Finding storage auctions is the easy part. StorageUnitAuctionList.com has thousands of listings in your area … but how do you know which auctions will be more likely to yield high-value items and which ones are likely to yield bags of garbage? There are a few great ways to get a general idea of where and how to pick the location of your next local storage auction.
One great way to find profitable storage auctions is to use the income demographic heat map featured on Hot Pads. Simply zoom in on your state, and the household incomes will appear by county. The income values will be color coded, and range from low, to average, to high. The cool thing about this website is that you can also view the population density of any given place. Suburban or urban areas are usually more promising than rural areas, due to the higher demand for extra storage in smaller living places.
Obviously, you’re more likely to find higher quality goods in higher income areas (of course, this is not always the case–there’s always a diamond in the rough). So a good strategy to utilize is to attend storage auctions in the areas with the highest income levels. By doing this you can increase your chances of bidding on units with a more promising return.
Now that you have selected a high income county, it is time to select which facility to visit. It is not a bad idea to drive around the area and check out the storage facilities before an auction is even posted. Keep in mind that people will not drive extremely far for their self-storage needs; they will want to have a unit close to home. Check the quality of the facility–is it in a good area? Do the units look secure and of a high quality? See if you can find out if the units are temperature controlled–this usually means higher quality goods and wealthier tenants.
Good luck at your next auction, and feel free to contact us if you have any questions or comments.