Ways to Increase Your Chances of 'Finding the Big One'
If you've been in the storage auction business long enough, you probably know that not all units contain items of value. In fact, many self-storage units that you'll come across contain little more than junk. They may have old cardboard boxes piled to the ceiling, but the vast majority of these boxes are either empty or contain nothing of value. Sound like a familiar scenario? You should try the following techniques to increase your chances of scoring big in the buy-sell storage auction business.
Choose your storage auctions carefully, because this will play a major role in whether or not you come out profitable. Storage auctions held in major cities and areas with an above-average income level tend to yield greater results. If residents in a city earn a high income, the contents of their abandoned storage units are likely to reflect this characteristic by containing more items of value. So before you head out to attend a storage auction, do some research to determine the median household income.
Look for Signs...
The secret to running a successful buy-sell storage auction business lies in your ability to size up a unit before bidding. Once the auctioneer cuts the lock, you'll have a couple of minutes to look inside. You should use this time wisely, looking for signs of valuables. The presence of heavy-duty plastic containers instead of cheap cardboard boxes, for instance, is a prime indication of a valuable unit. Or if you see name-brand tools or machinery tucked away in the corner, you should consider raising your bids. Look for signs such as these to determine whether or not a unit is worth bidding on.
Leave No Stone Uncovered
After winning a storage unit at auction, thoroughly go through it to see what it all contains. Some people rush this process, tossing trash and keeping the valuables. In doing so, however, they may overlook items of value. Jewelry or even cash may be stashed in furniture drawers, and if you fail to check them before hauling the furniture off to the dump, you could be tossing those items right away. This same principle holds true for containers and boxes. Even if a cardboard box looks empty, there could be small, valuable items hidden at the bottom. Double-check all boxes, contains and furniture to ensure they don't have valuable items before throwing them away.