Winning a storage auction is only one step in running a successful business. Assuming your goal is to turn a profit, you’ll need to resell those used items. Unfortunately, many newcomers to the business of buying-selling property through storage auctions fall short during this step, placing them at a serious disadvantage when compared to seasoned storage auction hunters. So if you’re struggling to set the right prices on items, keep reading reading for some helpful tips and tricks.
Don’t Price Your Products Too High
One of the biggest mistakes that people make when pricing used products for resell is attempting to sell them at a high price. Conventional wisdom should lead you to believe that a high asking price will put more money in your pockets — but this is only the case if someone agrees to buy it. In most cases, a significantly high asking price discourages people from buying the product.
You must balance a fine line between pricing your products high enough so that you turn a profit, but still keeping them low enough so it’s not turning people away.
The Internet is hands-down the best tool for researching the fair-market value of a used product. Whether it’s a flat-screen television, tablet computer, Barbie doll, etc., you can find reliable and accurate prices on just about any product by searching the Internet. eBay is one such website that’s particularly useful for pricing used products. Performing a simple search here will reveal how many people are willing to pay for the item.
Age Can Lower or Raise a Product’s Value
Used products like electronics tend to depreciate in value over time. But collectables like sports cards and autographed memorabilia have the opposite effect, increasing in value as they age. So, don’t assume a product is worth less than its original value just because it’s old. If it’s rare with a strong demand by collectors, it could be worth more.
Be Willing to Accept Offers
The sticker price on a product shouldn’t be set in stone. If a prospective buyer offers you a slightly lower price, it’s probably a good idea to accept his or her offer. Sure, you won’t receive as much revenue as you had originally hoped for, but at the same time you’ll turn the product, getting it out of your inventory. And moving product more quickly means you can focus your efforts on other things, such as attending more storage auctions.