Posted by on Mar 29, 2021 in Self Storage Facility | Comments Off on How to Buy a Self-Storage Facility Properly

How to Buy a Self-Storage Facility Properly

Purchasing a self-storage facility is more difficult than you would expect, particularly if you want to profit from it. There are some fundamental characteristics that distinguish winning facilities from losers over time. And it’s difficult to crack the genetic code. Learn more about Self Storage Facility Edwardsville IL.

Many people can tell you everything you need to know about buying a self-storage facility in order to sell you a book, course, or boot camp. However, they have very little or no training. The ideas we’ll present here are focused on real-world insight – and a lot of it – gained from running one of the industry’s largest websites. And it could be very different from what you’ve previously learned.

Within 3 miles of the plant, there are 50,000 people.

It’s time to dispel the idea that you can create a self-storage facility in the middle of nowhere and fill it with people. Self-storage is based on individuals – people who need to store their belongings. There is no market if there is no people. You can’t build or purchase a self-storage facility in a small town of 5,000 people and expect to be profitable – at least not financially. The density of the population is important.

25,000+ cars a day travel through the plant.

The majority of self-storage customers come across their storage unit while driving by. In several cases, it’s a point of sale decision. Few people perform a scientific analysis to decide where they can store their belongings. They consider comfort and always pull into the first one that comes close to their home or place of business. As a consequence, it’s a myth that a good self-storage facility can be concealed from view or located on a two-lane road with no traffic.

The median household income is $50,000.

To pay for storage, a customer must have the financial means to pay $100 per month or more. They are unlikely to want to add to their already strained finances if they are struggling to pay their rent or mortgage. Furthermore, they would need to have excess belongings in order to have the need for storage. Only those with higher incomes may amass sufficient material goods to necessitate storage.