---
title: Do you need a feasibility report and competitor analysis before buying or building?
description: "**Short answer:** Yes. Mark uses subscription data services for a first look but never buys a facility, especially one involving new space, without a full, quality feasibility report from a firm his lender accepts. He also studies competitors’ live rates,…"
url: "https://creatingwealththroughselfstorage.com/docs/feasibility-report-and-competitor-analysis/"
updated: "2026-10-16"
category: "Site Selection & Feasibility"
---

# Do you need a feasibility report and competitor analysis before buying or building?

**Short answer:** Yes. Mark uses subscription data services for a first look but never buys a facility, especially one involving new space, without a full, quality feasibility report from a firm his lender accepts. He also studies competitors’ live rates, discounts and marketing so his projections reflect what it will really take to compete.

## Feasibility reports

Mark doesn’t consider a desktop study a good feasibility report in most cases. A full report costs real money, but he sees it as small compared with the cost of building something that shouldn’t have been built or buying a facility that takes twice as long to turn around as expected. Make sure your lender will accept the firm you hire. His recommended providers are on the [Resources page](/resources/).

## Competitor analysis

Revenue management algorithms, dynamic pricing, value pricing and sophisticated online marketing are now common. Checking one or two competitor websites isn’t enough. Mark uses a subscription service that shows current offered rates, discounts and 12-month rate history across the trade area, and projects income based on that. If competitors offer low move-in rates, you will probably have to as well, or you could miss your income assumptions by a wide margin.

Renting a unit from competitors is another way to learn their service, rate increases and weaknesses.

## Related answers

- [What makes a good self-storage trade area?](/docs/what-makes-a-good-self-storage-trade-area/)
- [Is square foot per capita a reliable measure of self-storage demand?](/docs/square-foot-per-capita-myth/)
- [What are the most common mistakes when buying a first self-storage facility?](/docs/beginner-mistakes-buying-self-storage/)

**Source:** Mark’s post [Five Beginner Mistakes to Avoid When Buying a Self-Storage Facility](/five-beginner-mistakes-to-avoid-when-buying-a-self-storage-facility/)

**Want Mark’s full system?**Get his free 3-part video series on finding, analyzing and buying self-storage.

[Watch the free series](https://thequickstartacademy.com/p/free-3-part-video-series)