Avoid These Mini Storage Unit Auction Mistakes

Avoid These Mini Storage Unit Auction Mistakes

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.