Storage Auctions
The Storage Locker => General Storage Auction Talk => Topic started by: Travis on January 25, 2014, 03:39:04 PM
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How much money do you think your competitors have?
Now, I'm not asking about the whales or the high rolling regulars. How much money do you think the average buyer or newcomer has in their pockets?
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In the Long Island scene I'd say regulars have around $1,500 - $2,000. If it is a high profile auction they could bring a little more. The most Ive ever brought was 10k because there was an art gallery room in NYC. I got it at 7k, wasn't what I thought but still sold it for around 12k
Most of the auctioneers in LI let you go to the atm if you don't have enough so most people aren't worried about overbidding ... its total bs but its how the game is played here.
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There are a huge variety of buyers so is hard to say. There are the ones that always snap up the ugly garbage bag units. I would guess they carry about $400-$500. There are the middle of the road trying to make a living types, maybe they have a tiny thrift shop but most likely they do weekly flea markets. I would guess they carry $1000-$1500. Then there are the part timers, the ones that have a regular job or source of income, but do it for fun and can afford to take a chance. I'm giving them a bigger range, let's say $2000-$5000. Last but not least the "whales". These guys have "people". They don't unload the lockers or go to the dump because they have people to do it for them. I'd say $5000-$10,000 for them.
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Around here, I would venture to guess that most carry $500-$1,000. I hear of some people bringing $4k, up to $12-$15k. Many of the heavy hitters only do auctions where they accept credit cards, which is not many.. but Public Storage is the biggie around here that takes cards.
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Almost all the auctions around here prefer to take the card, no cash needed. Some don't like taking the cash...
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How much money do you think your competitors have?
Now, I'm not asking about the whales or the high rolling regulars. How much money do you think the average buyer or newcomer has in their pockets?
Breaking news:
A man from Texas is suspected of traveling the US, robbing buyers at storage auctions.
He was apprehended after one robbery where after taking everyone's money he stayed to bid on a unit.
Witnesses report as he was being hauled away he was screaming "you just never know! You never know!" He is currently being held at a local mental institution.
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He is currently being held at a local mental institution.
If you knew my wife and 4 year old daughter, you would realize how true that is.
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Based on what i have seen, the average buyer is uncomfortable bidding much higher than $1,000 on a unit, so I am going to guess the average buyer has about $1,000 to $2,000 on hand. Some of the full-timers may be carrying around $5,000 but I know the whales are breaking $20,000 on hand some days.
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Most of the regulars usually have around 2000 for what I have observed. There are a couple of casual buyers that count as regulars and they usually carry around 500-800.
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My guess:
Beginners/Low Rollers: $500 or less
Average Buyers (Swap meeters, part-timers with day jobs, online sellers): $500-$2,000
Mid-Level buyers (Large swap meeters, small thrift shop owners): $2,000-$5,000
Whales:(Large thrift shop/warehouse owners): $5,000-$10,000
Mega-Whales (Same as whales but may have larger operations and/or multiple locations): $10,000+