This week we’re taking you Back to School With SUAL! Join us as we work our way through some of the most used storage auction phrases, bidding techniques, tools, and more!
ambler-A Gambler is a term used in the auction industry for bidders who bid on mystery units, where most of the contents are unknown. Often Gambler bid higher than they should based on what they can see, therefore taking a gamble on a hunch or a feeling.
ome Goods-Home goods are one of the most common categories of products won at storage auctions. Home goods can range from electronics to furniture and much more! Knowing specific pieces of period furniture and various electronic models can help you be successful. The Storage Unit Auction List Complete Guide to Storage Auctions
and the Blue Book Valuation Guide gives you a thorough pricing guide for what you should pay for items you see at auction!
Phone-Your IPhone, or the smart phone of your choice, cough-Samsung Galaxy-cough, can help you succeed in the storage auction resale industry. Your phone can be used to research items on the go, and Storage Unit Auction List subscribers have access to instant text message alerts about upcoming auctions and cancellations!
ump bid – A bid made of a much higher increment than the previous bid. Usually this tactic is employed by a serious bidder who wants others to know that they mean business. The best time to use the jump bid is right before the auctioneer ends the bidding. This technique works well in smaller crowds.
ing-Cash is King is a popular phrase that is often announced at auctions. Typically, auctions do not accept any form of payment aside from cash, and you must be prepared to pay upfront. When determining your bid, you must factor in the amount of cash currently in your pocket, as well the cleaning deposit fee and any other required fees to determine the amount you are comfortable spending.
ooky-loo – A person who goes to a storage auction
purely to spectate, with no intentions of bidding. Looky-loos can be frustrating to both the auction goers and the auctioneer, as they crowd the space and make it harder for potential bidders to see the units.
aximum bid –The maximum bid is the largest amount you’re willing to bid on a locker. If your maximum bid has been exceeded through the auction process, then you should drop out of the auction and save your money for the next unit! Don’t get caught up in the heat of the moment bidding and overspend!
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.