Management Study

There are many self storage facilities under water today or struggling to stay afloat. Potential investors should be wary of purchasing a self storage facility until they know all of the facts.

A complete Management Study (often called a Feasibility Study) will take into consideration a number of characteristics that lead to a successful storage facility. Most will agree that a good location is the single most important aspect of whether or not the business will succeed and prosper.

But there is so much more that is critical toward success. Is your trade area over-supplied, under-supplied or at equilibrium? Take into account city taxes versus county taxes and what the difference could mean to your bottom line. What is the market competition like, and how successful are they in today’s economy?

What are anticipated utility and operating costs? Do you have a one year and five year proforma and budget? What is the correct unit mix for the facility to generate not only a true picture of what the facility can do, but what it will do?

 

 

 

 

 

 

 

 

 

 

 

Do you have an “exit strategy” for the facility both short-term and long-term? A professional Management Study is considered the best investment an owner can make. For more information, contact The Self Storage Marketing Association. Sign up today…it’s free!