If you are new to making money with storage auctions, you may be wondering how the process works. First, you need to find auctions. These auctions are usually advertised online or in a newspaper classified section. Depending on the size of your city or town, you may have a local auction once a month or more.
Unless otherwise stated, you will want to bring plenty of cash with you. Most storage companies will only accept it, not credit cards or checks. When carrying large amount of cash, take extra steps to keep it safe.
Inspect the items available for sale through bidding if you can. This may involve arriving ten or twenty minutes early. See if you can lookout around. Even if you cannot open up sealed bins or walk all the way into a storage bay, perform a quick inspection. You can sometimes gauge or estimate the value of items inside.
As for what you should look for, remember that you want to make a profit. Try to find storage bays where most items are visible from the outside. These are items that are out of or cannot fit into a box. Furniture is nice and easy to resell if you plan to do so locally.
You can place bids on sealed bins or storage units that are filled with them, but this can be risky. You never know what is inside. Look for moving boxes that are labeled with a company name or logo. This is a sign that household items may be inside. Household items, in most cases, are easy to sell for a small profit. On that same note, many boxes are used to pack away important documents and family photographs. These items are, essentially, worthless to you.
During the bidding process, remember your goal of making money. To make money, you must limit your business expenses. This means that you want to win a storage bay filled to capacity with valuable things, but you don't want to overpay for it. Never bid higher than you can reasonably afford.
If and when you win at a mini storage auction, you will need to remove the items from the premises. You should know ahead of time, but you may be required to have all items offsite within twenty-four hours. If you do not have access to a truck or van, bring a padlock with you. This can allow you to keep your purchases locked and safe when making multiple trips in a small car.
If you want to make money, but quickly, you will want to start reselling your items right away. For some the ability to quickly resell is very important. Are you limited on space in your own home? If so, you may not have room for all of your purchases. If you want to move these items out of your home and off your property fast or if you want to make a quick profit, host a yard sale. Yard sales are nice because they can be hosted at a moments notice and because everything is laid out for sale all at once.
If you are more focused on making the biggest profit, as opposed to selling off the items quickly, examine eBay.com or Craigslist.org. They are two popular websites online. Craiglist is not as popular as eBay, but it is increasing in popularity and it is free to post local advertisements. eBay is popular, but you are charged numerous fees. If you have time, you may want to try both. List half your items for sale on eBay and half on Craigslist. Which approach makes you the most money?
Jose Amoros
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