There are many variables as to whether you can make money at storage auctions. It takes some skill, knowledge and a little bit of luck to be able to maneuver around the world of storage auctions. A few of the major factors that contribute to whether you make a profit or not include:
- What types of things are in the unit and what condition are they in?
- What is the neighbourhood like where the auction is being held?
- Do you know the monetary value of a variety of items?
- Do you know where or how to sell the items from the storage unit?
- What is your plan with the unit when you’re done with the items?
- Is there a demand for storage units near you?
How to Start Buying Storage Units
So, you’ve decided that you want to start buying storage units. What should you do first?
- Do your homework. Like most enedeavours, you should always do research. Find out any and all information about storage auctions. If you have any friends or family, ask them about their experiences, and if they have any advice.
- How far are you willing to go? Make a list of all the storage auctions that happen around you with dates and addresses and decide how far you’re willing to travel to get to them. Fuel and truck or trailer rentals will cut into potential profits.
- Test the waters first. Do a dry run before making any purchases. Attend a nearby auction and check out the action. Get a feel for the environment, listen to the terminology being used and watch how others bid on the units. This will allow you to feel a little more comfortable when you go to actually bid for the first time.
- Have a game plan. Before you go to your first auction, have a set game plan and stick to it. This should include a bidding strategy, a pre-determined budget and an understanding of how much stuff you have space for.
If you’re looking for a storage unit to hold all of your auction winnings, or just a clean space to easily access your important belongings, then contact the professionals at 10 Mini Storage.