Have you heard that you can make money with mini storage auctions? You can. Unfortunately, doing so can be tricky.
Before outlining ways that you can walk away from a storage unit auction making a profit, it is important to highlight the risk. Unlike estate auctions, do you not get to see or inspect the items beforehand. In many cases, you are bidding blindly. If you want to profit from storage unit auctions, you need items that you can resell. You may, however, walk away with a bin filled with someone else’s family photographs.
Despite being somewhat risky, there is still a good chance that you can make money buying merchandise at storage unit auctions. The first step is choosing the right auction.
Most companies will outline online or in a newspaper classified ad how the auction will work. Do you bid on whole storage units or just sealed bins? Whole storage unit auctions are popular and they tend to have higher bids. Of course, you can and should visit all mini storage auctions, but if you are limited on funds, you may find the best luck with individual bins.
If you are bidding on whole storage units, take a close look. This involves arriving about ten or twenty minutes before the auction is slated to start. Although you cannot get right inside, you can gauge the merchandise. Unfortunately, many small and valuable items, like jewelry, are sealed in boxes or bins. With that said, there are still a number of signs that the contents inside may be profitable.
Is the storage unit packed to capacity? You may be surprised how many items some people can stuff into small storage units. While these types of units can be difficult to get a look inside, they are popular. Those packed to capacity will generally end with a high bid, but your chances of making money increase. The more items inside, the better the chance are that some are sellable for a profit.
Next, look for boxes. If you can see them from the outside, closely examine them. Do any boxes appear as if they have been opened and resealed multiple times? If so, this is a sign of something that is needed, like insurance documents or family photographs. These items are not profitable to you; they are essentially worthless. In fact, you may be required to turn them into the auction officials.
In keeping with storage boxes, are they labeled? If so, can you read what they say? Be on the lookout for moving boxes. They usually have the name or logo of a moving company. They may hold household items, which can be easy to resell for a profit.
It is common to find furniture inside a self-storage unit. After all, most people can store a few boxes at their home or in their basement. Those who rent storage units need a place to store items large in size. These items, unless packed to capacity, should be visible. The furniture alone can give you a generalized bid amount, but use your best judgment.
Yes, it is advised that you never judge a book by its cover, but this is what you should do when looking to profit from mini storage auctions. What does the visible furniture look like? Is it antique, modern, or cheap looking? Antique looking furniture may be a sign of a family heirlooms passed down, some of which can be valuable. Cheap looking furniture may be the sign of a frugal shopping. Yes, frugal shoppers do own valuables, but your chances of making a profit decrease when quality does.
The above mentioned tips can help to get you started with buying items from a storage unit auction. Remember your main goal is to make money, but you don’t always have control over doing so. In all honesty, making money through these auctions is all about consistency and trail and error.