OK so you have seen the latest television shows about storage auctions and are thinking about jumping in on the fun. That’s great, but before you do, join us for a few minutes…it might make you or save you a lot of money.
Without question storage auctions can be exciting so the first thing to figure out is why you what do participate? If it is just for the rush of bidding like we see on television then you might think twice. You must be able to separate the excitement of the moment from the potential to turn a profit on the unit.
Certainly we all want the unknown treasure that can’t be seen, but the reality of it is we must be able to at least break even if not make a small profit on what we can see in the unit before taking a chance on the unknown. If you can’t make a profit…don’t bid.
If you do find a unit worth bidding either jump in with a really low minimum bid or wait until the end and try to grab it but don’t get caught up in a back and forth bidding war. Make sure you have done your homework and decided the maximum price the unit is worth in order to make the desired profit before the bidding begins.
Also, keep in mind if you can see quality items there are probably more quality items you can’t see. Similarly, if all you see is junk, chances are more junk is what awaits you, despite what television may try to portray.
If you are lucky you can be in a location where it is easy to attend storage auctions frequently as there is no substitute for experience. Leave your money at home and just watch and learn. Try to seek out experienced people who will give you advice. Some will and some won’t but don’t let that discourage you.
Remember, you can only bid on what you can see as there is no touching or moving of items prior to the auction. Become an expert at quickly assessing the value of the contents of the unit and setting a price in your head that you would not go over. Pretend bet like this for a period of time until you feel ready to jump in.
Experience is a great teacher and it is located all around you. You are welcome to learn more at the free link below. Attend the auctions, ask questions and develop a business plan. Remember, the more efficient you are…the more profitable you will be as every dollar saved is a net dollar earned. Best wishes and good luck!