In the spirit of going Back To School With SUAL, this week, we’ll be covering information for beginning auction hunters, working our way through the alphabet each day!
uctioneer-The auctioneer acts as the master of ceremonies for the auction. The auctioneer is often responsible for registering attendees, hosting the auction, enforcing the rules of the auction, driving up the bid, and keeping the crowd entertained and engaged with their auction chant. Many auctioneers are required to be certified, and often have certifications in several states.
idder-Any person who participates in the auction by bidding in any fashion. This means you! As a bidder, you are responsible for paying the amount owed if you’ve won the auction, and cleaning out the unit within the allotted time. Over time you’ll develop a bidding strategy, gain more knowledge of unit contents, and learn how to quickly and efficiently “flip” a unit to make money!
aravan Auctions-A series of on-site auctions advertised through a common promotional campaign. Often Caravan Auctions will take place at several facilities under the same ownership, or facilities that the auctioneer works for. The bidders will follow the auctioneer from facility to facility, creating a “caravan”. You do not need to attend all of the auctions in the caravan if you don’t want to, however, it is important to attend the first auction of the day to get registered.
ropping Out/Dropping a Unit- Ceasing to place any more bids on a given storage unit. For example, if you’re in the midst of a bidding war and the price goes way too high, you might want to consider “dropping out” of the bidding. Save your money for another unit that you can get cheaper! Dropping a unit is a bidding technique that is occasionally used by bidders. Using this technique, a bidder will steadily increase their bid and create a bidding war, when in reality they don’t want the unit and are just trying to make the other person pay more.. Use this technique with caution, as it creates bad karma!
bay-The storage hunter’s number one resale tool. eBay is used by storage hunters across the country (and world) to sell second hand goods at great prices. eBay offers “auction” style listings as well as “Buy it Now” listings. Each listing has nominal listing fees. For items that you feel could generate more excitement, it may be better to create an auction listing. For less exciting, but practical items, it makes more sense to list them as a “Buy It Now” item. Ebay allows you to create your own shop and include your own branding and SEO, which helps you grow your business!
air warning – The auctioneer will often call this out just before ending the auction. If you still want to bid and you hear the auctioneer say this, now’s your last chance! Fair warning is a term often used before the end of the auction, however, different auctioneers use different terminology. Some auctioneers may say something like, “All in, all done?” Each auctioneer has a unique style, including the way they end the auction and how long they choose to draw out the fair warning. So pay close attention so that you don’t miss the locker you want!
Stay tuned throughout the rest of this week as we work our way through the alphabet and provide you with the information you need to be successful and make money attending storage auctions!
StorageUnitActionList.com, a member of the Self Storage Association, provides our customers with a comprehensive auction list in multiple auction formats for all 50 states and over 51,000 facilities. Subscribers can review over 10,000 auctions each month through their personal dashboard making storage auctions easy to find whether you’re treasure hunting for fun or running a profitable business.