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Messages - Cobia

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General Storage Auction Talk / Re: Advanced Storage Lenders
« on: February 24, 2015, 04:16:49 PM »
When the tenant is delinquent the storage facility has controlled access to the units and it's contents. How do you verify the value of the units contents when the tenant can't show you what is in it? I've seen plenty of units with rents owned for $300, $500, $750, ETC. and there wasn't $100 worth of re-sellable goods in the unit. You gonna take the tenants word for the value of the property in the unit? You going to pay the storage facility some under the table money to let you see the contents before approving the loan? I don't think a single corporate owned facility would go for that.

I've had more then my share of storage units with multiple receipts showing how all the good stuff was; month after month taken out and sold to the pawn shop. By the time many a delinquent tenant gets to the point of asking for this type of loan, they have only left the junk that experts like us know how to hustle.

General Storage Auction Talk / Re: When to hold your cards
« on: February 20, 2015, 06:33:58 PM »

"I had to stop at the ATM before meeting you."

"I've been looking for this BLANK for months!"

You can see them holding the money when they get out of their car/truck.

General Storage Auction Talk / Re: OSA needs YOUR help!
« on: February 20, 2015, 06:25:57 PM »
Because instead of 12 bidders standing in front of the unit with only half of them actually bidding, there will be a 100 bidders online running the price up. So a unit I might get for $100 locally will end up going for $500 online. Like I said, good for the seller, bad for the buyer. I'd rather pay the 10% ($10) buyer's premium instead of an extra $400.

It all depends, I have bought units online in cities several hundred miles away and still payed 1/3 to 1/2 of what I would have payed at live auctions near me. I'm no whale, but once a person establishes him or herself in a market, it gets real hard to get a deal on a storage unit at live auctions.

Welcome to the Online Storage Auctions Forum / Re: Hello from California
« on: February 20, 2015, 06:13:24 PM »
Interesting, your experience in the business seems very similar to mine. A lot of trail and error, and keeping pace with seasonal changes, and longer term trends.

I attend auctions in the Marietta, GA. area and they are a b*tch! Anything decent is very expensive unless you find a poorly advertised auction on a day with multiple auctions going at the same time. The whole Atlanta Metro area is pretty competitive. Just compare the online prices of units in Atlanta compared to some other metro areas.

I find it interesting looking at the auctions on Storage Battles & Storage Treasures I can see who in this industry is making a good living and who is struggling just based on quality of content and competition/bidding. It's kinda of funny to see a unit close in one State at $200 and then in another state a unit that appears to be same size, same volume, same quality closes at $600. I can't help but think the people who live in the $200 unit State think "This business isn't that bad, we make pretty decent money."   :86: and the people who live in the $600 unit State think "This business sucks! TV shows ruined everything!!"  :41:

The Treasure Chest / Re: Most unusual sale yet!
« on: February 01, 2015, 10:58:34 AM »
I sold a book on Amazon last year to a famous movie director. Book actually purchased by an assistant but it was shipped directly to one of the directors residences and had their name in the shipping info. Pretty Cool  :72:

As a storage unit buyer, I am most interested in opportunity and content of inventory. When the site that charges 15% has units I want available to purchase, I'm not going to wait around for the other sites to list quality units that are close to home. I suppose if their are several sites that all have a good selection of units close to me then I would probably use the site that was free or had the lower buyers premium.

As far as the article goes I pretty much agree. As much as some of us don't like the idea of online storage auctions for various reasons, it is the trend of the future. I didn't quite get the point under number 3. "The second way is most common and very problematic. If you happen to be auctioning valuable units, this could result in a significant loss of revenue." because remember a storage facility is the business of "renting storage space, not selling off customer contents."

With these online storage auctions, what keeps a delinquent tenant from registering to Storage Treasures and running up the bid on their own unit?  (I say nothin') They certainly would have no intention of paying for it if they happen to get stuck with the high bid. At the least they could have friends try to run it up too...

There might be some people out there, especially hobbyists who don't care to watch units every day then every hour then every minute as time ticks down to decide what their final bid will be. I bet some just go ahead and put on their high bid as soon as they find a unit they like and figure they will either win it or they won't.

Online Storage Auctions / Re: Hard Close v/s Soft Close
« on: January 13, 2015, 05:15:35 PM »
Yes, I actually heard someone say Storage Battles was going to move to a soft close format which allows someone who had the high bid up until the last few seconds to jump back in when someone tries to sniper the auction in the last seconds. They said they would extend the auction for 3 more minutes and I assume that means anyone can jump back in. You can see how bad this can get. Online units are already on the high side in my opinion. If this rumor holds true, they will only get more expensive, especially when competing bidders recognize each others bidding name.

Craigslist / Re: Slow sales after the holidays?
« on: January 13, 2015, 05:07:48 PM »

General Storage Auction Talk / Re: Storage Unit Buyer Resolutions - 2015
« on: January 08, 2015, 05:39:15 PM »
Develop a niche and rule that segment of the industry in my area.

outsource parts of the biz or hire more help to expand.


Continue with cost control and (crossing fingers) hope the bidding slows down and cost of units drops.

I bought 10 units in December. Nothing special, small money makers, one of the units is still a question mark; could be a gold mine or a shaft. One unit is going to lose money. I know, I know, after all this time I shouldn't still be losing money on units. It was a 10x20 pretty full, good mix of boxes and furniture. Turned out all the boxes except 2 where business files, paperwork, and family photos, and some of the furniture was broken and parts (top to a china hutch, no bottom).

General Storage Auction Talk / Re: Is the storage auction craze over?
« on: January 08, 2015, 05:13:22 PM »
I think New Buyer's point is well taken. Sure, the hoards of newbies and crazy bidding are over but all the "survivors" have been conditioned to accept the new higher prices. Still twice as high as the "good ole days" for a decent looking unit. Along with the fact that there are just fewer good units like there use to be. We still get a few new faces at every auction but it's not them who run the prices up. When they do stick around to bid they just follow suit and bid up like everyone else. They last a few weeks to a couple months then disappear.

Maybe it will take a little longer to weed out some of the survivors before prices can really come back down. At least gas prices have dropped. That has helped BIG TIME!  :72:

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