your marketing material in your totes along with a pre-leasing discount.  Your objective is to visit all businesses in your three-mile radius, let them know your facility is opening soon and leave them a tote.  You also want to take their business card as well and learn as much about their business as you can in your short visit.  The key is to get the local businesses card for your contact list and let them know you hand one of these totes out to every new customer.  You like to help to promote your local businesses so you include a coupon to their business to bring awareness to their brand.  Let your fellow business owner know you are a transition business some of your customers are new to the area or on the move.  There is no fee to promote their business with you all they should do is give you a stack of coupons to stuff in your totes.  You always want to keep a master coupon with their business card, when you run low on their coupon you can give them a call and they will gladly swing by to deliver more coupons for you and thank you for handing them out.

 

Storage Authority Franchising is about owning your own hometown self storage business and having the professional systems and knowledge to assist and guide you. We like to say You are in business for yourself but not by yourself.  If you are thinking about self storage you owe it to yourself to contact  Garrett Byrd at 941-928-1354 or Garrett@StorageAuthority.com to learn more about the Storage Authority Franchise opportunity.

 

www.StorageAuthorityFranchise.com

StorageAuthority_Horz_logo

 

 

 

Franchise Business Radio – Interview with Marc Goodin, President of Storage Authority Franchising

Name and Title of Person Interviewed:

Marc Goodin, PresidentIMG_3170

Guest BIO:

Marc Goodin is President of Storage Authority Franchising. As a professional civil engineer he has designed commercial developments and self storage facilities for over 25 years. His self storage expertise has been fine tuned by designing, building and managing 3 self storage facility he presently owns. Marcs experience from the trenches and his expertise is apparent in his two best selling marketing and planning self storage books available on Amazon.. Marc is uniquely positioned to provide simple, straightforward and effective guidance in achieving industry-leading service and profits in the self-storage Industry.

 

 

Click Here to Listen to Interview with Marc Goodin, President of Storage Authority Franchising

 

  • Topics/Questions:

  • Why Self Storage for the Busy Professional
  • How to get started in self storage
  • How to double your profits in self Storage
  • Storage Authority

Web Site and/or Social Media Links:

www.StorageAuthorityFranchise.com

Facebook
Twitter
YouTube
https://www.linkedin.com/in/marcgoodin

 

The One Hour Self Storage Demand Review

The One Hour Self Storage Preliminary Demand Review

By Marc Goodin   1/2017

Demand is one of the several items that must be reviewed to determine if a property is suitable for a new self storage development.  It is important not to over assign to much importance to Demand or any one of the item or any one the important site features.   This preliminary demand is not a substitute for a Feasibility Study by a self storage expert but rather a quick way to determine if further research and if a full demand analysis should be completed by experts.

Demand is typically measured based upon the existing population in 1 and 3-mile radius in the Urban areas and the 1, 3 and 5-mile radius in rural areas.  Typically, a combination of square foot per person is determined based upon individual State averages, National averages and micro averages, existing rental rates and occupancies.  Many experts use the state average of 8.3 sf per person as a starting point. And add and subtract based upon local conditions and features.  Additional demand may be added if there is a large commercial base that may use storage or subtract demand if poor rates or large vacancies exist.

Once the total demand is calculated the available demand for construction is determined by subtracting the demand used by the existing competition, plus competition under design, approved, or under construction

This used demand is again based upon the square footage of the existing competition.

These are quick down and dirty calculations.  If they look favorable, then it is time to get the actual square footage of each facility (often available at the city records and often online) and confirm with the city if any facilities have been approved or even submitted for approval.  There is no excuse for not driving the area to assist in your research.  Once the calculations are performed with the more accurate data look favorable and you have confirmed the site has the other characteristics of a good self storage location it is time to get a professional feasibility study done.

Example  1 – Urban Location

1 Mile Radius- Existing Population 22,000 people

 Total Demand available = 22,000 x 8.3 sf/person = 176,000 square feet

Demand used by 1 Existing self storages of 62,000   square feet

New Construction Available Demand = Total Demand available – Demand used =  176,000 sf – 62,000 = 114,000 sf available for new construction    –

Looks good for additional research

 

3 Mile Radius – Existing Population 86,000 people

Total Demand available = 86,000 x 8.3 sf/person = 713,800 SF

Demand used by 9 Existing self storages, assuming an average size of 60,000 sf = 9 x 60,000 = 540,000 sf

New Construction Available Demand = Total Demand available – Demand used =

713,800 sf – 540,000 = 173,800 sf available for new construction    –

Looks good for additional research

Example 2 Rural Location

1 Mile Radius- Existing Population 3,000 people

Total Demand available = 3,000 x 8.3 sf/person = 24,900 square feet

Demand used by 0 Existing self storages = 0 Square feet

New Construction Available Demand = Total Demand available – Demand used =  24,000sf – 0 sf = 24,900 available for new construction

Not enough population available in 1-mile radius but in conclusive since typical in rural low population areas.

 

5 Mile Radius – Existing Population 15,000 people

Total Demand available = 15,000 x 8.3 sf/person = 124,500 sf

Demand used by 1 Existing self storages = 55,000 sf

New Construction Available Demand = Total Demand available – Demand used =  124,500sf – 55,000 sf = 69,500 sf available for new construction

Looks good for additional research.  I should note, among other things, I often like to see a demand needed that is double what is to be built.

 Example 3 – Self Storage Opened In 2016 In Sarasota FL

Let’s take a look at a facility that opened in 2016 on Route 41 in Sarasota, FL and see if we come up with the same conclusion to build a new 3 story facility as the owner did.

The two items we need are the population stats and near by self storages for the 1 mile and 3-mile radius.

To do this I used programs from PAC-COMM  http://pac-comm.biz. If your business has interest in self storage acquisition, location feasibility studies, facility research for future development, or any type of self storage location research; PAC-COMM’s Google Mapping API provides an important service.

PAC-COMM offers free two and three-day trial periods for accessing and exploring both their demographic reporting and their mapping applications. To learn more about the demographic reporting and the mapping applications download this PDF:  http://freepdfhosting.com/d11807d40f.pdf . To reserve your test trial, ask additional application or licensing questions, contact Teresa Roemer at PAC-COMM, troemer@pac- comm.biz.  Let them know Marc from Storage Authority sent you.

I simply plugged in the address into the PAC-COMM demand URL form and got the demographic and population report and the existing facilities in the area.  Here are the results of the population section of the demographic report.

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Next I entered the address and radius into the self storage mapping program.  The program permits for several different radius options and you can click on each facility to get the name & address to assist in further research.   Here are the results for the 1 mile & 3 mile facilities.

1 Mile Radius

As you can see there are two existing self storages in the 1 mile radius.

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As you can see there are 9 self storages in the 3-mile radius.

You can zoom in and out and also get an Arial views, as well as choose other radius to help with your research.  You can also click on each facility to get the name & address to assist in further research.

For the quick and dirty calculations, I assumed all self storages are shown and the ones shown are self storages (vs RV only storages), and I simple estimated the square footages by my experience of driving by or looking at them at google earth.  I also assumed no new facilities are on the drawing boards, have been approved or are under construction in the 3-mile radius.

1 Mile Radius- Existing Population 9,504 people

Total Demand available = 9,504 x 8.3 sf/person = 78,883 square feet

Demand used by 2 existing self storages of approx. 25,000 sf and 70,000 sf for a total of 95,000 Square feet (estimated)

New Construction Available Demand = Total Demand available – Demand used =

78,833 – 95,000 sf = negative 16,167 sf for new construction

 

3 Mile Radius – Existing Population 60,844 people

Demand available = 60,844 x 8.3 sf/person = 505,000 sf

Demand used by 9 Existing self storages consisting of and estimated 450,000 sf

New Construction Available demand = Total Demand available – Demand used = 505,000sf – 450,000sf = 50,000 sf

Based upon these numbers you may consider this to be an A location based upon demand.  But since I live around the corner and know the area well, my initial reaction would be this is a great location and dig deeper. I would first get the actual square footages of the existing facilities and check their occupancy and rental rates.

In certain areas driving habits and drive times must be considered.  This location has an advantage as Route 41 is THE major road in town and many people head to this road to shop and access the town north and south. Making this location a shorter travel time and more often taken route leading prospects to this location vs. other locations that may be closer to home mileage wise.

The closest self storage is a haul dealer with inside multi story self storage that is not air-conditioned that concentrates on truck rental and not will not be a major competitor. And did you notice there is a long stretch to the north on 41 with facilities.  Also this area has a high commercial and retail storages that will also provide 15% plus of the renters.

Secondly did you notice how 5 of the 9 self storages are located just on the 3-mile line?  If we did a 2.9-mile radius the numbers we would have almost the same population and less than half the self storages.  Likewise, if we added area to the west we would not add any self storages but add substantial traffic.

For this location around 40% of the 3-mile radius has no population due to be located next to the ocean. Which is not the case for the 5 facilities at the three-mile radius.  I would visit these self storages and I bet they are both full at great rates.  If we go to the 5-mile radius we are not going to add any facilities to the west and the facilities to the north have a natural break at Fruitville Avenue where people to the south of Fruitville Avenue would have the tendency to go south due the better neighborhoods and shopping districts.

I would normally have to do a host of further research to determine if this site has the demand and other features to determine if this location is suitable for self storage. And my guess is many professionals would have stopped their research early on and skipped this site, but in this case we have the evidence this is a superior location.

Our newest addition to our Storage Authority Team (to help you) is Garrett Boyd who was the manager of this facility for its first 6 months of operations, before he joined Storage Authority.  In just six months under Garrett’s management this new 3 story facility went from opening to over 60% full.  This is an incredible feat! Of course we believe and give much of the credit to Garrett due to his superior self storage sales and marketing expertise.

This bring me to one very important fact over looked by most self storages.  If a manager is a simple order taker/clerk or even a good customer service agent an A location can rent as a C location.  A superior experiences sales and marketing self storage manager can literally garnish much more than their fair share of the demand.

You owe it to yourself to contact Garrett at 941-928-1354 or Garrett@StorageAuthority.com to learn more about the Storage Authority Franchise opportunity. www.StorageAuthorityFranchise.com

Marc Goodin is President of Storage Authority Franchising.  He owns 3 self storages he designed, built and manages. He has been helping others in the self storage industry for over 25 years.   He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answerer your development, marketing, sales and operations questions.  His best selling self storage books are available at Amazon and here.