Becoming A Self Storage Auction Pro
Stories of success are many, and varied. One auction buyer had experience selling on EBay and decided to expand into the storage auction arena to secure another profit stream. How will you fund the purchase of your first unit?
Once you have your cash reserve in hand, check out the Storage Treasures directory for auctions in your area. In major metropolitan communities storage auctioneers often schedule auctions at several facilities on the same day. Don't buy at your first auction visit. We don't want you to lose out on the storage treasure of a lifetime, but it is advisable to observe auctions before you participate. Check out the competition, and how they behave. Familiarize yourself with how the auctioneer operates. Determine if you are comfortable in the bidding environment. Does the system fit with your personal style and do you believe you have the skills to operate as a independent home-based business person able to buy at auction and turn around and resell the items producing a profit?
Consider developing your knowledge of resale prices for a wide variety of products. Your profits will soar when can spot the difference between an average and a high quality used lawnmower or know the value of a set of Limoges china relative the value of a set of china by Noritake. If the storage unit you purchase at auction contains large cardboard boxes full of Gucci leather goods. You want your eye trained to know the difference between the real deal and a "knockoff". To maximize your profits as an auction buyer you will want to possess a working knowledge of such items as electronics, appliances, furniture, antiques and collectables. It is further advisable to put one foot in the water first before jumping in all the way. In other words, start small, with a minimal initial bid. Take it one auction at a time, making a plan to grow your business. Perhaps most importantly, be realistic and do not fool yourself into believing that every auction will produce Storage Treasures. There will be duds. However, there will also be significant and profitable discoveries. Be patient and consistent in your plan to discover Storage Treasures.
To recap: follow these steps.