A Feasibility Study Helps Determine If This Lot Is In A Good Location

When you have a feasibility study done, they will review the location that you have chosen for your self-storage project. You want a location that is easy to see and easy to find and easy to access. These three things are critical to your success.

Google is very good at helping you end up on your customer’s radar. As a result, you don’t have to be in the prime location in order to get customers. However, you still need to be convenient, easy to access, well maintained and close to your customer base to be successful.

You want an easy to access site. If your customer has to drive a U-Haul into that location and there is no way for them to turn it around, or get to their storage unit, they are not going to rent with you. If the roads are too narrow or too steep or they have to drive in circles, they are likely to go somewhere else. If there is no way for them to park near and easily access their unit, they may find another facility. Make sure that you don’t make those rookie mistakes.

We live in a “I want it now society.” People can press a button and get groceries delivered. They are not going to drive past several other facilities to get to yours. They are going to go to the most convenient self-storage facility that they can find. You need to be as close to your renters as possible. This means that you will be looking for commercial land that will allow a self-storage facility near a neighborhood. It also means you will be competing against office space, retail space, strip malls, warehouses etc. The one thing you have going for you is that you don’t need a large parking lot. You may be able to squeeze in where another building can’t because you can be creative with your parking.

Your feasibility study will also measure the traffic count in that area. You want people to have name recognition. You want them to pass you when they are out running errands or going to work. Most of the time people rent at a facility because they saw it. This is why it is important to keep your facility well maintained with good signage. If your property looks awful, they are likely to keep driving.

Finally, your feasibility study will check to see what the likelihood is of your being out located. This means that someone builds a self-storage facility between you and your customer base. You don’t want someone to come in and steal all of your clients because they are closer.

A feasibility study is one of the best ways to make sure that you are in a good location. Don’t skip it. It will really help you understand your project better. As always, happy investing.