If ever there was a holiday to celebrate the hard work, dedication, and long hours that you put into your business, it is Labor Day. No matter what season, professional storage unit auction hunters will brave the elements to attend auctions, fight for the units they’re passionate about, and put in the footwork to empty and sell the unit contents, only to do it all over again!
Storage auctions are no get rich quick scheme. To have long term success in the storage auction resale industry, there are many components to to consider. To celebrate Labor Day, and how hard each of you work at running your businesses’, we’re providing tips for the new storage auction buyer to help them get started!
5 Steps For Auction Success
1. Attend as Many Auctions as Possible:
Every auction might not contain treasure that will change your life. So attending as many auctions as possible to get started. Find auctions with Storage Unit Auction List. We provide auction data by region for over 50,000 facilities across the country and over thousands of auction listings each month. This includes caravan auctions, online auctions, and more!
2. Find a Niche:
When you’re a new storage auction buyer, there is a tendency for bidders without experience, to begin bidding randomly and driving up the bid based on a hunch or a gut feeling, or simply because the unit is large and full of product. But just because a unit is full of merchandise or mystery items doesn’t mean it’s valuable. You never want to end up taking items to the dump and paying for it. What new buyers forget is that they should instead focus on bidding on what they know. Like modern toys, electronics, or clothes? Storage units are full of these items! Have a hobby such as bird watching, pottery or collecting? Utilize your hobbies and skills! It can be easy to get sucked into the heat of the moment bidding and excitement, but resist the urge. While these types of items may not have you rolling in the dough, or manically throwing money into the air, you do know their value and more than likely, you know how to sell them, or at the very least, who to sell these items to. This money can then be funneled back into your storage auction fund for purchasing future units.
3. Start Small
Purchase units that are manageable for you to empty yourself with 24-48 hours. Larger units have more merchandise, but it may all simply be trash. Purchasing smaller unit allows you to cut your teeth and begin your resale business without sinking your ship and getting in over you head. The right small unit could contain that one item that will change your storage auction status from Newbie to Seasoned Pro.
4. Take Your Cues From Other Buyers:
At storage auctions, your best bet at being successful is to blend in when you’re just getting started. Take your bidding cues from the conversations of the more seasoned pros all around you at auction.
5. Research, Research, Research:
Before selling any items that could potentially be valuable, do your research! Today it is easier than ever to get a general value for your items. Sources such as Ebay and Worthpoint are both great starting places for assessing your items value, and determining how much people are willing to pay for it in the current market. Not only does this specifically help with making money from the items you’ve won at storage auction, but all this research will build up and eventually help you in making purchasing decisions on future units based on the contents and what you can see.
We hope everyone enjoys their Labor Day celebrations and take the day off to relax!
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.