Storage Auctions

The Storage Locker => New to Storage Auctions? => Topic started by: Rog in MN on September 29, 2011, 08:28:33 PM

Title: How many lockers did you pass on before buying your first?
Post by: Rog in MN on September 29, 2011, 08:28:33 PM
As a noobie, I have a question for the seasoned veterans.  How many lockers did you look at, maybe bid on, but lost, before you scored your first locker?

I have seen about 25 lockers opened.  I've bid on about 8 of them.  I've come in runner-up about 4 times.  I've yet to win a locker.  I'm not stressing about it.  I'm waiting for the right locker and not getting swept up in the frenzy to buy a locker.  No sense over-paying for a locker, just to say I bought one, right?

I saw one today that has me regretting my decision to pass.  This locker looked like it hadn't been opened since the late 90s.  There was an inch of dust covering everything.  Lots of dust-covered boxes but a whole bunch of furniture that was destined for a dump, somewhere.  I wasn't sure I wanted to deal with the furniture so I passed on the unit.  Sure would have liked to dig through those dusty boxes but oh well.
Title: Re: How many lockers did you pass on before buying your first?
Post by: Drew on September 29, 2011, 09:18:11 PM
Won my first locker on the first day I went out! It was a caravan of auctions and was at the last spot crowd had dwindled down from 20ish to 5 people for the last location! This was a few years back though. Hang in there!!!
Title: Re: How many lockers did you pass on before buying your first?
Post by: monkeybusiness on September 29, 2011, 09:29:13 PM
Took about 30 lockers.I bid on maybe 10-12.Don't bid to high just to get one.Stay with your plan.It'll happen.
Title: Re: How many lockers did you pass on before buying your first?
Post by: acman on September 30, 2011, 10:37:02 AM
I probably saw 50 lockers before winning my first. Be patient you'll get your chance and come back when you need encouragement, it really helped me when I would come home empty handed.
Title: Re: How many lockers did you pass on before buying your first?
Post by: terrorbow on September 30, 2011, 11:14:47 AM
I went to I think it was three auctions 2 silent bid 1 live bid on about 12 then on my 4th auction bid a little high on a silent but still way below retail and won it. Take your time when its your time to get a lkr you will.
Title: Re: How many lockers did you pass on before buying your first?
Post by: craiglstauction on September 30, 2011, 01:35:01 PM
My first auction was a saturday circus auction.  Bid on 3 units but was easily outbid.  I prob saw a good 50+ units before I really bit the bullet.  I went to every auction that I could to learn and study.  Did research on all the stuff I saw to get a general price idea, etc.  On a 7 facility caravan I finally bit the bullet only due to my wife being with me and purchasing the locker for a specific item for one of my kids.  I've passed on a few I liked just due to time constraints and such.

Just remember the buying is easy and fun.  Then comes the hard work.
Title: Re: How many lockers did you pass on before buying your first?
Post by: the teacher on September 30, 2011, 10:31:12 PM
Just remember the buying is easy and fun.  Then comes the hard work.

Probably the single smartest statement that has ever been said or will ever be said on these forums!
Title: Re: How many lockers did you pass on before buying your first?
Post by: lkrnoob on October 01, 2011, 07:12:13 AM
I guess I want to piggy-back off this question and ask, are any of you in this full time and still passing on 50 lockers to find the ones you want. If this is the case, how do you manage to not buy a locker for such a long period of time financially?? Have you owned your business that long already that you can pass them up. I am just asking this as a new guy coming into this full time....
Title: Re: How many lockers did you pass on before buying your first?
Post by: craiglstauction on October 01, 2011, 08:12:41 AM
Well I'm not in this full time but I may be able to explain.  People like Movieman, Rebecca, and others go to every auction there are.  So they see 100+ lockers a week depending on how big of an area they live in.  So they can find a "good" locker faster.  Also, most of them have a large amount of inventory from previous lockers they are still working to sale.  So even on a slow week you can make money if the sales are there.  Finally, most of them are established and have the expirence to know what they can make off a locker.  So they can gamble a little more then most noobies will.  I may look at a locker and think $150, where they see $200+ and have the time and means to sale.
Title: Re: How many lockers did you pass on before buying your first?
Post by: MovieMan on October 01, 2011, 04:57:33 PM
I guess I want to piggy-back off this question and ask, are any of you in this full time and still passing on 50 lockers to find the ones you want. If this is the case, how do you manage to not buy a locker for such a long period of time financially?? Have you owned your business that long already that you can pass them up. I am just asking this as a new guy coming into this full time....

Yes, I pass on MANY lockers and buy the ones I like (for contents and price). By not buying even SOME of the lkrs I pass on I avoid dump runs, cheap crap I don't want at my sales, work I don't want to do.

By having a backlog of merchandise I can see myself through the slow auction buying time and when inventory gets down then hopefully some good lockers will appear.

I also buy individual items at flea markets, garage/yard sales and other kinds of auctions.  These tend to be items with which I am familiar and which should do well for me from a selling standpoint.

Hopes this answers your questions.
Title: Re: How many lockers did you pass on before buying your first?
Post by: MovieMan on October 01, 2011, 05:02:26 PM
Well I'm not in this full time but I may be able to explain.  People like Movieman, Rebecca, and others go to every auction there are.  So they see 100+ lockers a week depending on how big of an area they live in.  So they can find a "good" locker faster.  Also, most of them have a large amount of inventory from previous lockers they are still working to sale.  So even on a slow week you can make money if the sales are there.  Finally, most of them are established and have the expirence to know what they can make off a locker.  So they can gamble a little more then most noobies will.  I may look at a locker and think $150, where they see $200+ and have the time and means to sale.

Most of that is true except for this...."People like Movieman...go to every auction there is"....nope, not me. I have a database of over 250 auction sites within 90 miles (one way). Several years ago I quit going even 50 miles away and now limit myself to going to about 30 or so sites within 25 miles (one way).  This seems to be enough for me.

I have friends in the biz who make 90 to 120 mile trips (one way) but I can't see it for myself.

Those of us who have been doing it awhile probably do have a better "eye" for a good buy, but we also make mistakes. I have lost money on lkrs and I have broken even on lkrs. Fortunately over any given year's time I am ahead of the game and that's all I can ask.
Title: Re: How many lockers did you pass on before buying your first?
Post by: MovieMan on October 01, 2011, 05:52:04 PM
I guess I want to piggy-back off this question and ask, are any of you in this full time and still passing on 50 lockers to find the ones you want. If this is the case, how do you manage to not buy a locker for such a long period of time financially?? Have you owned your business that long already that you can pass them up. I am just asking this as a new guy coming into this full time....

Just finished tallying today's flea market sales and I see that the last 5 lkrs I bought between June 20, 2011 and September 20th are currently at 2.8 times the money and since I still have a lot of product from the biggest one, this is a good run. For year to date I am at 1.82 times the money...made some buys in the spring which didn't pay back as well as I had hoped.
Title: Re: How many lockers did you pass on before buying your first?
Post by: Millertime on October 01, 2011, 06:52:25 PM
I passed on at least 40 units at several auctions before I bid and didn't win. A couple days later at a caravan I got my first 2. Have patience and a gameplan and you will do fine. I did not heed my own advice yesterday and learned a tough lesson about the storage auction business.
Title: Re: How many lockers did you pass on before buying your first?
Post by: Cobia on October 03, 2011, 08:42:16 AM
I guess I want to piggy-back off this question and ask, are any of you in this full time and still passing on 50 lockers to find the ones you want. If this is the case, how do you manage to not buy a locker for such a long period of time financially?? Have you owned your business that long already that you can pass them up. I am just asking this as a new guy coming into this full time....

Movieman & Craiglstauction are touching on some important nuances to this business. I pass on 90-95% of the lockers I see. When I see one I like, I get it! From my limited experience, all the regulars find a niche type of locker they bid on, including myself. It is the noobies/newbies that bid on everything which is completely fine because this is how you find out what is in a locker, what it will sell for, what types of stuff you like to sell, what type of units you don't like dealing with, etc. Once you discover the type of lockers you like, ask yourself these questions. Are you better of spending 20-30% more on the type of locker you have experience with and you like, or let it go and fight over lockers you don't necessarily like but you are hungry cause you have'nt won a unit in a while and you are out of inventory? Is buying lockers you don't like, even when they are in your "budget" a good use of capital?
Title: Re: How many lockers did you pass on before buying your first?
Post by: rulesforrebels on October 03, 2011, 11:10:27 AM
pretty much any locker under $50 that doesnt look like its gonna cost me $500 in disposal fees ill buy and take a shot on like a lottery ticket probably get my money back at the very least hoping to find that one of a kind item or expensive item.

i actually bought a unit at my first auction every way before the shows were out. hadn't plannedon buying was jut gonna go watch but figurd ill bring a few hundred bucks with me just incase, Id be kicking mysel fif a great unit came along and i had no cash.

wound up buying it and to date it was probably my best unit ever. i agree though i probably pass on about 90% of what i see
Title: Re: How many lockers did you pass on before buying your first?
Post by: jrossjr79 on October 09, 2011, 11:16:03 AM
My first day out there was 8 units to bid on. The first two I just looked and watched everybody. Prices were not bad, but I did not see anything I liked. 3rd locker I went ahead and bidded on. Saw some old video camera stuff in it, and there was 2 old wood nightstands, one was taped up, so I could only imagine what was in there. Highest I bid on it was $65, it sold for $75. The rest I had no interest in to bid on, so I let them go. The very last unit, I really wanted. As soon as the door opened on a 10x30 full from the back to the front from the floor to the ceiling packed. From the door you could see tool boxes, about 30 of those Highlander Collector Swords, 2 lawnmowers, one being a riding one, lots of fishing gear. Now like I said I really wanted it, and I heard several people wanting it. But NO ONE, bidded on it passed the opening bid. As soon as the door raised, within seconds later someone shouted at $1,000. Well I did not bid for three reasons.
1. Obvisouly, some one was sending a message saying he was going to get this locker.
2. I only brought $800 with me.
3. I was still very new, so lot of the stuff I had no space for it, didnt know how I would get rid of that much stuff.
Title: Re: How many lockers did you pass on before buying your first?
Post by: jrossjr79 on October 09, 2011, 11:42:38 AM
oh, I forgot to answer the question, lol. Anyway the next auction I went to I did not bid on, again stuff was going fairly cheap, but saw nothing that interested me.2 lockers and a car up for bid. First locker was very bare, nothing really in there but a mattress and dresser, which was not in good shape. Second locker was from what it looked like nothing but a Teachers place to store her school and art supplies for elementary students. Then the car. An 86' Jeep. Could see it had Xmas decorations in the back, looked like it would make more money selling out as parts then it would be for selling as is or trying to fix up to sell.

Next auction I went too, mind you that this is stretched out for a week and a half. It was part of a caravan. First two locations I did not see anything I wanted to bid on, plus prices were getting outrageous. I dropped out of the caravan to go take care of some personal stuff. Joined back with them only missing one location, which I kind of wished I went, since there was a locker that the owners could not get rid of, no body would take it, It was completely packed 10x10. I am guessing it looked really trashed. However since nobody took it, the owner decided to clean it out themselves (when I say owner I am talking about the staff at the facility, not the tenant) while going through it, they came across an antique violin. So even if I had gone, and even took it for $1 or $5 it would of made my day.

Anyway back to the story. So I missed that location, but was at the next location. 3 lockers up. First locker was full of old, and I mean old appliances, and several boxes of depends. I passed on that one. Next locker full of furniture, golf clubs, bags of clothes, several totes, and a compressor still in box. I bidded on that one, got it for $450. Next locker came up, I bidded on it, but I lost out on it.

So now I have this locker, my first locker I bought. There was alot, and I mean alot of personal stuff in there, this guy had half of his house in there, and part of his business. So you can imagine how much personal stuff was there. Have not gotten another unit with this much personal stuff. The boxed compressor, well, lets just say I saw the box wrong, it looked like it was never opened, but it was, it was laying down on the side that had been opened, and was filled with documents for this guys business. The first bits of furniture I see is not worth as much as I thought it did from looking in. So I am already thinking, great, this locker is a loser. But digging more and more into it. I got more and more excited. This guy liked to collect things. Sports memorobilia, alot of it signed. To bad some of it was ruined, one ball I knew for a fact was forged, and none of it had a COA. Yall have seen me talk about this stuff.

All in all, everything from my first locker was sold or donated. I did make a profit, I made all my money back in 2 weeks, slowly made a profit from it for a long while after it. Total for everything sold and gone out of my inventory was a little over $625. I learned alot from this first unit, and I will never forget it. Oh this is also the locker that I got my other locks from :)
Title: Re: How many lockers did you pass on before buying your first?
Post by: mncableguy on October 19, 2011, 08:04:06 PM
First auction I went to. 3 lockers in. I bought it.

had about 400 feet of industrial shelving units in it. They area ALL still down in the basement of my business. Paid 100 bucks for them. They hold about 15,000 bucks worth of inventory for my non-locker related business. Over the past 7 years they have held about a million dollars worth of stuff. Great investment if you ask me ;)

Went to a 5 unit auction the other day. Left owning ALL of them. I was the only one to show up. best 5 bucks I ever spent. No. I won't tell you where it was ;) Last time 4 people showed up. I read the obit of one of them while checking out the public notices. not sure where the other 3 where.
Title: Re: How many lockers did you pass on before buying your first?
Post by: alloro on October 19, 2011, 10:00:31 PM

Went to a 5 unit auction the other day. Left owning ALL of them. I was the only one to show up. best 5 bucks I ever spent.

"5 bucks"!!! That's friggin' hilarious. :)
Title: Re: How many lockers did you pass on before buying your first?
Post by: mncableguy on October 20, 2011, 04:47:05 PM
"5 bucks"!!! That's friggin' hilarious. :)

didn't even go out to the units. just held it right there in the office. auctioneer waited almost half an hour past the start time before I said uhh.. how bout a buck a unit.

No one was happy with me, but I don't care. It was a bid and they could not turn it down.

3 of them went to the dump, one was all summer kids clothing with good names (it's getting ready to snow here) so I'll have to sit on that one, other was household stuff. Even at 5 bucks I am not going to get rich.
Title: Re: How many lockers did you pass on before buying your first?
Post by: Boxlot on October 21, 2011, 07:26:47 AM
I have seen a total of around 60 lockers and yet to buy one, still felling things out. I'm taking to heart the saying around here "Buying is the easy part". I have done household auctions for close to 10 years and bought things that I liked or thought I could make a small profit on. As of now there are 5 auctions next week that have a total of 27 lockers but that always drops down as people pay up, so we shall see.
Title: Re: How many lockers did you pass on before buying your first?
Post by: craiglstauction on October 22, 2011, 03:33:59 PM
Most places around here have the blurp in the paper that they can refuse a bid.  I've yet to see it happen however.  Most locations just want the lockers cleaned out.  As one of the managers told me it cost them like $600 just to run the newspaper ad they must by law.  A buck a unit was great.  I'd of loved it.

Boxlot - don't get discouraged.  It's a little bit of a balancing act at first.  You don't want to spend to much or just not sure about your ability to sell xyz item so you don't bid.  But, due to not bidding you may be passing up some nice units.  What I did in June to pop my cherry so to speak was purchase a locker I wanted the stuff in for myself.  It was a small 5x5 indoor unit with about 1 and 1/2 truckloads of stuff.  Took me an hour to clean out w/ sweeping.  That same day I purchased my second unit due to my wife's prompting.  Again it was stuff she & (later my mother) wanted...plus it had a lockbox.  Even now most of the lockers I buy are ones I want an item or two out of.  Only 2 lockers have been on speculation.