Storage auctions have become increasingly popular in the wake of hit reality TV shows like Storage Hunters. And when people show up to these auctions, it leads to more competition. But competition isn’t necessarily a bad thing, especially if you know how to deal with it. Like all markets, storage auctions will balance out, with some of the competition going away. However, you can further increase your chances of success by following the tips outlined below.
Don’t Get Into Bidding Wars
When bidding on storage units at auction, the golden rule is to avoid getting into bidding wars. I know this probably sounds like common sense to most seasoned bidders, but many beginners show up and begin bidding with the sole purpose of knocking the competition out. But when two or more bidders continue to raise the bid price, no one comes out a winner (except for the storage facility). If another bidder goes higher than the maximum amount your are willing to bid, let it slide and move on to the next unit.
Be Friendly, But Not Overly Talkative
There’s nothing wrong with being polite and friendly to the other bidders, but there’s a fine line between conversing and revealing information that could help your competition. You have to remember that every other bidder is essentially a competitor. Therefore, they should be treated as such. If you see a valuable item tucked away in the corner of a storage unit, don’t inform other bidders about it.
It’s disheartening when half a dozen new bidders show up to your favorite self-storage facility. But the secret to succeeding in this ever-evolving industry is to remain patient. As stated above, things will eventually balance itself out, with a significant portion of the new bidders calling it quits. In the meantime, keep your bids low and avoid getting suckered into bidding wars.
Don’t focus all of your efforts at a single self-storage facility. Even if it’s your preferred location for storage auctions, you should still be working to diversity your business with other locations. This will give you a better chances at coming out profitable, as you’ll have more opportunities to bid on storage units. Furthermore, it prevents you from placing all of your eggs in one basket so to speak, which is particularly beneficial when the competition heats up.