Buying and reselling property acquired through storage auctions has become a popular venture, thanks largely to reality TV shows like Auction Hunters and Storage Wars. There’s a good reason for its growing popularity, however: winning a storage auction is like playing a lottery in the sense that you never know what exactly is inside. Sure, you can typically peek inside before bidding, but there’s a good chance that other items are buried deep within.
But many newcomers experience difficulty growing and expanding their storage auction business. They’ll reach a plateau of sorts that prevents them from generating more revenue. As such, some people fail to sustain a profitable business model. The good news is that there are ways to grow a storage auction business, some of which we’re going to discuss in today’s blog post.
Don’t assume that an item isn’t worth anything just because no one wants to buy it. Things like obsolete electronics, junk electrical wire and old car batteries can still fetch a pretty penny when scraped. Instead of tossing them in the trash, haul them to the nearest recycling/scraping facility to put a little more money in your pockets.
Attend Multiple Auctions
You can’t expect to grow your storage auction business if you focus all of your efforts on a single facility. Conventional wisdom should lead you to believe that the more storage auctions you attend, the more money you’ll make — and this rule holds true for the most part. Plan out your schedule by adding multiple storage auctions to it. After spending a couple hours at one auction, you can move on to the next.
Another important tip to help grow and expand your storage auction business is to forge professional relationships. This includes relationships with other like-minded storage auction hunters, as well as buyers who are interested in purchasing your items. Relationships such as these will prove invaluable in facilitating transactions while beating out the competition in the process.
Identify New Markets
Of course, you can expand your storage auction business by identifying new, untapped markets. The type and quality of items you acquire through storage auctions will largely depend on the location. Attending a storage auction in a busy city with a moderately high average household income will yield items of more value than a similar storage auction in a rural area. So, try scouting some nearby areas to see if there are any prime areas for storage auctions, adding them to your itinerary.