Know When to Quit
One of the most common mistakes that newcomers to the buy-sell storage auction industry make is trying to win every unit, regardless of the cost. They’ll continue raising their bid prices without taking into consideration whether or not they can turn a profit. And when two or more people are involved in intense bidding such as this, it results in a “bidding war” where there is no real winner. If you notice the bid price going too high, don’t hesitate to back out of the auction and let someone else take the unit.
Rather than focusing all of your time and energy on a single self-storage facility, it’s recommended that you diversify your efforts across multiple facilities. Some places will have more bidders, which more means more competition — and too much competition can make it difficult to turn a profit. By attending auctions at multiple self-storage facilities, you’ll have an easier time finding a place with less competition.
Watch the Clock
Like most businesses, time is money when handling storage auctions. The faster you clean out the unit and resell the contents, the sooner you can move on to the next auction. So after winning an auction, don’t hesitate to get the ball rolling by cleaning out the unit. Even if the facility allows a full 48 hours for cleaning, you really only need a couple hours max for more units So, work fast to clean out the unit, hauling off the valuables to your home or place of business, and disposing of any remaining trash or unwanted items.
Maintain Original Condition
Some people are stuck in the mindset of trying to “restore” vintage items to make them cleaner and more appealing. Nine out of ten times, however, this has a negative impact on the item’s resale value. Rather than restoring antiques and vintage collectibles, leave them in their original condition. You should only restore an item if it will increase its value, which typically doesn’t happen for most antiques. Collectors tend to pay more for antiques in their original condition, even if that condition is worn.
These are just a few tips to help maximize your storage auction profits. For more tips, check back with our blog here at StorageAuctionList.