One reason storage auctions are so exciting is the risk of bidding. You’re up against a crowd of people (hopefully not too many people) who may or may not know more about what they see in the locker up for auction. It’s easy to get wrapped up in a bidding war with people, driving up the price way too high. This isn’t always a bad thing. You may just win that goldmine of a bin. However, making this a habit can get you into some trouble in the long run. Overbidding will not help your business grow and will cause you to lose money. I’m sure you know this if you’ve paid too much for bins in the past. Here are some tips on how to make sure you don’t overbid at the next self storage auction.
Control Your Emotions
It’s that one bidder … the one who thinks they can outbid anyone. They come to your auctions and hike up the price, then laugh in your face, whether it’s a bin full of trash or treasure. Getting into bidding wars is not a profitable endeavor when it comes to storage auctions. Stay calm and focused while at an auction and make sure you don’t get into a heated bidding war that will have you spending all your money on just one bin.
Determine a Maximum Bid and Stick With It
It’s good to have an idea of how much you’ll pay for any given bid and to stick with it. This way, you’ll know what you’re working towards and when a bidder starts bidding way too high, you’ll know your maximum has been met. There are always exceptions. You may have a feeling about a particular locker and you want to go higher. Just don’t get too out of control with your bidding.
Step back and watch the auction and use all your skills as a treasure hunter to try and determine if the bin is valuable. Don’t bid yet, though. Wait until the end. Even till the auctioneer is calling for final offers. If you have a good feeling about a bin, you’ll scare other bidders off when it seems like it’s going to end and you pop in with your last minute bid.
Winning bins all comes down to consistency and strategy when bidding. These are just some tips that will help you with your treasure hunting. What are some strategies you use to help you keep the bidding reasonable yet competitive?