Storage Auctions: Tips to Protect Your Investment
Storage auctions offer a fun and lucrative way for entrepreneurs to earn money. Whether you're looking to quit your day job and embark on a new career, or if you simply want to put some extra spending cash in your pockets, storage auctions can help. But you'll need to follow some basic precautions to protect your investment when engaging in this type of business.
Beware of Moisture Damage
Moisture can ruin otherwise perfect, flawless items. Granted, not all types of items are susceptible to moisture damage, but you still need to know which ones are so you can protect and preserve them. Things like wooden furniture, musical instruments, TVs, computers, collectables and clothing are normally susceptible to moisture damage. So if you happen to come across any of these items in a storage auction, store them in a climate-controlled area with a relative humidity of 40-50%. If the humidity rises above 60%, it could saturate the items to the point of damage.
Wait Before Throwing 'Junk' Away
Just because any item looks like it's trash doesn't necessarily mean that it has no value. On the contrary, many items that you'll come across at storage auctions are deceiving in the sense that you can still earn money from selling them, even if they look useless. Old and broken electronics, for instance, contain valuable metals that scrap metal recycling companies will gladly pay for. So instead of throwing them away, save them up. And once you've acquired a decent amount, take them to a local scrap yard to sell.
Lock Up Your Acquired Items
After acquiring items from a storage auction, you should store them in a locked facility. Being that storage auctions typically occur at, well, self-storage facilities, one option is to rent a unit. Most self-storage facilities will gladly rent units to active auction hunters, assuming they have a unit available. Be sure to bring a lock with you, however, as tenants are responsible for bringing and using their own locks. If you forget to bring it, check with the front office to see if they have an extra.
These are just a few tips to help protect your storage auction investment. It's important for entrepreneurs to properly secure and protect the items they acquire at storage auctions. Because if these items are damaged, they can lose their resell value, meaning you'll get less money when you attempt to sell them.