Storage Auctions
The Storage Locker => New to Storage Auctions? => Topic started by: Kurtiemonster on December 19, 2011, 09:32:45 AM
-
I'm chomping at the bit!
I decided about 3 weeks ago to give this storage auction thing a try and since have been lurking here everyday for the past few days, reading post after post after post, and want to see it for myself - so I will attend my first auction tomorrow!
I can't remember which member gave advice but I will recap what I've learned so far:
-I looked on-line in my local paper and found auctions(1 auction with 1 unit and another auction with 7 units - I will go to the 7 unit auction!)
-I will write down the #'s of the units listed so I don't get duped by a staged/manager/condensed locker
-I will take a flash light and at least 2 personal locks
-I will bring $1000 cash - just in case!
-I will get there early to register(auction at 10 am - I will arrive at 9:30, is this enough time?)
-I will hang back when heading to the locker to try and position myself for the "Long-Look" when the bidding begins
-I will chat-up the staff to see if I can glean any information about the lockers and so they get to know my face
-I will skip cleaning my house to attend this auction
-I will take notice of other buyers so I may recognize them at other auctions
-I will look for the "Whale"
-I will exercise the 2.5 formula of what I see to ensure profit if I purchase a locker
-I will Not underbid the auctioneer, but wait for someone else
-I will drink lots of coffee so I am thoroughly on edge
Did I forget anything? I'm sure I will learn a lot tomorrow, and will report back with the outcome!
Question for the Vets: Is there, in your opinion, any difference in crowds around Holidays, i.e. Christmas, 4th of July, Memorial day? I'm guessing people will be at work on a Tuesday morning or wrapping or shopping for last minute gifts tomorrow... Anyone want to weigh in???
-
I thoroughly enjoyed your post! Think I'll try your 'skip cleaning my house one' tomorrow on my husband. Hope he falls for it~
I am a relative newbie too, with only 7 lockers under my belt, but I consider myself a pretty quick study in the 6+ months I've been doing this. Didn't bid on a unit until about my 8th time attending. Didn't win a unit until about 3 months into it.
Best advice I can give to anybody starting out is to sit back and watch for your first couple times out. It is not like they show on television. There is far more to it than bidding, buying and selling.
I can't stress enough how much work this business is. Cleaning out a large, full locker is a MAJOR chore. Having a place to process and store items is HUGE. Having a realistic idea of resale value is extremely important.
Crowds here in Tucson have not changed much over the course of my time doing this. Last week we were out Mon, Tues, Wed in pouring rain. Didn't affect crowds much. Fewer lookie lous, but all the regulars were out in force. Weekdays I've found draw more of a crowd than weekends, although I've only attended one weekend auction, so.....
You'll learn so much tomorrow. And every time thereafter. My motto on life is "It's a slow day if I only learn one new thing".......couldn't be more true when it comes to storage auctions. Keep your eyes and ears open and your mouth shut.....well unless of course you're bidding~ 8)
Good luck~
-
One thing when you expect a small crow it will be large. ( I went to a Wednesday one 85 bidders about 250 people )
Buying is the easy part.
Might be better to just watch the first time. Unless you see a sweet deal.
I like your idea of getting to know who the players are, but this will take more than one auction.
Good luck !
-
One thing when you expect a small crow it will be large. ( I went to a Wednesday one 85 bidders about 250 people )
I hate it when those big crows show up!
-
Did I forget anything?
Disillusionment. ;)
-
Its your first one,relax and enjoy.Come up with a plan and stick to it.Only spend what you plan on spending.Obsearve and bid if you feel comfortable.Watch the people and the auctioneer.If you stick with your plan and don't purchase one it wasn't meant to be.Most important Have Fun!Its alot of work and if you don't enjoy it it makes it even harder. let us know how you did.Good Luck!
-
Went to my first auction! A friend and I went together, and showed up way too early! By the time we got there, there were only 2 of the original 7 lockers to bid on... I did not bid on the first which was packed 5x10, it went for $200. And the second, no one bid as it was a mostly empty 12x20!