Storage Auctions

How many of you drive up the bid on folks?

Offline MovieMan

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Re: How many of you drive up the bid on folks?
« Reply #15 on: September 30, 2011, 08:22:30 AM »
Like The Teacher I have found good lockers I wanted at "almost any" price, but there comes that point when the lkr just isn't worth the price it's getting to.

I DO remember the time I was bidding against another regular who made a point of buying just about every lkr and was being a bit of a hog about it.

He and I were going at it in the $800 range and I was about done. He kept on so I decided to run him up a bit and I was still comfortable with the price, but just barely.

I took him on up and he quit bidding....the gavel was  on "going, going,....." and I didn't really want it at that price, so SURVIVAL MODE kicked in.....I started walking toward the locker with a lock spinning in my hand and....IT WORKED....this jerk couldn't stand for me to beat him and he came in with another $50 and (to my relief) won the lkr.


Offline Cobia

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Re: How many of you drive up the bid on folks?
« Reply #16 on: September 30, 2011, 09:27:35 AM »
I have never had to run up a regular. Typically it's a respect thing, let them get good units for a fair price and they will let you get good units for a fair price. There are a couple of regulars who brag about running people up and I have seen them do it but so far they have not done it to me. If they do, the deal is off and they won't get a unit for reasonable price for a while.

Some of you may disagree with this premise, but I think running up newbies is almost mandatory. Like Movieman said, it teaches them the true value of the units and then they are less prone to bid wildly if they decide to do more auctions. My personal reason is I have a niche type of units I look for and the storage auction industry has become so competative this past year, I can't afford to let somebody get the type of units I like for a low price with a good return potential. Every newbie that makes a substantial profit on thier first couple of units will be back for more! I have to protect my territory, so you will pay what I am willing to pay for the unit plus a little extra to win it, but I guess in a way that is not really running them up because I will not bid up units I don't really want.

Offline MovieMan

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Re: How many of you drive up the bid on folks?
« Reply #17 on: September 30, 2011, 09:34:33 AM »
CopiaVita.....

Interesting breakdown of the running up newbies vs. regulars.

Now what if one of those regulars was "over bidding" on 5 boxes of visible Easton Press books ?  ;)

When you get right down to it, this aspect of our business is, like many others, something each of us has to assess for what works for him/her. Good to see all the opinions here. A newbie will have a different feel for "bidding up" than the longer-term buyers of course !  ;D

Offline bwd111

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Re: How many of you drive up the bid on folks?
« Reply #18 on: September 30, 2011, 09:47:10 AM »
I do all the time. There will be no deals when I'm around. If people want to watch the storage tv shows and think this is going to make them rich then I say lets play. People love to pay reatil and if I can help stimulate the ecconmy then I feel good that I did my part. JK. I do if they are new and are wasting my time cause they are tv show buyers and they are trying to mimic what they see on tv. If you look desperate then your going to pay. And those that are unemployed at are at the auction make them pay even more. You should be saving your money or looking for a job and not an a auction. This is not an answer to your money problems. If your out of work go get a pell grant and go back to school. There is work out there for those who want to work. Get an education.

Offline bwd111

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Re: How many of you drive up the bid on folks?
« Reply #19 on: September 30, 2011, 02:28:56 PM »
Competitive bidding
Auctions motivate buyers to perform.  People often get caught up in the competitiveness of the bidding and many times this drives the price of items higher.  To some itís like a game, and they want to win at all costs.  9 times out of 10, an auction brings in the fair market value, if not more, for any item put across the auction block!

Exciting atmosphere
Thereís no more exciting atmosphere than an auction.  Crowds of people competing for property combined with that lively auction chant makes for some great entertainment and fun.

Auctions work well in all economic climates
People love auctions because they love sales.  Statistics show that auctions remain a steady force in good and bad economies alike.  When the economy is bad, the auction industry does not feel the impact as people still flock to auctions.



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