Running a successful buy-sell storage auction business isn’t always easy. Sure, reality TV shows like Storage Wars make it seem simple enough, with entrepreneurs generating thousands of dollars in profit on a single auction. But once you begin bidding on storage units and attempting to resell the contents, you’ll soon realize this isn’t the case. The good news, however, is that there are ways to increase your profits, some of which we’re going to discuss today.
Recycle Scrap Metal
Another tip to increase your storage auction profits is to recycle scrap metal. Whether it’s aluminum, steel, copper, etc., most scrapyards will pay top dollar for metals such as these. So before tossing away “junk” electronics or other metallic items, take them to a local scrapyard.
Sell Collectables Online
When you come across a collectible, consider selling it online instead of locally. Doing so will allow you to fetch top dollar for the item. This is because selling collectables online will reach a larger audience. And when you reach a larger audience, you’ll create a more competitive environment for buyers, which ultimately raises the selling price for the item. Whether it’s autographed sports memorabilia, vintage dolls, etc., try selling your collectables online to increase your storage auction profits.
Sell Dead Batteries
In addition to scrap metal, you can also make money by selling used batteries — even if they are dead. Car batteries and boat batteries often fetch between $5 and $20 bucks, depending on the size and type. That may seem pretty cheap, but the value can quickly add up when a storage unit contains dozens of them.
Capitalize on Trends
As a storage auction entrepreneur, you should capitalize in trends by focusing your efforts on “hot” products and items. If a particular product or item has a strong demand by consumers, you should bid more for storage units containing it. This is particularly true around the holidays, as consumers will spend more money on toys and other recreational products as opposed to other times of the year.
Know When to Pass
Part of running a successful buy-sell storage auction business is knowing when to say pass on a unit. Not every unit you come across will contain valuables. In fact, some may contain nothing more than empty boxes and trash. If you don’t see any valuables inside of a unit, it’s probably a good idea to pass and wait for another unit.