Storage auctions have become increasingly popular in the past few years, thanks in part to reality TV shows like Storage Wars and Auction Hunters. Granted, the format for auctioning off the contents of abandoned storage units has been around for quite some time. But it wasn’t until these TV shows were launched that the general public was able to see the process first hand. Now, men and women of all walks of like are eager to participate in storage auctions, creating a significant increase in competition. So, what’s the best way to deal with competition in the buy-sell storage auction business?
Tip #1) Don’t Get into Bidding Wars
We’ve talked about this before on the StorageUnitAuctionList blog, but it’s worth mentioning again that you should avoid getting into bidding wars with other participants. Much like eBay and similar auction websites, a bidding war occurs when two or more bidders continue to raise their bids in an effort to knock out the competition. Nine out of ten times, the bid prices become so inflated that the “winner” ends up paying more than what the unit is actually worth.
Tip #2) Go on the Weekends
Another helpful tip to deal with competition at storage auctions is to go on the weekends. While there are exceptions to this rule, the majority of people who attend storage auctions do so as a side hobby, which means they have regular daytime jobs as well. Attending storage auctions during the week will generally yield less competition, simply because other people are busy working at their daytime jobs, going to school, or doing other activities. This doesn’t necessarily mean that you will be the only bidder, but you can expect less competition when attending a storage auction on a weekend as opposed to during the week.
Tip #3) Attend Multiple Auctions
Just because one storage auction has a significant amount of competition doesn’t necessarily mean that they all do. If a particular storage facility is located in a busy part of time, it will naturally attract more bidders. On the other hand, if a storage facility is located in a discreet part of town that’s away from the main roads and highways, few people will know about it; thus, there will be less competition. So, try to get into the habit of attending multiple storage auctions, making notes of which ones have the most and least amount of competition.