Do you want to make money buying and reselling items bought from a storage unit auction? If so, you are not alone. Many are finding self-storage actions to be an easy way to make a profit.
If you have never attended a storage unit auction before, you may be curious what you need to do in preparation. Please continue reading on for a few helpful tips.
The day before or the morning of the auction, contact the company. You will want make sure that auction is still set as scheduled. If you have to travel far, this will save you a wasted trip. Some people will make good on their overdue bill to save their stuff, even at the last minute. This may result in an auction cancellation.
Most importantly, get cash and have plenty of it. Once you attend your first mini storage auction, you will see how much great stuff is available for bidding. Yes, you don’t always get to see or inspect those items up-close and personal, but you may get caught up in the moment of bidding. You may want to place multiple bids. Rarely are credit cards or checks accepted
It is also important to plan on winning. Yes, you may not, but always have a plan set in place. You only get a set number of hours, which may be less than 24, to remove your winnings. If you don’t already own a truck or van, can you gain access to one? Additional moving supplies are recommended as well, including work gloves, plastic tarps, and cushions.
As previously stated, you will want to plan on placing a winning bid. This means creating a plan of action, in terms of what to do with your recently purchased merchandise. Although this plan can wait until after you win, it is best to have a generalized idea. Why? Because the sooner you can resell the items, the sooner you can make a profit. It also reduces the clutter around your home, as you won’t need a place to store it if it is already gone.
If you win the contents of a whole store unit at an auction, start sorting right away. You will end up with “junk,” that you just want to throw away. Stop by the junkyard on your way home. In some rare cases, the storage company may have a dumpster onsite. If you use it, be prepared to pay a small fee, but it is a convenient way to quickly get rid of garbage.
In addition to items that are considered junk, in terms of quality, you may come across personal items. They are useless to you. Turn them over to storage company. If they do not accept them, you should properly dispose of them in a quick, yet safe matter. Contacting the original renters is possible, but you may run into problems. If you offer to give back their family photographs, they may try to get everything else back too.
Once you get all of the items home, resort them again. This is best done as soon as you unload. Create three different piles. What do you want to keep? What do you want to resell? What can you donate to charity?
You will also want to determine ahead of time how you plan to resell these goods. This is important, as it can have an impact on your storage or where you unload them to. If you plan to sell on eBay, take the items into your home so that you can clean them and take pictures. If you intend to sell at a yard sale, leave them in a convenient location, such as your garage.
As previously stated, you can make money reselling merchandise you bought at a mini storage auction, but it can be risky. There is always a chance that you will walk away disappointed. If and when that times comes, try again. Remember, the more merchandise you buy at mini storage auctions, the more your chances of profiting increase.