Storage Auction Bidder Tips
Once on the road to successful auction buying, you may want to focus on a specific niche market based on your own interests rather than following a "hit and miss" approach to the auction business. Storage Treasures enables you to track differing niche markets. This will enable you to focus on auctions that produce products you are comfortable reselling. The utility of this filter function will increase as more and more storage facilities become Certified Storage Treasures facilities and follow the guidelines set forth for inspection, proper identification and advertisement of a specific unit's contents.
Here are some helpful hints to follow once you have established your own specific market plan.
First, develop a schedule and a plan for attending auction dates. It is advisable to group them in a limited geographical area to save on transportation costs. Make sure you allocate enough time to both attend the auction and remove the goods following a successful bid. Develop a procedure for unpacking and sorting through the contents of the storage purchase. If you do not have a system, you will spend countless hours evaluating each and every item in each and every box you unpack. Carefully and quickly decide which goods belong on Craigslist and what goods belong in the trash. Create a system to log in your items and assign value ranges and specific prices to each and every item you intend to sell.
Input all of this information into your computer to keep your information organized. Make sure you have an email account that you devote to your storage auction business, and keep such communication separate from other personal and business related matters. It would be wise to set up a bank account dedicated solely to your storage auction business. Do not co-mingle funds from other personal or business related banking as you will ultimately create an accounting nightmare with potential tax ramifications if you are not careful. Always keep all of your receipts.
Storage Treasures does not recommend that you purchase units on a credit card, but we do recommend that you secure a business credit card that you use carefully for your related expenses. This will provide a permanent monthly record of your costs. Your credit card statement, or receipts, may not provide adequate records for tax deductions. Make sure to keep a log detailing your expenses and be sure to check the IRS requirements and/or consult with a CPA. Finally, if you plan to sell your goods online, set up the necessary accounts in advance so you can profit faster!
