Storage auctions often look like intense yelling matches on television shows like Storage Wars. While these animated bidders are going back and forth, it is important, as someone just being introduced to storage auctions, to remember that these individuals are seasoned professionals, who bid on storage lockers regularly.
It takes experience to be as engaged and knowledgeable as the bidders you see on television, but as a first solid step towards bringing you success at storage auctions, we’ve compiled a few rookie mistakes that you’ll now know to avoid when participating in your own storage auction.
Avoid: being unprepared
The last thing you really want to do is try participating in an auction you are unprepared for. Understand that if you are bidding on a storage unit, you must also be prepared to win that unit. Winning units, typically, are only given 24-72 hours of time to have the unit completely emptied. You need to have made arrangements in advance (with a moving vehicle of some sort, or even helping hands to move items) to ensure you can empty it without incurring a rental charge from the storage facility.
It’s is also advantageous to research the storage facility itself. What sort of neighbourhood is the facility located? What residents/businesses are in the area and may be storing items there? Does that demographic suggest storage contents that you may be looking for?
Avoid participating in a storage auction if you are not properly prepared or unaware of the process and opportunities.
Avoid: collecting storage auction junk
Doing research in advance will prepare you for what you might find at a particular storage auction, but you will also want to know how to reasonably value those items. If you look into auction forums online, you should be able to start to understand what type of items are easiest to resell, and which are likeliest to be the most profitable. Create a master list of those items and keep it on-hand with you as a reference point when trying to value the contents of a locker. This will help you avoid collecting more junk than not.
Avoid: bidding for the sake of bidding
Remember: you don’t have to win a bid for a storage unit. Sometimes, it’s a win to leave empty handed. Bidding on units for the sake of bidding is not recommendable. Be smart; pick your spots; wait for the unit that appears to have the contents that match your needs. It’s better to come up empty than have a truck load of junk you never needed in the first place. Don’t get caught up in excitement of placing bids.
Avoid: waging bidding wars
Indeed, do not get caught up in the excitement of placing bids and end up in some bidding war with one or more others. This is the most common mistake new bidders make. All this usually achieves is driving the price on the unit way up, while providing you with a bad reputation amongst bidders. Suddenly you’ll be a target, and everything will become a war – and more expensive.
Hunting for storage units and the hidden treasures within is a lot of fun and excitement. It’s also an opportunity to acquire things you may want or need for a much reduced price. But to be successful at a storage auction, whether online or in-person, you need to be prepared, patient, and focused.
For an extensive selection of storage units for auction online in South Africa, take a look at our auctions on iBidOnStorage.co.za going on live right now or register to start bidding immediately!
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