If you want to start making money with the buying and reselling of self-storage auctions, it is important to know what you are doing. Yes, you can make a profit with mini storage auctions, but there is always a risk involved. To help make sure you see a profit, please continue reading on for a few helpful tips.
DON’T go unprepared. If a phone number is provided call ahead of time to see what you need. Most likely, cash will be the only accepted method of payment. Ask if you can arrive early to look around. Know if you must pay a fee to participate in the auction.
DO anticipate on winning a storage unit auction, even if you do not. This is important, as you usually have 24 to 48 hours to remove all items. For that reason, it may be best to arrive with a truck or a van. At the very least, bring a padlock to secure the unit until you can return.
DON’T try to buy back your belongings at a mini storage auction. If you are behind on your bill and find that your items are being sold, talk to the owner right away. Some will cancel the auction up to a few hours before if you are willing to pay your overdue bill.
DON’T bid too high on sealed bins or closed storage units. Yes, you may walk away with a lot of valuables, but you may also walk away with nothing more than family photographs and personal documents. Even if you can’t look around, you should be able to take a quick peek inside a storage unit from outside the door.
DO look for signs that you have hit the jackpot. This can also give you a good bid idea of how much to bid. Look for storage units that are packed full, filled with home appliances, furniture, name brand products, and antiques.
DON’T bid high just to win. Unfortunately, it is easy to get caught up in the moment at mini storage auctions. Yes, losing to a higher bidder does stink, but don’t let the competitive environment cause you to lose money. Remember, there is always next time.
DO try to resell what you can. If you must, get creative. Do you have a lot of poor quality or stained clothes? Cut up the clothes to create scraps for sewing. Sell them by the boxful. Do you have a broken piece of furniture? Try to fix it before opting to throw it away.
DON’T pay to dispose of items you can give away for free or donate to a charity. Remember your main goal is to make a profit. This involves limiting your expenses, including trash removal costs.
DO know that you have several different reselling methods. Hosting a yard sale may be your first idea, but that is not your only option. Many successfully use yard sales, flea markets, online classified ads, newspaper classified ads, and eBay to make a profit from the buying and reselling of self-storage auction merchandise and you can too.
DO watch self-storage auctions to learn how others are bidding, and always keep your ears open, meaning listen more than telling, it’s a great way to get information and learn how others are making money buying self-storage auctions.
DO check out the online self-storage auctions as well, one of the most popular ones are Dan & Laura from Storage Wars at StorageAuctions.net, there is also StorageAuctions.com, don’t bid on units that are to far away from your home base, as this will almost always cost you money. I remember once I purchased a truck from a police auction in another state, I won and had to fly to another state, rent a car, get help picking up the car, than fix the truck before I could sell it, I got lucky and made a pretty penny, but it could have went the other way quickly.
DON’T give up if you have a bad experience the first time around. Did you pay $100 only to learn that nothing can be resold for a profit? If so, don’t let that stop you from bidding at mini storage auctions. To see the most profits, it is all about consistency.
You can also check out another article that we wrote on the Pros and Cons of Using Mini Storage Auctions for Profit.