Tips On Self Storage Auctions
It is possible for a person to have a profitable part time business from buying self storage units at auction. Having an idea on the value of second hand items is vital to making a profit in this business. A person also has to know how to find out when and where an auction is being held. Below are some brief tips and information that can help anyone interested in venturing into the world of self storage auctions.
The first thing for a person to do before jumping into the business is to have their own garage sale. Doing this is going to give them an idea of the value of second hand items. They will have a clearer understanding of how much and what to bid on. It is also going to earn cash to help get started with buying the units.
To find where an auction is being held, check the newspaper, websites, and auction sites. Also, contact the storage companies and ask for dates or a listing. There will always be a legal notice for each auction, so check there also. When dates and locations have been found, still call the day before the auction is scheduled to find out if it has been cancelled.
When you attend an auction always get there early to sign in and read the company rules. The only form of payment that will be accepted is cash, so bring plenty. You also need to bring valid identification and if you have a resale license you need to bring it also. Without the license, sales tax will be added to your purchase.
The bids are usually verbal, rarely is it by sealed bid. Once the unit is opened, each person is allowed to walk pass and view what is inside. No one is allowed to enter the unit to see what it contains. The winning buyer will have 24-48 hours to clean out the unit. That time period can also vary from company to company so check before going.
Going into this business is a gamble. A person needs to know what to look for in the unit in order to make profitable buys. Successful business people are conservative on what they buy. Experience has taught them that the treasure finds are few and far between.
That is not saying treasures cannot be found, just that your profits are going to come from the household items, clothing, furniture, appliances, and tools that you resale. Look for clean storage boxes, name brands on anything, clothing in wardrobe boxes instead of shoved into garbage bags, and furniture that appears to be cared for or is still in style. Be conservative in your bidding and remember you are there to make a profit.
You should also bring two or three padlocks with you in case you buy more than one unit. A flashlight is going to be useful when examining the units before bidding. There is a profit to be made from buying self storage units and selling the contents just invest the time, do the research and continue going to the auctions.
The first thing for a person to do before jumping into the business is to have their own garage sale. Doing this is going to give them an idea of the value of second hand items. They will have a clearer understanding of how much and what to bid on. It is also going to earn cash to help get started with buying the units.
To find where an auction is being held, check the newspaper, websites, and auction sites. Also, contact the storage companies and ask for dates or a listing. There will always be a legal notice for each auction, so check there also. When dates and locations have been found, still call the day before the auction is scheduled to find out if it has been cancelled.
When you attend an auction always get there early to sign in and read the company rules. The only form of payment that will be accepted is cash, so bring plenty. You also need to bring valid identification and if you have a resale license you need to bring it also. Without the license, sales tax will be added to your purchase.
The bids are usually verbal, rarely is it by sealed bid. Once the unit is opened, each person is allowed to walk pass and view what is inside. No one is allowed to enter the unit to see what it contains. The winning buyer will have 24-48 hours to clean out the unit. That time period can also vary from company to company so check before going.
Going into this business is a gamble. A person needs to know what to look for in the unit in order to make profitable buys. Successful business people are conservative on what they buy. Experience has taught them that the treasure finds are few and far between.
That is not saying treasures cannot be found, just that your profits are going to come from the household items, clothing, furniture, appliances, and tools that you resale. Look for clean storage boxes, name brands on anything, clothing in wardrobe boxes instead of shoved into garbage bags, and furniture that appears to be cared for or is still in style. Be conservative in your bidding and remember you are there to make a profit.
You should also bring two or three padlocks with you in case you buy more than one unit. A flashlight is going to be useful when examining the units before bidding. There is a profit to be made from buying self storage units and selling the contents just invest the time, do the research and continue going to the auctions.
About the Author:
Standard size and custom size storage units available at our storage facilities. Some of them can accommodate cars, boats, RV and more. Migson Public storage Scarborough 2356 Gerrard Street E, Toronto, ON M4E 2E1 (416) 691-8111 866-691-8111
Custom Search