Mistakes To Avoid at a Storage Auction

Mistakes Cost You Time and Money - Learn What Not To Do

Do you want to use mini storage auctions as a way to make money?  If so, money is made with the reselling of merchandise won at an auction.  How you resell your merchandise can have an impact on your profits, but your biggest potential for making money starts at mini storage auctions.  To increase your chances of making money, avoid these common mistakes.

Traveling too far.  It is said that the more storage unit auctions you attend, the better your chances are for making a profit.  Yes, this is true, but you shouldn't have to travel two or more hours to attend these auctions, unless you know they will be large in size.  With the high cost of gasoline, you may find the best luck staying local.  The good news is that if you live in a large city, you may hear of a different mini storage auction taking place every weekend!

Arriving late.  If you seriously want to make money with mini storage auctions, arrive early.  At the very least, arrive ten minutes before the auction is scheduled to start.  Although you may not be able to inspect the items up for bid, you can still improve your chances of getting a sale.  You can scout out the competition.

Not asking questions.  Not asking questions is something that can hurt you.  As previously stated, only travel two hours or more to attend auctions that are large in size.  Unfortunately, you may not know without first asking.  Also, call ahead to verify that the auction has not been cancelled.  Ask what the accepted methods of payment are and how the bidding process works.  Are you bidding on sealed storage bins or whole storage bays?

Bidding too high on blind bids.  As previously stated, you may either bid on a sealed bin or a whole storage bay.  Many times, the units are opened, giving you a quick look inside.  When it comes to closed storage units or sealed bins, bid, but keep the risk in mind.  While most storage units are packed full, some may only hold one box in the corner.  This is particularly true if the renters had the chance to remove items before the auction.

Not bringing a flashlight.  If the storage units you are bidding on will be opened, you may be granted a quick peek inside.  This peek may only last 10 seconds.  So, bring a flashlight so that you can see. 

Not knowing what to look for.  If you want to make money with mini storage auctions, it is important to know what you can profit from reselling.  You are always taking a gamble, but you can make that gamble less risky.  Furniture and household appliances are good items to resell and they are easy to spot.  Look for name brand products.  Look for boxes that are labeled with their destinations, like kitchen, bedroom, or living room.

Thinking you will get rich right away.  Since mini storage auctions do rely on a lot of luck, there is a possibility that you will make a profit with your first auction, but that doesn't always happen.  Remember, the more items you buy, the better your chances of making a profit are.  If you lose money the first time around, know you can make a huge profit the next time.

Storage Unit Auction - Be Prepared

Preparing For A Storage Unit Auction

Do you want to make money buying and reselling items bought from a storage unit auction?  If so, you are not alone.  Many are finding self-storage actions to be an easy way to make a profit.

If you have never attended a storage unit auction before, you may be curious what you need to do in preparation.  Please continue reading on for a few helpful tips.

The day before or the morning of the auction, contact the company.  You will want make sure that auction is still set as scheduled.  If you have to travel far, this will save you a wasted trip.  Some people will make good on their overdue bill to save their stuff, even at the last minute.  This may result in an auction cancellation.

Most importantly, get cash and have plenty of it.  Once you attend your first mini storage auction, you will see how much great stuff is available for bidding.  Yes, you don't always get to see or inspect those items up-close and personal, but you may get caught up in the moment of bidding.  You may want to place multiple bids.  Rarely are credit cards or checks accepted

It is also important to plan on winning.  Yes, you may not, but always have a plan set in place.  You only get a set number of hours, which may be less than 24, to remove your winnings.  If you don't already own a truck or van, can you gain access to one?  Additional moving supplies are recommended as well, including work gloves, plastic tarps, and cushions.

As previously stated, you will want to plan on placing a winning bid.  This means creating a plan of action, in terms of what to do with your recently purchased merchandise.  Although this plan can wait until after you win, it is best to have a generalized idea.  Why?  Because the sooner you can resell the items, the sooner you can make a profit.  It also reduces the clutter around your home, as you won't need a place to store it if it is already gone.

If you win the contents of a whole store unit at an auction, start sorting right away.  You will end up with "junk," that you just want to throw away.  Stop by the junkyard on your way home.  In some rare cases, the storage company may have a dumpster onsite.  If you use it, be prepared to pay a small fee, but it is a convenient way to quickly get rid of garbage.

In addition to items that are considered junk, in terms of quality, you may come across personal items.  They are useless to you.  Turn them over to storage company.  If they do not accept them, you should properly dispose of them in a quick, yet safe matter.  Contacting the original renters is possible, but you may run into problems.  If you offer to give back their family photographs, they may try to get everything else back too.

Once you get all of the items home, resort them again.  This is best done as soon as you unload.  Create three different piles.  What do you want to keep?  What do you want to resell?  What can you donate to charity? 

You will also want to determine ahead of time how you plan to resell these goods.  This is important, as it can have an impact on your storage or where you unload them to.  If you plan to sell on eBay, take the items into your home so that you can clean them and take pictures.  If you intend to sell at a yard sale, leave them in a convenient location, such as your garage.

As previously stated, you can make money reselling merchandise you bought at a mini storage auction, but it can be risky.  There is always a chance that you will walk away disappointed.  If and when that times comes, try again.  Remember, the more merchandise you buy at mini storage auctions, the more your chances of profiting increase.

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