Self-Storage Unit Auction Tips

Whether you have a second-hand store or you sell your goods on the internet or you join flea markets, you will find quality and profitable items from events like auction storage units. Do you want to know how to make money from these auctions? Are you wondering how you can find great items that can give you huge profits?

Here are some tips on how to reap a windfall of profits from self-storage unit auctions:

Plan days ahead of the auction.

All auctions are subject to cancellation which happens if the owner of the goods set to be auctioned off manages to settle his delinquent rental at the last-minute. Many delinquent tenants have thus waited at the very last moment to satisfy their obligation. When you phone the site to confirm that the auction is proceeding as scheduled, inquire about how many potential lots or units might be going up for auction.

Be consistent.

If you plan to make money from the storage auction game, you need to be consistent and persistent. The more storage auctions you attend, the better your chances of getting a good purchase. You can view up to 70 units or lots per day.

Bring your own tools.

You need to bring with you a bright flashlight and your own padlock. The flashlight will come in handy when you view the units from the entrance area. Without a flashlight you won’t know what you are getting into. As for the padlock, you need this once you have purchased a unit to secure it since most sites do not provide padlocks.

Do your own calculations. The way a lot or a unit looks can clue you in on the potential value of the goods inside. Based on what you see, ask yourself if there are branded merchandise in it, whether the boxes are sealed and taped, if the boxes have any addresses, whether dust has settled on the contents, etc. Such calculations will give you an idea of the total value of the contents of the unit.

Have a good marketing plan.

When you start purchasing units it is a good idea to have a solid marketing plan. eBay is a good platform in which to sell your merchandise. Small classified newspaper ads will be your best source for larger items such as couches, entertainment centers, refrigerators, washer and dryers and household electronics. Consider starting a rental business with the used appliances that you find. If you don’t like to hold garage sales or sell at flea markets, sell the “flea market” property in bulk. If you spend some time at the flea markets you can build a vendor list of potential re-sellers.

Know how to price.

Knowing how to price used merchandise, antiques or collectibles is very important. Analyze the inventory thoroughly when you purchase a unit, keeping in mind that it is easy to sell a used vase for $5 that may be worth $500. Website auctions like eBay and Yahoo often have current auction prices on items that are exact or similar. These prices really establish a current market value and should help you establish a solid asking price for your merchandise. If you cannot find an item at either of those two auction sites, try using a Webferret, which provides a handy and efficient way to find information on the Web by searching a multitude of search engines all at one time.

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