Storage Condo Franchises
...What is next? What are your options?
Storage Condo Franchises are available and a good way to go about developing storage condominiums. You have to evaluate your experience, time constraits, resources, financial goals, and level of involvment. Here are a few ways to consider proceeding.
- Review as much information as you can and develop your plan. This is for the very resourceful "do-it-yourselfer".
- Do-it-yourself but utilize the successful pattern of other developments. Access to development manuals, building plans, conceptual design packages, site plan review and variuos other consulting services would be available.
- Utilize a complete Consulting Package and Licensing Agreement. Complete support from a storage condo developer. Duplicate a success pattern. Look right here to see how Business Bungalows was able to take advantage of the licensing agreement.
- Storage Condo Franchises. This is similiar to licensing agreements - Don't re-invent the wheel.
All these options can have varying degrees of participation from investor to partnerships to sole proprietors.
No matter what path you choose, storage condo franchises or the "do-it-yourselfer" method, one thing is for sure, you will have to follow these basic steps as you proceed with a storage condo development.
Here is a step-by step procedure on what to do next.
- Read and study the information on this site. You can download a complete Development Manual for your convenience. This version has a few extras that pertain specifically to the StorageShopUSA developments.(one of a few storage condo franchises available)
- Research the storage condo developments listed in the locations section. Evaluate the area you would consider for a possible location.
- Determine your target market - what kind of product to you provide? What buyer persona are you trying to cater to?
- Perform a preliminary search for real estate in your area and pick a few light industrial zoned properties to evaluate.
- Gather information about the property from the seller. This information can and should include:
- survey and/or lot dimensions
- basic zoning of all the properties around it
- general topography
- title insurance showing easements and covenants
- sewer and water locations, stormwater management issues
- impact fees (can be hidden in other charges such as water meter hook-up fees)
- zoning ordinances, covenants, and restrictions
Apply the site selection criteria thoroughly to each location. Evaluate each site and how well it conforms to the site selection parameters. Gather and review additional information Review zoning/permitting procedure for each town, village, or city. You should also review the State Condominium Laws. Each town, village or city may also have ordinances governing condominiums.
Perform a small market study of both rents and commercial real estate prices for the target area. Review the development requirements for each town, village, or city and identify both the advantages and disadvantages of each area. Do not take this lightly - make sure you know all that is expected and required!
Estimate the preliminary development costs and profit. Need to make serveral decisions as to ammenities, type of building, etc. This will give you a price range for the storage condos. Check the price of the storage condo units against the rental market and the available commercial property for sale. Determine what is the acceptable profit and the associated risks. Go back through the process and double check your analysis. Evaluate your resources when it comes to construction knowledge, real estate marketing, financing, work load, etc. Identify the property and get a contract to purchase. Prepare a site evaluation checklist and start the due diligence process. Refine and solidify all your development costs. Perform a small market study to estimate the local interest Perform a risk management analysis - what part of the development has the most sensitivity? Look at ways to mitigate the risks. Prepare conceptual building plans and site plan to present to the local planning authorities and/or architectural review committees Evaluate the concerns and re-work the numbers. Formally apply for Site Plan review with the Local Authorities or cancel the contract and find another site to evaluate. Finalize plans, prepare marketing plan, prepare business plan, secure financing.
Probably the best thing to do is go back to the
and read through the site. Then, you can easily access the info you need by downloading a well organized development manual. Use it as a workbook.
Whether you are ready or not, a good idea would be to get more information on storage condo franchises as it becomes available by subscribing to the "industry ezine" - the "Storage Condo Insider"
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