Learn How To Be A Winning Bidder
Some call bidding an art, others refer to it as an exact science, and still others call it magic. Bidding has probably existed since the caveman traded firewood for fish. Like a game of poker, bidding involves tactical diversion which is meant to confuse the competition. Some bidders wink, others nod, some throw their hands in the air and still others simply tip the brim of their hat. In other words, bidding is not always direct and verbal. Inexperienced auction bidders may not even know who the competition is because the bidding moves so quickly, and often silently, and can be over in a flash.
The key is to stay calm and focused on the process, observing your bidding competition.
You can't control all the factors at a storage unit auction (also known as a storage locker auction). You can't know what your competition's plan is, or how much they intend to spend. But you CAN know the price you are willing to pay for a particular storage unit and stick to that plan. Start low and try to bid up slowly. Don't get carried away in a frenzy. Expert bidders know that the storage auction is a marathon not a race. A secret to success is to throw in a best and final bid at the very last moment. As the auctioneer announces "going once, going twice...," put in that last bid before he can say "sold". Waiting until the last second before the auctioneer calls "sold" will provide an element of surprise that will surely throw your competition off guard. In this case, timing is crucial. You must have a feel for the pace of the auction and the auctioneer. You must also pay attention to your competitors to know their bidding strategy.
Successful bidding is NOT just about winning. You must win at the right price. Your profits decrease if the adrenaline rush of the competition pushes you beyond your budget for any particular unit. Worse yet, you don't want to end up in the red. While it is difficult to always assess the value of a storage unit accurately you want to make a profit at a minimum of 30% over what you spend to buy the unit to fully cover your costs. Many successful storage auction buyers will tell you that they make between 50% and 100% on their investment. This may be true in many cases, but there are also situations where you will lose money on your purchase. It is essential that you take the loss in stride, assuming of course that you can afford to do so, and move on to the next one. Once again, it is the average number that matters. As the old saying goes, "every day is not Sunday" and you should not expect to be a winner every single time. That being said, obviously you must win more than lose to turn a profit as a storage auction buyer.
