Don’t underestimate the importance of choosing the right date when attending a storage auction. If you live in a densely populated suburban area, auctions will likely be held on every day of the week, opened up more opportunities to expand and grow your business. But just because you can attend a storage auction doesn’t necessarily mean that you should.
So, how do you know which day of the week to attend a storage auction? Once you’ve acquired some experience in this industry, choosing dates will come naturally. You’ll be able to instinctively pick out the best dates for storage auctions, maximizing your profits while simultaneously growing your business. Until then, however, you’ll want to base your decision on a few key factors.
Weekdays vs Weekends
While there are always exceptions to this rule, you’ll generally find that weekdays offer less competition at storage auctions than the weekends. Conventional wisdom should lead you to believe that competition is bad for your business, as it increased bid prices while lowering your total return on investment (ROI). Even if you’re able to turn a profit with steep competition at a storage auction, chances are you’ll end up profiting less. You can lower the amount of active bidders by attending storage auctions during the weekdays as opposed to the weekends. This doesn’t necessarily mean that you’ll be the only person bidding on abandoned self-storage units, but you can expect to see less competition.
Pay close attention to the weather when choosing a date to attend a storage auction. Why is this important? Well, rain might be a nuisance, but it usually has a positive effect on competition. Many people (especially newcomers) prefer to attend storage auctions when it’s sunny and clear skies outside. This makes it easier, and more comfortable, to transport goods from a storage unit into the a truck or van. If you’re willing to endure a little bit of water, however, attending storage auctions when it’s raining outside can help boost your ROI and profits.
Most self-storage facilities do not hold auctions on holidays, others will however. If you find an auction taking place on a holiday, you can usually expect less competition. Few people know about auctions held during the holidays and even fewer will be willing to attend. And as mentioned above, less competition means more ROI for your business.