In the storage auction buying business, it is difficult to calculate a monthly income to exactitude. This is the primary reason why people shy away from doing it full time until they can compose a multifaceted resale plan, usually based on a few months of trial and error. As you first embark in your treasure trove hunting, or are getting in over your head a little bit already, you should really focus on making “tripling your locker investment” a good mantra to follow.
This is not an impossible notion. Mastering the process is more important than the search for a gold mine locker. If you master the process of apportioning your time to each of the legs of resale, tripling your investments can be done for at least a few months. These will be some of the most important months of your storage auction career.
Your deadline to hit your maximum profit should be “as quickly as possible after winning the unit.” Do not set a date to have all of your things sold because you will not win that battle. Storage auction buying is a revolving process, but there is a methodology to drawing close to a tripled investment if you take the direct approach the first three weeks.
It would be optimal to get these foundational steps underway within two weeks, but if you need to take a breather day off between major steps, by all means, do so. Here’s a two week game plan that can get you started towards maximizing profits, thus keeping the whole experience pleasurable and rewarding.
First Workday: Obtain Two Lockers at the Same Auction
StorageUnitAuctionList provides users with a column for “number of units” in its list. This data is not always available because the facilities we partner with try not to promise an exact number until the lockers are so delinquent that it is pretty much a guarantee. Nonetheless, if possible, try to hone in on auctions where the number of units is listed and that there are a lot of them. Anywhere from 7 to 20 is a great outing for you to theoretically purchase two lockers.
Try to get one fairly expensive locker and one cheap locker with potential in the same day (read through this and this if you have no clue what constitutes an expensive locker worth going for). Keeping your inventory gathering to one day per week is crucial to saving on your overhead. Why? You know the drill: saving on gas, saving on time to track down another auction, saving on personal labor involved in multiple clean out processes.
Remember, all of these rules are pertinent to an effort to triple your investment. In general, we highly encourage you to go to multiple auctions just to peek around and see if any whoppers are lingering at facilities not yet explored. But remember, work before play.
Another good reason for buying one chocked locker and one cheap one is that the potential for a thrilling discovery for very little investment in the cheap one and the sheer bulk of the expensive one.
Next Workday: Market Research and Profit Projection
Assuming you chose and bid wisely at the auction, the next thing you want to do is research the market value of everything you have on hand and determine if tripling your investment is possible.
Using Microsoft Excel, calculate the cost of your two weekly units and project how much you will need to earn to triple how much you spent. The resale strategy is going to involve choosing which items you can sell for less than the comparable price (if the market is flooded, then people need a reason to buy yours) and which you can sell at or higher than market value (especially if they are in as good or great condition).
The cheap locker that you got for $10 to $50 dollars may very well contain the wild card items you’ll need to boost your projected profit into the three fold level. Did you find any knife sets, power tools, jewelry, or appliances that were hidden from view?
Now with your cumulative estimations, can you triple your investment with reasonable prices, or come close? If you can, let’s do it.
Next Work Day: List First Half of Top Merchandise In Multiple Locations
The very next phase after all of the grunt work (cleaning, sorting, trashing) is giving your good stuff the most visibility possible. This involves listing it in multiple locations so that you don’t become desperate and drop your prices too quickly. Try to get half of your load fully advertised on this day, including concise, descriptive content that is under two paragraphs long.
- EBay: you will only pay a fractional listing fee until it sells, so give it a chance. As mentioned before, this should be stuff you are capable of shipping nationwide.
The beauties of CraigsList include meeting buyers face to face, the ability to sell things that do not have to be shipped, the ability to say no to hagglers for a few weeks, and ultimately, the ability to easily drop prices and change your ad content to reflect a new deal.
IMPORTANT: Make sure to list all of your Craig’s items with a registered account/email. Create an account if you haven’t done so already. This is going to save you hours of time when you go to repost and refresh items.
- Pinterest is becoming the internet highway of billboards where things are sold. The clientel are typically women, so jewelry and home furnishings are things that work well on Pinterest. Just make sure the goods are in near mint condition, because you will be competing with thousands of flashy billboards if you choose to advertise here.
- Facebook: If you have been an avid Facebook user for some years, you have already developed an organic, personal customer base without even knowing it. As long as you don’t abuse the privilege of making item by item inventory posts in your status update, you will see that Facebook is an excellent source of selling off at least a few major items piecemeal.
Because your target selling group are your friends and acquaintances, you can go into a little bit more detail with your item descriptions without appearing pitchy or desperate. Only list your upscale items. Ask your friends to message you privately if they are interested in any of the items you have listed.
The strategy behind the triple investment involves streamlining your work and letting these internet outlets do the selling for you. Keeping inventory low, of high caliber, and manageable is going to allow you to get most listed in 24 hours so buyers can start traveling in lickity-split.
If you start getting online hagglers, now is certainly not the time already begin dropping prices. Remind the low-ballers that your price is aligned to the market and that they probably will not get a better deal…
“Com’n soldier, we’re just getting started!” Return to us later this week and get the rest of the best strategy for tripling your investment in a timely manner. Lots more tricks to come.