One of the biggest mistakes newcomers to the storage auction business make is failing to plan ahead. Showing up to an auction with no clear plan of action will place you miles behind the rest. However, you can make the process easier (and more lucrative) by taking the time to plan your course of action. For some helpful tips on how to plan your storage auction strategy, keep reading.
Create a Schedule
It’s recommended that you create a schedule of the different storage auctions taking place in your area, writing the name, addresses, phone number, and time of auction for each facility. This will allow you to plan your day more efficiently so you hit up several auctions instead of just one. Conventional wisdom should tell you that the more auctions you attend, the greater your chances of finding a “gem.” You can even go one step further by programming the directions into your GPS device or smartphone.
Bring a Truck or Van
I know know this probably sounds like common sense to most people, but you should bring a truck or van to the storage auction. Even if the unit appears to only have small knick knacks stored inside, there could be a new big-screen TV hidden in the rubble. Unless you want to leave it behind, you’ll need a truck or van to haul it off. It’s not a bad idea to purchase a truck or van specifically for use with storage auctions. Assuming it’s used for business purposes, you may be able to write it off on your taxes.
Gather Your Tools
We’ve talked about this before on our blog, but it’s worth mentioning again that you’ll need several different tools when attending storage auctions. This includes a high-powered flashlight, gloves, trash bags, a padlock, a push broom, and a dust pan.
Know The Rules
Most storage facilities follow a similar set of rules regarding auctions: you are allowed to see, but not touch, the inside of the unit, and the person with the winning bid receives the contents. However, some of the lesser known rules may include that all winning bidders are required to clean out the unit within 24-48 hours, and that all personal items found in the unit are returned to the front office.
Have any other planning tips you would like to share with our readers? Let us know in the comments section below!