Don't Settle for Less When Hiring a Consultant to do a Study
Updated: Oct 18, 2021
Set your standards high. So much is riding on a Go/No Go decision.
Not all feasibility studies are created equal. Not all feasibility consultants are created equal for that matter. What makes for a good study and what should you look for in a consultant?
Feasibility studies have many components, while not limiting what might be included, the following elements are critical to a good study:
Good studies have a clear metric-based criteria that if followed is proven to produce a successful project.
Good studies have the very best in demographic analysis.
Good studies breakdown all competitors in the trade area with measurable supply numbers.
Good studies blend supply and demand factors.
Good studies do local economic and cultural analysis.
Great studies do drive-time trade area analysis not just 1/3/5 mile radii.
Great studies, when there is a positive outcome, are crafted to persuade banks or investors.
Great studies are professional in nature and aesthetically pleasing thereby making the client look good.
Great studies should be organized and easy to understand.
Look for the following in a consultant:
They have decades of experience doing studies.
They have advanced degrees and training.
They have developed storage themselves.
They understand what it takes to make an institutional-grade project.
They know how to persuade stakeholders with a positive study.
They are willing and able to defend their study to banks, investors, partners, etc.
They understand more than just numbers but have real-life experience in taking a proforma to design.
They have hands-on experience entitling projects in more than one state.
They have site-plan, layout, and design experience in a real-world setting.
Jay Garlick, MRED
Principal at GDP Feasibility
A self-storage developer himself, Jay Garlick is the Principal at GDP Feasibility and Partner/CEO of Greenscape Development Partners which specializes in self-storage development nationwide. Garlick began doing feasibility studies in 2004. Since then he has done studies on over 400 sites in the United States.
Jay has a Master's Degree in Real Estate Development (MRED) and is near completion on a second Master's degree in City and Metropolitan Planning (MCMP). Garlick has developed and or entitled his own projects coast to coast in UT, WA, MO, KS, and VA.
Formerly a principal of a self-storage construction company and an architecture firm, Jay brings a wealth of experience and knowledge to the table for the benefit of his clients.