Storage Auctions: How to Get Started
So, you're thinking about starting a buy-sell storage auction business? There's no denying the fact that it's a lucrative and rewarding venture with near-limitless earnings potential. Granted, some storage auctions contain nothing more than empty boxes and debris, but others contain highly valuable items like antique furniture, autographed sports memorabilia, precious metal, all-terrain vehicles and more. But if you're looking to join the ranks of storage auction seekers, there are a few things you should know to get started on the right foot.
Treat it Like a Business
I know this probably sounds like common sense, but it's still worth mentioning that you should treat storage auctions like a business. This means, among other things, keeping track of all income and expenses. If you buy a product or service that it directly related to your storage auction business, keep the receipt so you can deduct it from your taxes. Many newcomers overlook the importance of bookkeeping, only for it to come back and haunt them come April of next year.
Like all businesses, you'll need some initial money to get started with storage auctions. There are dozens of ways to raise capital for this business, including bank loans, personal credit cards, angel investors, etc. The price of a self-storage unit at auction can range anywhere from $100 to $10,000 -- sometimes even more. Because you never know what's inside a unit, it's recommended that you bring a little extra cash just in case.
How will You Sell the Items?
Of course, you'll need some method in place for selling the items you acquire at storage auctions. If you're the winning bidder, you'll need to turn them to make a profit. Some storage auction seekers have their own retail brick-and-mortar store, while others sell their items through a third-party broker or listing agency.
List of Storage Auctions
There are two different ways to find storage auctions in your area: you can either search for them manually by driving and asking around, or you can buy a storage auction list. Not surprisingly, opting for the latter is a better all-around choice, as it saves you a significant amount of time. Instead of blindly searching for storage auctions, you can obtain a list of all auctions taking place in your area. Of course, not all storage auction lists are made equal, which is why it's recommended that you choose ours here at StorageAuctionList.