First Silent auction tomorrow

Going to my first silent storage auction tomorrow. Any advice?

Until you have a good idea about what some of the regular buyers might bid on it, you are in dangerous territory.

If you value the sales potential at $600 you would be safe bidding $400 but it might not pan out the way you think if you get it.

If the other's see it the same way and they are happy with only $100 profit then they might bid $500.

On the other hand if they are all cheapskates and only bid $150 to $250, then you might get it at $400.

******

Until you know what the competition will do you could always bid lower, but chances are you will be beat by someone.
When bidding, put down an odd number like $399.00 or $401.00. Most people will bid more even numbers like $400, $410 or $415. Most places won't allow bids like $401.76.

I have lost several of these bids by $1.00. It happens and there's no way around it.

Good luck and try to keep good notes on what happens and share it with us.

Thanks for the advice. The past couple auctions I have been very hesitant to buy. I find units I want but I am worried about over spending. Hopefully there will be a terrible turn out and I can steal a locker. I'll let you guys know how I did tomorrow.

I've been to a couple.

One I got totally burned bid wise not profit wise. The room was full of high end furnishings, flat screen television ..etc.  I bid 1200 ... the amount I would go up to if it was a standard auction.  I won it and I asked the lady the next high bid... she looked at me and said sorry hun it was only 150!  I couldn't believe it.  There were 4 or 5 people there but apparently none of them saw what I saw and/or they didn't want to deal with a 10x30.  I still made a nice chunk of change but it still stings.

I've won other ones by 1, 2 and 5 dollars.  I've also lost by 1,2 and 5 dollars.

It's a total crap shoot and to me more stressful as I don't have any control over the outcome.

good luck

Struck out on 8 lockers.  Pretty much all the lockers were decent to my untrained eye.  The one unit i really wanted I got beat by 5 dollars. I do feel I learned a lot today though.  Over all it was not a waste of a day. Looking forward to the small auction in my hometown Saturday.

Struck out on 8 lockers.  Pretty much all the lockers were decent to my untrained eye.  The one unit i really wanted I got beat by 5 dollars. I do feel I learned a lot today though.  Over all it was not a waste of a day. Looking forward to the small auction in my hometown Saturday.

Too bad you missed out on the locker you wanted, but don't let the fact you missed it by only 5 dollars bother you.
There's no REAL way you can tell what to bid...look at this way...the other guy was right in line with what you thought it was worth !  (good job !)

*****

When you go to an auction Saturday be sure to let us know what it was like. We're desperate for entertainment here ! 

I will get there. I get frustrated when I don't get a unit but I am trying to be really Disiplined in my bidding. I did really well on my first unit but don't want to give my self a false scene of security. I will update Saturday afternoon. Thanks for the words

I agree with Movieman .. there is absolutely no need to get frustrated.  Silent bidding is a total crap shoot.  You have no control over the situation so it is what it is ... also there will always be another locker you want and next time I'm sure you'll bid a little higher to get it.

As long as you don't get caught up in the frenzy you'll be fine.  8-9 rooms out of 10 should be profitable / 1 out of 25 will have the "wow factor" and 1 out of a 100 will make your year.  Thats what I find anyway.

As long as you don't get caught up in the frenzy you'll be fine.  8-9 rooms out of 10 should be profitable / 1 out of 25 will have the "wow factor" and 1 out of a 100 will make your year.  Thats what I find anyway.

Couldn't have said it better myself.   

Thanks for the encouraging words. Went to an auction this morning. It was rather different. There were only 3 people there   First unit had little to no mystery. Washer dryer and sofa and a few other things. No one bid. I offered 20. The guy running the auction said no and said he needed 150. I offered 100 he refused. On to the next one. It was complete junk and no one bid.  The third unit looked solid. I asked what he needed for this one. He replied with 120. I bid. Someone else bid 125 I did 130. The other guy bowed out. The the auction guy said he would let me have it for 150. I offered 230 for this unit and the first. He said no. So I told him I would just do the 130 on this one. He accepted. Over all really excited about the unit. A quick walk through I found 2 Nintendo wiis with accessories and games, sofa love ( decent shape), kitchen table, Nikon camera, a Tom Tom, several sets of Legos. I also found a remote and 3d glasses that go with a 3d tv. Hopefully it's there. I'll update later tomorrow after I clear it out

sounds like a nice hit... I"d look for other auctioneers in your area though that guy sounds terrible

Wow I have never had an auctioneer or manager not accept an offer on a unit. If the unit doesn't sell they usually have to pay someone to clean it out. Most would rather give the stuff away than go to the time and expense to do the work themselves.

Congrats on what sounds like a good unit.

There is an auctioneer on long island who will do this and after no one takes the unit he'll have his crew empty it out for free ... its a rigged game.  He sets the price higher than anyone would normally start out a bid, doesn't take counters and then he gets the unit for free ... and all of the potential profit.

most people know his game and stopped showing up

Thanks guys. I have processed everything and conservative estimates it's looking like a 400 plus profit. I'll keep going to his auctions as it seems no one else really does. Hopefully I will get more of the same. Looking forward to a couple auctions this week. I'll keep you guys updated if you care.

I'll keep you guys updated if you care.

We care !  News from newbies (especially success stories) are what keep us going ! 

Bad news is good too because it shows folks what NOT to do.