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You are probably aware of what happens to storage units abandoned by the owner, thanks to the hit TV show Storage Wars. Storage facility lockers are auctioned so that the management can at least make up for their lost money. For the buyers, buying a storage unit is a chance to find hidden treasures for a low capital. Nevertheless, storage unit auction is a win-win scenario for both the storage management and the buyers.
However, how exactly does storage unit auction work? In this article, you will learn about several nifty tips on how to deal with storage unit auctions.
Tips for Storage Units Auctions
Here are some helpful tips that will help increase your chances of succeeding when joining storage unit auction:
Plan Well
One thing you may want to plan on before going to the auction is your budget, it is very important that you have set a budget in mind for your auction activity. This will guide you in achieving a more realistic approach. This will also allow you to set limits and prevent you from being caught up by excitement only while giving your bid.
You may also want to visualize what probable products you want to see. This will give direction on the items that you will be looking forward to. This will help you choose whether to bid or not.
Prepare your money
Of course, it is imperative that you have your money with you when you go for the auction; the auction manager will require you to pay immediately after the auction. On the other hand, some managers may allow you to pay through a debit card or a credit card, but most of them prefer that you pay in cash.
Register
Most of these self-storage unit auction managers would require registration before the activity. They may require some personal information for verification and notification should there be any concern after the bidding.
They do these preliminaries to make sure that the only people coming with them while going through from unit to unit are the people who really have the intent to bid.
Know the rules
It is a rule that we must be aware of the guidelines in every activity we engage in. Just like in storage unit auctions, there are certain rules that managers will mention before the activity. They may also divulge it through an announcement before the auction.
Some of the rules you may note are the number of days they will allow you to empty the units after the bidding. Another important thing to note is what are the consequences should you not be able to finish vacating the unit in the specified time.
From this, you can also have a rough estimate of the appropriate bid that the unit can be valued at. You can also calculate whether you will be able to dispose of your items fast and not be obliged to pay a penalty.
Be early in the location
It would help if you went to the auction at least twenty or fifteen minutes earlier. Most storage auctions managers would open all the storage units for possible bidders to see and have a look in the storage unit a few minutes before the activity.
The rule here is that you can just look from the outside and not touch any item or go inside the unit.
Keep things to yourself
As the auction proceeds, it is wise enough to keep quiet, should there be anything that you see which causes you excitement, or maybe you spotted a rare item or a great commodity.
This will give you the advantage of bidding on the unit first and doing it at a lower price. What you have seen or may consider another bidder may not have perceived as valuable. So, keep it a secret first.
Bring someone with you to help you brainstorm
Another person may be immensely helpful in brainstorming and sorting out ideas regarding the content of the storage unit. It will let you see another point of view or help you by giving an additional idea of what you can do with the item that you have bought.
Manage expectations
Storage unit auctions are not at all as dramatic as what you can see on television and other forms of media. Set your expectations real. This may help you well in your disposition of choosing and disposing of your items.
Start on low bids
The best thing to do is always start on low bids. Observe well the manner the auction manager repeats the bid value. If he kept repeating the price and no one responded, it would only mean that it would be given on a lower auction value. Timing is a great skill in auction activities. Should other bidders be interested in the item, one good thing is it was started at a lower rate.
Work immediately
It is better that you start salvaging as immediately as possible. You may want to bring in additional clothes for the work, gloves, a mask, and a few disinfectants to make the work safer.
Remember, these are items left if not abandoned by its owner, so there is a possibility of finding items you may consider trash. It would also be good if you could bring a flashlight that will let you see the item better.
Most storage unit auctioneers would allow you to clear up the unit in 24 to 48 hours. Beyond that span of time, they will already charge you a clearing fee, which is far above the amount you have bought the unit. They may even get your item out and be the one to dispose of it. So set to work as fast as you can.
Go through all the items
Check on all the items you have purchased, from the small cards to big furniture, because they may be items that are being valued for a higher price present. Check also for furniture that may be made of solid wood.
Take a closer look at the drawers, boxes, containers inside your storage unit. Check for any antiques or old coins. Do not leave any item scrutinized. This may need a lot of effort, but it may pay you back more than the price you have bought the storage.
Final thoughts
Storage unit auction buying is an exciting and profitable activity, especially if you are prepared before the activity. Preparation can muster you to buy well and sell better.
However, you should also set realistic expectations but must have an inventive mind to venture into the viable option of salvaging every item in the storage unit.
