Easy As ABC...Part 3

This week, we've sent you Back To School With SUAL! If you've been following along with the blog, we've been working through the alphabet providing you with phrases and information that you need to be successful at storage auctions! This list will help you start making money faster! In this segment, there were so many great phrases that we had to double up on some letters to cram it all in!

shutterstock_121045546 eat: The better the unit has been organized and kept, the better the goods inside. If you see a unit that looks ransacked, it may not be worth your money, as the previous tenants may have already come and gone, taken the treasure, and left the junk. Don’t waste a bid on this type of unit or you’ll be paying to haul items to the dump! If a unit is well maintained, has professional moving boxes or large plastic storage crates, and lots of dust-these are signs that there may be value within the unit and worth the bid!
shutterstock_121043329 nline Auction: Many storage facilities post auctions online to avoid holding auctions at their physical locations. The participants place their bids online, and like a traditional auction, must then come to the facility within 48 hours and clear out the unit after purchase. pen Bid Auction: Open bid auctions are also known as English auctions. In this type of auction, each participant openly places their bids on each unit after reviewing the contents inside the
unit from the outside. Each bidder openly tries to outbid the previous bidder to eventually win the contents inside.

 

shutterstock_121043326 adlock: You should definitely invest in a few good padlocks to secure your units while the other auctions are taking place. Padlocks are especially important if you'll be leaving the facility completely in a caravan auction! iece Auction: When individual items are sold piece by piece from within a storage unit. Piece auctions are less common than bin auctions due to individual state laws that may prevent auctioneers and facility employees from entering a unit to catalogue inventory before the sale of the unit. However, when these types of auctions occur, often the individual items sell for more than the entire unit might.
shutterstock_121048393 uality: Always check the quality of the goods in a unit before bidding. Can you see any brand name purses or clothing? What about the boxes--are they old and dented, or clean, neatly labeled, and carefully stacked? You must be a bit of a detective in the storage auction business!
shutterstock_121049674 esale Certificate/Resale Permit/Seller’s Permit: Seller’s Permits and Resale Certificates are integral to a reseller’s business for tax purposes. Some states use one term over the other, and some states may combine the two documents together as a single document. Some states may have other names for this as well. A seller’s permit allows the reseller to sell items won at auctions and to collect sales tax from customers and report those amounts to the state on a regular reporting period (either monthly, quarterly, or annual). Resale certificates identify a business as having the right to make certain nontaxable purchases. Before attending an auction, participants are required to register to bid. Often the registration process requires a participant to show a valid driver’s license, and a resale certificate/permit.

 

shutterstock_121045537 ealed Bid: Sealed bid auctions are another style of auction. Sealed bid auctions are often completed online, but don’t necessarily have to be. In this type of auction, each participant enters a sealed maximum bid once, and then at the end of the auction period (time varies) the highest maximum bid wins like in a traditional auction.

shutterstock_121043323rading: Trading, or bartering, can be very beneficial to storage hunters. Maybe you have a huge couch that won’t fit in your van. Try trading it with the guy who was a moving truck for his TV! Most people are very open to trading, so long as the deal is fair. You never know what you might end up with!

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.

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