Self storage auctions can be a good place to make some easy money once you have some practice under your belt. These auctions take place when the person renting the storage space has not kept up payments to the property manager. After trying to obtain payment and informing the owner that they are to lose their property, the manager has the right to sell the stored property to recoup the missed payments.
People looking to make a quick dollar are turning up in droves at self-storage auctions, prompting two reality shows based on the theme. Many buyers resell the items in the classifieds or at garage sales, with large profits to be made if the items are in demand and valuable. The best way to hear about the next self-storage auctions near you is to contact the storage facility.
Auction houses and individuals bid side by side for items they sometimes have not even seen. This is because the property manager will raise the door to the unit and bidders must bid on what they see, though sometimes everything is in boxes. No-one is allowed to touch anything or go inside the unit.
Self-storage Auction Tips
- You are only given 24 hours to clear the unit so it’s a good idea to turn up with a truck on the day. So if you win a large lot, you want to make sure that you get a head start and can clear it out in time.
- Cash is the best way to pay, not everyone will accept checks or cards.
- A good strategy is important. Be careful of getting caught up in the excitement of bidding, only to win a lot that is not going to make you much profit.
- The best items are found in organized neat units. Cash, gold, collectibles, bicycles and more can be found. Toolboxes, safes and gun chests are also a good source of profit-making items.
Self-Storage Auctions as a Home Business
Buying cheap at self-storage auctions and selling for a profit is a good way to set up a home-run business. You could use your front lawn or garage as your shop and place some signs to attract customers.
You will need to start off with a small investment of about $200 which you could use to buy a small unit of items. Look for units with some interesting items in view such as a TV or other appliance; or perhaps a few board games that sell well. To make a good profit, you will need to make a quick mental calculation of what you could get for the items when selling cheaply. Then bid for half the amount you expect to make, leaving the other half as ‘profits.’
Larger pieces that are too bulky to ship to an online buyer should be listed in the classifieds. Any leftovers can be sold at a garage sale with any items of your own that you would like to get rid of.
If you enjoyed the process and made some money, up the ante and buy two lots next time instead of one. You will be on your way to running your own successful business from home.