When bidding on storage auctions, you never know what may come of it. While that is part of the excitement of going to a storage unit auction, it can also be pretty frustrating. Reality TV has made it look so easy, but it’s like anything else … you have to practice. The more you practice, the better you’ll get. If you give up, you’ll never know if that next bin could have turned you a big profit. We’ve talked about what to look for when the locker door goes up and now we’ll give you some tips on how to come up with some quick values of what you might see.
Research Online to Determine Resale Value
If you’re reading this right now, did you realize that you have the biggest and best research tool available to you? That’s right, and it’s called: the Internet! Sure, you can use it to watch old reruns of Storage Wars, but it might be in your best interest to visit the top places to resell items you’ve won at a storage unit auction and research how much items are selling for in the marketplace. Hopefully you know the two biggest websites online to resell your items: Craigslist and eBay.
Visit these websites and get an idea of the selling price of items you’d usually find at a storage auction. This will be easier with eBay, because there are a lot of search functions you can use to narrow down certain products and look at completed auctions. This is a great way to get a general idea of a particular product’s value.
A Formula For Successful Bidding
Once you get a general idea of the value of items that you can find at storage unit auctions, you can come up with a formula that will help you get a rough estimate for how much to bid at any given auction. At your next auction, when you see these items, come up with a quick estimate of the total value and bid only up to half of that. This will allow you to possibly make up to a 50% profit from your winnings.
If the unit is big and you know there are things packed in the back where you can’t see them, estimate the value of what you can see and bid up to the total. This will allow you to at least make your money back and see if there is anything packed away that may bring you in a profit.
Knowing the value of the types of items you usually find at storage auctions will give you an edge over other bidders. The faster you can estimate the value of what you can see, the better you’ll get at winning profitable bins.