It is important to know your competition if you plan on profiting in storage auctions. There are several types of bidders, and most of them can be aggressively competitive. Many times when seasoned bidders bid higher and higher for a unit, it can signify that there may be something in there that they see and you don’t. They could also be bluffing to make you bid more. As you can see, there’s many nuances to the way people bid and why. While it’s impossible to label every person you see at a storage auction, here are some common “characters” that you’ll probably be able to identify.
1. The Gambler
One type of bidder is the gambler. They usually keep their bids low and hope to find something good. Gamblers will likely attend storage auctions more as a hobby than as their primary source of income.
2. The Conservative
The conservative bidder is the opposite of the gambler. They will only bid on items that they can see, and consider any boxes to be as good as empty when bidding on the unit. If a conservative bidder keeps raising their bid, you will know that there is something good in the storage unit.
3. The Guru
The guru seems to know the value of everything. They will have been in the storage auction business for years, and know everything important to success in the storage auction and resale industry. It would be a good idea to talk to a guru to get some useful tips.
4. The Amateur
The amateur bidder can be problematic to other bidders. Amateurs tend to accidentally overbid on a unit that someone else wants, which ultimately causes the other bidder to pay more than they need to on a unit.
If you got to enough local storage auctions, you’ll most likely start to see the same faces and bidding types. Make sure you know your competition so you can be successful in bidding on storage units! As they say, “keep your friends close, and your enemies (or competition) closer”!