Short answer: Mark’s answer is yes. He 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.[1]
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.[1]
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.[1]
Renting a unit from competitors is another way to learn their service, rate increases and weaknesses.[2]
Related answers #
- What makes a good self-storage trade area?
- Is square foot per capita a reliable measure of self-storage demand?
- What are the most common mistakes when buying a first self-storage facility?
Sources #
Each numbered note above links to the post of Mark’s it comes from.
- Five Beginner Mistakes to Avoid When Buying a Self-Storage Facility, Mark Helm, September 5, 2025
- What Makes You Different? Winning the Self-Storage Lease-up Game With USPS, Mark Helm, July 25, 2025
