Do you want to use mini storage auctions as a way to make money? If so, you need to walk away with items that can be resold for a profit. Unfortunately, this isn’t always easy to do. There is good news though. With a small amount of investigative work on your part, you can increase your chances of buying items that you can resell for a profit.
Most importantly, choose your auctions wisely. Many will outright state in newspaper classified ads if they are selling sealed bins. Sealed bins mean you do not get to see what is inside, usually you aren’t even given a peek. However, some storage companies auction off whole storage bays. These bays are usually open when you arrive. Although you may not be able to step inside and look around, you can get a good idea of what you would be buying just by standing outside.
First and foremost, look for name brands. You may assume this is difficult as most clothes are packed away. Remember that furniture and household appliances have name brands as well. Do you see a vacuum? Is it a brand you don’t recognize or a Dyson? Dyson vacuum cleaners can fetch up to $500 or more when new!
In addition to outright being able to profit from the resale of name brand products, you can also use them to estimate the other contents inside, especially those in boxes. Someone who purchases a Dyson vacuum cleaner tends to concentrate more on quality than costs. Quality products, especially those in good shape, usually generate the biggest profits when resold.
When using self-storage unit auctions to make money, you are typically told to avoid personal items, but you can also use them to your advantage. Do you see a wedding dress or a tuxedo hanging in the unit? These two items are nice because they can be sold if in good condition, but it is also a sign. You may have found someone who likes to save their family treasures, some of which could be valuable.
Many will also recommend avoiding storage units that are filled with boxes. Yes, they can be risky, but there are a few signs that you can and should look for. Are the boxes small or large in size? Smaller boxes are likely to hold family photographs and important financial documents, but they can also house jewelry and other small valuables. Look for boxes with moving company names and logos.
If you can get a good view of the boxes inside the unit, examine their seals. Have the boxes been left taped? If so, it is a sign that the items inside were not needed. This may signify a situation where two households were combined into one. As for boxes that are opened and then resealed, use your best judgment. The opening and resealing may signify need. In these types of boxes, you are more likely to find financial documents than valuables.
You will also want to rely heavily on your best judgment. In situations that involve a small amount of risk, like bidding at a public storage auction, your gut instincts can tell you a lot. If you suspect that you may walk away from an auction feeling disappointed, hold off on bidding. As the economy struggles, more consumers are falling behind on their bills. As unfortunate as this is, it means that you should have many more chances to walk away a winner at a mini storage auction.
The above mentioned points are all points that you will want to take into consideration. Unless you are bidding on a sealed bin or a closed storage unit, you should be able to get a feel for the items that are inside. Remember, your goal is to resell those items for a profit. Always be on the lookout for valuables, items that are in need, and name brand products.