Who Isn't Allowed To Bid



So you're at your first storage auction. You pass on the first two units but when the door's rolled open on the third unit you know this is the one. You set a budget of $300 before you arrived but the crowd's a little light & you think you can get it for under $100. It's organized and clean so you imagine a neat freak that took care of their things. You clearly see some power tools you know you can sell and huge coolers you'll be able to get good money for. You think you can make a strong profit between all the miscellaneous stuff & whatever's hiding in the boxes.

You're going for it. 

As the auctioneer starts the bidding you play it cool and subtly bid with a nod of your head. The auctioneer makes eye contact with you at $60 and you think the unit is about to be yours. Then, the guy in uniform that cut the locks off bids! You hang in there for awhile but by the time he bids you up to $220 you're so peeved you back off. 

"Can they do that?" you ask yourself as you walk back to your truck feeling dejected.

What the answer should be is obvious - but what is legal is less clear.

Who Can Bid
According to the UCC, an auctioneer cannot take bids "from the seller" without notifying the bidders. States may also have specific laws governing who can bid & facilities often have bidding policies. But be proactive. Click here to learn your rights & how to spot unethical bidding.

Then be sure to click the links below to read advice straight from the Pros!

 Storage Hero Rebecca Fox Storage Hero Rebecca Fox ~ So maybe your average storage auction isn't quite as dramatic as Storage Wars, but the same principles apply. And even off camera there is strategy to dominate the other bidders. Learn how to win.
 The Redneck Picker The Redneck Picker ~ You just bought a unit. Wouldn't it be nice to have ready buyers to sell to? You do....your network. Not only the connections you build, but the relationships you already have. But don't break the cardinal rule...
 WorthPoint WorthPoint Worthologist ~ You're digging through your latest storage unit & it seems too good to be true. Tiffany & Co, a metal tricycle, and old wood buckets & seltzer bottles. Maybe it is to good to be true. Learn how to spot reproductions.
 Curt Strutz Curt Strutz ~ Ever heard of "Rich Dad, Poor Dad"? It's a best seller about risk and reward. Sound like the storage auction business? Curt's got an interesting angle on how to apply this book's principles to storage units.
 Quart Paper Shredder Quart "Paper Shredder" ~ Yes, you can learn from a dog. From this dog at least. Quart gives you the inside scoop on where to find auctions (on Storage Treasures and beyond) & how to sniff out a good deal.

Remember, knowledge unlocks profits. Never stop learning!