Here's a quick tool I use frequently when evaluating current self storage competition and projects coming into an area. Radius+ is a fantastic tool that everyone in the self storage industry should make themselves familiar with.
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Hey, everyone. Thanks for joining me here for another three minutes with three mile, but it'll probably go a little bit longer than three minutes.
Uh, anyone wanna talk about tool that I love using with my self storage clients of the sites that I managed and sites that I do consulting with. I've used it with some of the challenges i've done in the past.
It's just a really helpful tools that i'm just going to scrape the surface just a little bit of what it can do. But it's something that could be really beneficial for again for owners and managers.
I just kind of get more of, ah, feeling, you know, for what's going on in their area with competition and pricing and news that's coming on.
I'm talking about radius plus and it's funny because I was thinking this story. It's probably a year ago now, at least, but I was doing a consulting gig with a owner here in utah, and they're well on the way on construction.
You know, it was we're talking a few months ahead before they were opening, and they brought me in to kind of helping with from grand opening ideas and pricing and all that kind of stuff.
And so that's what we're doing. And course you know, the first conversation that we had, it was just talking about, okay, you know where you at, you know, it's what's your timeline, that kind of thing. And we got around to getting your competition.
I'm like alright. Why many current competitors, you know, do you have what's the pipeline look like? Anyone new coming on board.
And these owners like what we have right now in our in our told me. But the three mile radius came three miles. Get it three miles and, like we have like 5 competitors in a five mile radius on they're all full.
Five. Cool. All right, good. And you know, my spidey sense is kind of going up a little bit, thinking almost that's quite right.
I'm like, cool. Hey, guys, let's check this out. And so we brought it up. What we're doing is, zoom, call, you know, like this, and I brought it up on the computer and started my screen type in their address and three mile radius popped it up and it was showing, believe 18 competitors in the five mile radius or three mile radius, and they just got kinda quiet, like, you know what? That's what shows. And at first I didn't believe me.
That's what it was i'm like a well. You know who did your feasibility study? Who did you know, the market study to get this green lit? I'm not saying it's not gonna work, is just like this is a kind of low hanging fruit here. On what? You should know what's going on in your market and, you know, they told me and like, yeah, this is a little concerning but let's let's get into it here and it's all worked out.
You know? I'm just we've got into it and open up that there is going gangbusters so that they're doing fine. Just the a little bit of heart attack first realizing they didn't quite know the market as much as they thought they did.
And they were already well, on the way of almost opening. So anyway, I just wanted to start my screen. I'm fuzzy. Do you listen to podcasts?
Price is a little bit more visual. You wanna check us out on youtube or the facebook group? Watch it on there. Let me show you. Here bring it up cool.
And again. I'm just gonna do this really quick. Okay, so this is ah, radius. Plus, go on this button here because this is the tool you'll be using.
And again, this is they have a free trial. Yeah, I would just say anything even if you haven't checked this out yet. Go on. Do the free trial play around, okay, there's again. It's a lot you can do on it.
I'm just gonna show you just a little bit. But that little bit goes a long ways. I'm just kind of show. You gonna go on search here, have ah, I was actually talk to someone in phoenix there is someone gonna pull that one up?
The dinner brings it up. Call. So appear you could set your radius pretty much. Three miles is a good good wanna go with, so i'm gonna stick with it. Three miles radius here.
Cool seat. Brings it up. Kind of doing if you want and you'll see, um, securing supply. Fantastic.
Here's the key is going to show you any plan or permitted sites or coming in the pipeline. That's their currently under construction, and ones there have expanding.
Okay, all information. You really need to know if you're running a storage facility. I don't care if you're just getting into it, just opening or your existing your full. You need to know this information ok and it's the way storages everyone jumping on storage. It's it can change.
Okay, week to week basis. So again, when you pulled your side up again, I recommend this pool of your own site. Check it out, start seeing things. You know you don't like this one here and we'll click on one here.
That one shows. Yeah, you're downtown phoenix under construction. Good to know another one here by the one under construction that's popular in a three mile radius.
And then you can see course your existing locations and click on them get, uh, good idea of what they're charging after facility. So again for pricing comparisons. That's a fantastic tool of that way.
And I love to do more on this tool and kind of delve more into specifics on how to use it. I just wanted to quickly just bring it to your attention.
If you haven't used it yet. Check it out. Okay. Just for this part alone, just to kind of get more of an idea of what's going on in your areas. Far as, uh, what's in the pipeline?
Competitive pricing. And again, you have to go thio that website, get a free trial and play around with it. All right.
So stop sharing that. So, yeah, that's a kind of a quick overview of how I use it for least initially to kind of get a good overview of a facility and on future episodes. Also raise more specifics on how I use it when i'm double more deeply into a project.
Right. So thank you very much for tuning in. I'll see you next time. Take care. Hi, everyone. This is jim again.
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