Choosing the right location is critical for the success of any storage business. At Container HQ, we understand that deciding on storage container customizations requires a thorough understanding of the local market. Here’s how we approach this process and ensure our storage solutions meet the needs of the communities we serve.

Market Analysis and Surveying

Before we customize our storage containers, we start by analyzing and surveying the local market within a five-mile radius. This comprehensive approach includes:

1. Unit Mix Review: We examine the current unit mix to see what’s rented and what’s vacant.

2. Operator Insights: Talking to local operators gives us a deeper understanding of the market dynamics.

3. Secret Shopping: By pretending to be potential customers, we gather firsthand data on unit availability, waitlists, and high-demand units.

Conducting Market Research

For new storage facilities, especially in rural or underserved areas, we follow a multi-tiered approach to ensure we make informed decisions:

1. Check Rates on Sparefoot.com: We start by checking the rates for a standard 10×10 unit to gauge the local pricing landscape.

2. Google Search: A simple search for “self-storage near [city name]” helps us review competitors’ websites and their offerings.

3. Use Radius+: This tool pulls detailed pricing info, and we consider a Compass report for comprehensive market trends.

4. Secret Shopping Calls: Calling 5-10 facilities within a five-mile radius allows us to check real-time availability and rates.

5. Feasibility Study: Using experts for a feasibility study is crucial for securing financing from banks and lenders.

On-the-Ground Research

Before closing on a property, we have someone visit local facilities. This involves booking and canceling a unit to confirm real pricing and availability. It’s a hands-on approach that ensures we have accurate and up-to-date information.

Customizing Portables

Based on our extensive research, we customize our portable containers to match the most desired unit mix while maintaining flexibility. Here’s how:

• Adding Partitions: This allows us to adjust unit sizes over time, adapting to changing trends and demands.

• Flexible Solutions: Our containers can quickly adapt to market changes, ensuring we’re never stuck with an outdated unit mix.

Simplified Market Demand Assessment

We’ve simplified our approach to gauging market demand by focusing on the price of a 10×10 unit. If the price is high, the market is strong. This straightforward method helps us quickly assess demand, making it easier to make informed decisions.

Full credit for our market research strategy goes to Corey Sylvester of Radius+ and DXD Capital. His insights have been invaluable in shaping our approach to market analysis.

Ready to explore storage solutions that adapt to your market’s needs? Contact Container HQ today to learn more about our customizable storage containers and how we can help your storage business succeed. Reach out to us at rent@storagehq.ca or call us at 250-661-8610. Let’s ensure your storage business thrives in any location!