Still struggling to turn a profit with your buy-and-sell storage auction business? Like all businesses, there’s no guarantee of success. It takes time, patience, dedication and a clear strategy to reap the financial rewards this industry has to offer. With that said, we have some simple tips that are sure to help you turn a profit with your business.
Don’t Get Into Bidding Wars
One of the biggest (and most costly) mistakes newcomers make is getting into bidding wars with other auction seekers. This occurs when two or more bidders continue to raise their bids with the purpose of knocking the other person out. Storage auctions are highly competitive, and it’s not uncommon for bidders to get into “bidding wars” such as this. When this happens, however, the wining bidder will end up paying a premium price, reducing the chance of him or her turning a profit.
Map Out Your Auctions
You can’t expect to run a successful buy-sell storage business without having a clear plan of attack. This means mapping out each and every auction that you intend to visit. Most states have laws requiring self-storage facilities to announce upcoming auctions either in the paper or in the news. You can use this to your advantage by searching for these announcements, using them to plan your week ahead of time. Ideally, you should plan a route on a map, marking various stops at storage auctions along with the time of the auction. After spending a couple hours at one auction, you can move on to the next.
Here’s a tip: sign up for our service here at StorageAuctionList.com for the most comprehensive and up-to-date list of storage auctions.
Open a Store
Finding valuable items in abandoned storage units is just one step in the process of running a successful business. Once you’ve acquired these items, you’ll need to find buyers who are willing to part with their money for them. This can be done by either taking your newly acquired items to various dealers, or you can open your own store. Opting for the latter option typically yields greater profits simply because you cut out the middle man.
These are just a few tips to help take your buy-sell storage auction business to the next level. Be sure to check back with our blog for more tips and advice.