Bidding is an integral component of running a successful buy-sell storage auction business. If you randomly toss out bids without any sense of direction or strategy, you’ll probably send up on the losing side of this business. But if you bid with a clear focus and plan of attack, you’ll come away with valuable self-storage units that you can easily turn for a profit.
Bid on What You Can See
One of the easiest and most effective strategies is to base your bids only on what you can see. From the moment the auctioneer cuts the lock on a self-storage unit, you and the other bidders will have a couple of minutes to peek inside. Use this time wisely by quickly analyzing the contents of the unit, adding up the total fair-market value. If you see $500 worth of goods inside, keep your maximum bid under $500. If you see $1,200 worth of goods, keep it under $1,200. Chances are there other valuable items buried in boxes, but following this strategy ensures you come with a profitable unit.
Another strategy to consider using is to bid late. I know what you’re probably thinking: how can bidding late help me score a valuable self-storage unit? It’s not uncommon for bidders to drop out as the bid prices rise. Perhaps they don’t believe the unit is worth that amount, or maybe they lack the confidence necessary to resell the unit’s contents. Regardless, you’ll find many bidders dropping out of the race towards the latter stages. You can take advantage of this by jumping in at the last minute, scoring the unit for a decent price. The remaining bidders will feel the stress of a new bidder, at which point they too will drop out.
Strong Opening Bid
A third bidding strategy that I’ve found to be effective at storing storage units at auction is to begin with a strong opening bid. When you come at swinging, other bidders will take notice, fearing you could drive up the bids for them. Granted, some bidders may continue to bid, but you’ll find many people avoid instances in which a bidder opens with a strong first bid.
These are just a few of the many effective bidding strategies that work. Above all else, though, pay attention to other bidders’ behavior and the overall auction process. It may take some time, but you’ll eventually settle in a rhythm that works for your needs.