5 Things I Wish I Knew About Storage Aucitons as a Beginner
Newcomers to the buy-sell storage auction business are often eager to bid, and win, units. There's a good reason for this: you can't expect to turn a profit unless you are actively bidding on units. But just because you can bid on a unit doesn't necessarily mean that you should. You'll soon realize that not all self-storage units contain valuable items. Some of them may contain hundreds or even thousands of dollars worth of property, whereas others virtually nothing.
#2) You'll Need Help
Storage auctions aren't something you can participate in by yourself. If you are serious about having a successful business, you'll need a helping hand. It's not uncommon for auction hunters to come across big-screen TVs, couches, pool tables, furniture, and other large items. Therefore, having someone there to assist you will allow you to move these items faster and more easily. When attending a storage auction, see if you can coerce a buddy or family member into helping you for the day.
#3) You'll Need Some Tools
The right tools can make a world of difference in the storage auction business. At the bare minimum, you should bring a lock and key, gloves, a flashlight (headlamps are preferable), and cash. Keep in mind that most self-storage facilities only accept cash payments for auctions, so don't show up with your checkbook and an empty wallet. This is one of the most common mistakes made by newcomers to the business.
In addition to the aforementioned items, you may also want to bring a truck or van. Why is this important? Well, you are bound to come across some large items at some point in time, and having either a truck or van will allow you to haul such items more easily.
#4) You'll Have to Do Some Cleaning
Participating in storage auctions means you'll have to some cleaning. We've talked about this before on the StorageAuctionList blog, but it's worth mentioning again that most facilities have strict rules in place that require the winning bidder to clean out the unit. Failure to do could result in your name being blacklisted from future auctions.
#5) Winning a Unit is Only Half The Battle
After winning a storage unit at auction, you'll have to find buyers for the items you acquire. If you own your own retail store, you'll obviously have an easier time. If you don't however, you may struggle to sell your items.