Not everyone has time to pour over data and reports for hours.
If you're one of those who don't, what is the most important piece of data for you to check when you're in a rush?
Have a listen as James McLean of Radius+ gives us his opinion on which piece of data is the most important for operators to look at. He sat down with Tommy and Melissa and discussed exactly what operators should be keeping an eye on!
Question: "Which single piece of self storage data matters most?"
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 and Melissa had to say:
You could be riding high, but there's a brand new facility opening up, tanking asking rates while it's leasing up.
That could really affect your operations for the next 36 months. So just keep an eye on that.
You can't know soon enough, and everybody should have some indication of what's happening next in your market."
—James McLean
"We were talking yesterday with Tommy, actually, about a facility that shared a fence with a Public Storage.
Like, that really is going to disrupt business.
And there's been so many times that, you know, I've gone out to visit a client's property, and right across the street there's CubeSmart. And it's like, oh, that's unfortunate. You have to figure out how to keep doing business. And you're exactly right, James.
If you already know what's coming, then you're not in the knee-jerk reaction mode when it happens.
You can go ahead and prepare. And because as smaller operators, you have something in your back pocket, too, that the larger operators usually don't take advantage of.
And that's the community involvement and that face to face.
Like, I have relationship with people in this area, and when you know something like that's coming, you can start getting the word out, and you can prepare for that with your brand awareness and things like that. And get on the good side of what's getting ready to happen for you."
—Melissa Huff
