Getting started as an auction buyer is easy. Costs are minimal; anyone with a few hundred dollars, transportation and a place to take the purchased goods can become an auction buyer.
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 https://www.storagetreasures.com/auctions to locate online auctions in your area. After finding auctions that look interesting to you, we recommend that you consider all information related to the auction (see View Auction Details) and you understand everything that is involved (i.e. Cleanout Period timeframe and Cleaning Deposit amount). Never “jump the gun” and bid just off the first photo you see. Always consider all aspects of the auction prior to bidding. Another aspect to consider is do you believe you have the skills to operate as an independent home-based business person able to buy storage 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 are interested in contains large cardboard boxes full of Gucci leather goods, you will want 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 make you rich. There will be duds. However, there will also be significant and profitable discoveries. Just remember to be patient and consistent in your plan.
In short – remember the following steps:
Locate, observe/research, evaluate, make a plan, decide to buy and bid.