Focus on The Basics of Storage Auction Hunting
As a new storage auction buyer, there are three key components to implement to make your business successful for the long haul. Attending storage auctions and getting lucky once or twice can be a great jump start to your new inventory sourcing business, but without focusing on making connections and sales, staying organized, and quickly finding auctions your success could be short lived.
Knowledge is Power
As a new buyer, you may assume that every storage unit that is stuffed to the brim must have a fair amount of treasure inside. There are storage units where this is true and you’ll have hit the jackpot of all storage auction scores. Victory is yours! However, focus on the quality of the inventory inside the unit before deciding to bid. If you see items such as trash bags, loose trash, disheveled units, broken items, or even mattresses you should avoid the unit or bid low! The better well kept the unit, the more likely you are to make money from it. You’ll also want to find out as much as possible about the storage units that are part of each auction. Who owned them and what can you expect to find inside. If there are multiple storage units up for auction that have the same owner, you’ll want to purchase all the units or save your money for the next storage auction. Otherwise, you may end up missing key pieces of furniture to finish sets, or similar issues. If the first unit looks like it is full of trash or items weren’t stored properly, this is a good indication of what the subsequent units might hold. Keeping these things in mind are
Focus on What You Know
As a new storage unit auction hunter, you may be tempted to purchase units with lots of mystery items inside. There can be a thrill in opening boxes and discovering unique and rare items that will fetch large sums of money. Or you may think that the bigger the unit, the more you should spend for the same reason. However, it’s important that as a new storage auction buyer you start at the beginning! Buy units with items inside that you are familiar with and believe that you can find buyers for with your knowledge. Over time, you’ll do more and more research and be able to expand your purchases, but take baby steps and start with the things that you already know and have a passion for.
Focus On Making Business Connections and Selling
When reviewing a storage unit and deciding if it is worth your bid, consider that you want to purchase ONLY storage units where you can make money back. Each storage unit should be looked at as a potential return on investment. If you love an item, but you don’t know where or how to sell it, then bid cautiously. Look for items that you can easily sell. As you attend auctions, focus on keeping your actions and attitudes as professional as possible. It is easy to get excited in the heat of the moment and lose your cool, but the person you’re bidding against could eventually be someone that regularly sell merchandise to. Just remember to look at each fellow bidder as a potential customer and never take losing a storage unit auction personally.
Focus on Staying Organized
There are many logistics to consider when you begin buying storage units. You have to get the proper resale licences and certificates for your state if you plan to sell full time and professionally. You should keep a record of every sale that you make and file it appropriately. When you purchase a storage unit, you have to consider where and how you will store the merchandise to keep it protected and how you will transport it from the auction and when you sell the item later. Smaller items can get lost in the fray easily, so all the items that you win at a storage auction should be separated and categorized and then stored together to make your life easier. If you end up giving items to charity, you should get receipts for tax purposes, and you should keep an overall record of gas money, how much money you spend per auction and how much money you are spending to send items to the dump and other similar information. You should take the time to set up an organized office space for yourself and well as a storage space to make sure that you keep all your ducks in a row and can quickly find information and items that you need!
Find Auctions Easier
Finding storage auctions can take time and energy away from your business unnecessarily. You could scour local papers or search online for auctions in your area, but these lists often miss important auctions where you could make money! Instead of spending your man power hours on the task of finding auctions, Storage Unit Auction List can help free up your time by providing you with the most comprehensive auction listing service available online. You decide how far you’ll travel for auctions, and based on the mileage you select, you’ll receive a regional list of auctions. You choose whether you want to subscribe on a monthly or yearly level, and can purchase The Complete Guide to Storage Auctions and a Blue Book Valuation Guide that helps you decide how much to spend based on specific items that you see when attending storage unit auctions.