Bidding on storage auctions in South Africa using iBidOnStorage is not very complicated, novices must understand the steps required to have the best chance of finding a hidden treasure or a valuable unit. The process is labour intensive and comes with a certain amount of risk. Avoiding some common mistakes can make the endeavour easier and potentially more profitable. The following is a short list of possible pitfalls and ways to avoid them.
Overpaying
Maintain your composure so you don’t become caught up in the excitement of the moment. People often overbid as they ride the wave of enthusiasm during the auction. You must learn to evaluate units, determine possible resale value and calculate what you believe to be a fair price for the unit. A smartphone can help you quickly look up potential resale values. When your predetermined limit is reached, stop bidding.
Bidding on junk storage units
Newcomers should have a solid understanding of how the process works as well as ways to identify units that are likely to contain valuable items. Haphazardly buying several units increases the risk that you’ll purchase junk. You should focus on fairly well organised units that appear to contain at least a few quality items. Don’t underestimate the potential of a facility based on its location. People of various socioeconomic levels store items in Self Storage units throughout the area.
Not having sufficient cash on hand
Ensure you have sufficient cash on hand to cover the winning bid plus any auction fees so you won’t miss an opportunity. If you don’t have enough cash, don’t bid on the unit. Most auctioneers won’t allow you to go to the bank and return when the auction is over. Your research and budget will help you determine how much cash you should have.
Insufficient storage space
Once you win the bid, you’ll have 72 hours to clean out the unit. You’ll need the supplies and transportation required to relocate the items to your own storage unit, resale shop or dispose. Most storage facilities won’t let you throw large amounts of trash in their garbage bins. Failing to clean out the unit in a timely manner may cause you to be banned from future auctions or lose your Cleaning Deposit.
Ineffective resale plan
If you don’t have an effective plan to resell items at a profit, you’ll run out of money quickly. It’s important that you turn the inventory over as fast as you can so you`ll have the funds to purchase other units at storage auctions in SA on iBidOnStorage. Potential ways to sell items include Facebook Marketplace, Gumtree garage sales, flea markets, and online auction sites, as well as through a network of other local sellers.
With the right strategy, you can bid on several units at various storage auctions in Gauteng, Western Cape or anywhere in South Africa that contain potentially valuable items that can be resold at a profit. Don’t forget it’s free to register here: https://www.ibidonstorage.co.za/register/
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