Bring a Checkbook or Credit Card
While there’s nothing necessarily wrong with bringing a checkbook and/or credit card to a storage auction, you’ll need to make sure you have cash on hand. Without cash, there’s a good chance that you won’t be able to pay for the unit, in which case it will be given to the next highest bidder. Most storage facilities only accept cash for auctions, so bring the green if you plan on bidding.
Not Having Anywhere to Store the Items
Before you even think of participating in a storage auction, you should create a plan for storing your newly acquired items. If it’s only a handful of small items, you can probably store them inside your home or garage. But if it’s large items like furniture, big-screen TVs, motorcycles, etc., you’ll need a different solution. Of course, you can always rent a storage unit as the facility where the auction is taking place. Regardless, though, you need to decide where and how you’ll store your items before bidding.
Get Into Bidding Wars
We’ve talked about this before on our blog, but bidding wars can spell disaster in terms of profits. A bidding war occurs when two or more bidders continue to raise their bids in an effort to knock out the competition. Ultimately, though, the final bid price becomes so inflated that the “winner” isn’t able to turn a profit on the unit. Keep your emotions in check and DO NOT get into bidding wars. If other bidders are actively battling it out, step aside and wait for the next unit to go up for auction.
Make Enemies with Other Bidders
Storage auctions are a highly competitive environment, which often results in bidders fighting with one another. You don’t have to befriend everyone whom you encounter at a storage auction, but you should avoid making unnecessary enemies. Newcomers often overlook this key tip, forcing them to fight an uphill battle in their efforts to bid.
Bringing a Car
If you’re serious about participating in storage auctions, don’t make the mistake of bringing a car. Instead, either buy or rent a larger vehicle like a van or truck so you can haul off larger, heavier items. Not every storage unit is going to contain large items, but some certainly will. And if you arrive in a car, you won’t be able to haul them off.