Are you just jumping in to the storage unit auction hunting business? Are you looking at your Storage Unit Auction List listing page and trying to determine which auctions you should attend and when you’ll be able to buy units for the lowest amount possible?
The bad news is that there is no one specific science to attending storage auctions. The good news is that we have a few tips and bidding strategies that will help you become a successful storage auction hunter and reseller.
Make a Statement
This approach is strong and straight forward, but will cost you more money up front. As the storage auction gets started, you should prepare to spend money on the first few storage units. Pick a storage unit where you see value that you like and think that you can sell and then get the bid started. Don’t stress about the competition. If you find yourself in the middle of a bidding war, be vigilant in getting your storage unit. You may have to go a bit above your normal maximum bid, but you’ll be making a statement to the other storage auction attendees that you are there to spend money and win units!
While this means that you’re paying more money earlier in the day, the other bidders will see you as a serious buyer and big competition with deep pockets. You may find that you save more and get better deals on units following your big purchase, as other bidders may not want to get into another bidding war with you for fear that you’ll be able to outbid them. You’ll then be able to snatch up storage units for less than you would otherwise. Attending storage auctions can be a bit like playing a game of poker, and this particular strategy will definitely appeal to the gamblers. Just keep in mind that you only want to employ this strategy on units where you see value and think you’ll be successful at selling the items within the storage unit; so save this strategy for such an occasion. You don’t want to try this on a unit without much potential, otherwise you’ll be alerting the other bidders to your inexperience.
The Long-Haul Approach
Storage auction fatigue is far from a new concept. As the day winds on everyone attends more and more storage unit auctions, people start dropping like flies. Metaphorically of course, not literally!
This is less of a strategy than a tried and true fact of the business. This is especially true at large self storage facilities where there may be dozens of auctions in one day, or caravan auctions.
As the day progresses and people see more and more units, they start to get tired, they start to run out of money, and all the storage units start to run together and start looking the same. All these factors combine and mean that people are bidding less and losing excitement.
This can work to your advantage. Unless you see an exceptional unit(s), save your money and your bids until closer to the end of the day. By benching yourself in the beginning of the day, you’ll be opening yourself up to more possibilities later in the day, when everyone else is starting to drag, out of money and in desperate need of a coffee pick me up.
How Pay Periods Affect Bidding
We all know the feeling. It’s that excitement time of the month known as pay day! We’re ready to go out and spend that money that just seems to be burning a hole in our pockets. So is everyone else!
Keep this in mind when picking times of the month to attend auctions and spend your money.
The 1st and 15th of any given month are days to watch out for, as people may have more money to spend then. The 1st is also traditionally when many people who receive assistance from the government receive money, so this is doubly true. Take into account that many people are paid on a weekly basis, usually on Fridays, so you may want to avoid bidding wars, or try to attend auctions that occur during the week days.
You should also monitor all of the auctions in your immediate area. If there have been several auctions in a row during a given week, then you may be able to find better deals following these auctions. You should look at all of the auctions as one big picture in terms of how you spend and how the competition bids and spend.
Reply in the comments below to tell us your favorite “Save Money” bidding strategies!