What data should you be looking at when running your self storage business in 2024?
Better question: Where do you find the important data?
Data is important, but it doesn't mean anything if you don't know which numbers to look at, what they mean, and how to use them to better your business.
We're all in luck! James McLean of Radius+ sat down with Tommy and Melissa to discuss data, what to watch, and where to find it.
Question: "What industry data should you be following in 2024?"
Check out the video clip below to hear their answers:
In this Gabfocus Session: Stay Competitive Using Industry Data, James McLean of Radius+ joined Tommy and Melissa to discuss data and how to use it. They discussed finer topics ranging from what data matters the most, where to find it, and how to figure out who your competitors are.
Check out the full Session to dive deeper!
Don't want to watch the clip? Here's what James had to say:
We should be paying attention to some of the fundamentals like how much actual storage is in your area, how much storage is going to come into your area, what's predicted to pop up and break ground sooner or later.
Because that's how you can sort of forecast is this a good time for me to build an expansion, or will I sort of be blindsided by a hundred thousand net rentable square foot Public Storage popping up next door?
...
We scrape [the data] at Radius+, but we keep an eye on public minutes. So if you're actively involved in your zoning board or you keep an eye on whatever they report. They a lot of times have to approve a self storage project, needs to get zoning.
So keeping an eye on that for certain keywords, or just hop on to Radius+ plus and take a look in your trade area to see what's happened in that market. Can just give you a heads up about something that's incoming to your area."
—James McLean
