The trained eye - Why the pros make the real money

Being able to recognize something valuable while your competitors have no clue what it is or how much it's worth is one of the greatest assets you can have in the storage auction business. There are no shortcuts, a trained eye comes from years of experience. Whether it be a rare antique or a specialized piece of industrial equipment, this knowledge will help you make smart decisions time and time again.

Have you bought a unit that had something in it that the other bidders didn't know what it was or what it was worth?

 

Have you bought a unit that had something in it that the other bidders didn't know what it was or what it was worth?

Oh yeah...more than once!

Great win Phil!

It's hard to pull the sneaky experienced bidder on my competition when they are willing to pay $550 for a unit with most of the contents you could see from the door, contents as follows:

1. used, old mattress & boxspring
2. plain metal bed frame
3. 2 mid-level Ikea like dining table chairs
4. large ottoman
5. plastic storage shelf
6. small glass end table
7. average desktop computer & monitor
8. 2 backpacks (packed)
9. laundry hamper with shoes (nothing name brand showing)
10. Aprrox. 3 garbage bags & 2 totes (presumibly full, probably clothes)
11. Another random old skool office chair (nothing collectible, trust me!)

WOW! Were people paying that much for a locker before all the show hoopla?

But, you know people do store their gold in backpacks. Didn't you? LOL!

Ohh, HELL NO! When I first started going to the auctions most good units would sell for $250-$400, a great unit would sell for $500-$700.

I think the prices are WORSE now then Spring 2011 when the first TV how wave of newbies hit. In 2011 good units jumped to $800-$1100, & great units jumped to $1600-$2200.

So far Spring 2013, good units are going for $900-$1500, & I haven't seen a great unit yet. 

Average units (typically should sell in the $150-$300 range) are going for $450-$850! 

And the crowds are SMALLER then Spring 2011, & Spring 2012! Not even sure if we have seen the full wave of tax return newbies yet!

Makes me wonder if inflation in prices of everything else is causing people to mistakenly inflate the value of storage units.

Makes me wonder if inflation in prices of everything else is causing people to mistakenly inflate the value of storage units.

The problem is that people are valuating units contents at retail value and are lucky to break even. What they should be doing is valuating the contents below wholesale so that a profit can be made.