Storage Auctions

How many people buy online?

Offline MovieMan

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How many people buy online?
« on: October 22, 2013, 11:03:58 PM »
This thread is being presented to provide background as to the number of people who buy online as opposed to buying offline. The article in the link takes a worldwide view of online shopping.

dealjoy (dot) com/how-many-people-shop-online--shopping/

Of course it is very broadbased and even looks at worldwide figures, but the idea is that general online buying is significant and widespread while the future of online storage auction buying is just that...in the future...and to what extent we won't know until we get there.

There are several other threads (on completely different topics) but which contain some elements of this discussion, so I am starting this one to narrow the scope and give the discussion its own home.

Travis' view on the future of online auctions is well known by any reader here who drops in more than once every six months and perhaps my view is known too.  Basically, he has a focus to promote his business. My focus is not to question his vision per se, but the whole idea that online auctions make sense to the "x" number of buyers who buy storage lockers to make money or just for fun.

Our numbers are SMALL when compared to the online buying public at large and any kind of comparison between the two is so lopsided as to not make sense...but then, that's just my opinion. Travis will share his I'm sure. Will you share yours?


Re: How many people buy online?
« Reply #1 on: October 23, 2013, 10:01:21 AM »
When I first heard of Online bidding for storage auctions, I got excited. After looking into it a little more I wasn't as excited. At least 50% of the pics of lockers I see online are low quality or out of focus, Most of the better ones still don't come even close to the eyes on view you get at the physical auction. The prices for the units also seem to go alot higher than the in person ones, in my opinion.

Another point brought up before about weekend warriors who can't make it to a weekday auction was taht they can have a chance. Well you still run into the issue of if an online auction ends on Monday and you have even 72 hours to clean it out. If I can't get to the auction on Monday because of work committments, I probably wouldn't be able to get there Tuesday Wednesday or Thursday either to clean it out, so in my mind the online auctions give a greater advantage to the full time buyers. I admit I am not a full time buyer(yet). I don't think facilities should cater to any one type of buyer either. So I am not promoting changes to make it easier for weekend warriors, just pointing out why it is difficult for me to take advantage of the online auctions.

1 additional point, I happen to live in a place where any of the nearest online auctions are about 1 1/2 hours away. which compounds the above issues as well.

anyway thats my 2 cents

Offline StorageSnag

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Re: How many people buy online?
« Reply #2 on: January 04, 2014, 10:17:05 AM »
Buying online is more than convenience than an actual replacement to me.  When i started my own storage auction website, it was because I thought it would be another avenue for those of us who enjoy it.  Many of us have families, demanding jobs ect.  And though life is busy for a lot of people, there's usually sometime on the weekend or evenings that people have some free time.  So it's useful that you can search for your auction, still do something you enjoy, and find that hidden gem that you will keep or make you a profit.  But there's nothing like going to the real thing though

Offline Travis

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Re: How many people buy online?
« Reply #3 on: January 04, 2014, 11:10:31 AM »
Live auctions are overrated. Don't get me wrong, I enjoy the social aspect of live auctions, but you know what I enjoy more than that? - Making money! With virtual auctions, I don't have to spend money on gas driving to several locations every day of the week. On some days, I can be bidding on several units that are at several different locations, thus greatly improving my odds of getting a unit. Heck, I could even be at a live auction, work, the doctor's office and still be bidding on units I like. They're super convenient and, like it or not, the storage industry is embracing virtual auctions and, even though it will take time to get everyone on the same page, the future of this business is rapidly approaching.

Offline MovieMan

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Re: How many people buy online?
« Reply #4 on: January 04, 2014, 12:39:32 PM »
Live auctions are overrated.

Yet they have succeded for three decades or more, and granted the tech world wasn't ready for them during 20 or so of those years, but the internet has been around since the late 90s in pretty good strength and yet no-one jumped on the idea.

Now there are a number of online auction sites (and probably more regionally) but they still haven't taken hold.

Exploring this here in the forum a few months ago I was very surprised to find how few there were in the Dallas-Ft Worth area and that is one of a half dozen major markets in the USA.

Nope, I'm a die-hard "it won't replace" regular auctions person and I doubt it will ever be a big supplement to the live auctions either.


Offline Travis

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Re: How many people buy online?
« Reply #5 on: January 04, 2014, 01:19:25 PM »
Nope, I'm a die-hard "it won't replace" regular auctions person and I doubt it will ever be a big supplement to the live auctions either.

Only time will tell my friend.

Re: How many people buy online?
« Reply #6 on: January 12, 2014, 04:59:48 PM »
The only way I will be bidding online is if the facilities conducting auctions will allow a preview period.  No matter how good the photographs and descriptions are, they can not account for foul-smelling units and viewing for yourself in person.  I also see too many fools bidding up units to crazy high prices, which I'm sure is to the delight of both the facilities and these online auction websites.  Some people still don't realize that with every gold rush, it's the ones who provide the picks and axes who get rich, and seldom the miners.

Offline MovieMan

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Re: How many people buy online?
« Reply #7 on: January 12, 2014, 06:11:55 PM »
Some people still don't realize that with every gold rush, it's the ones who provide the picks and axes who get rich, and seldom the miners.

We Californians know that very well due to the 49ers (miners not football players).

Three years ago I almost bought the auction business of one the four major auctioneers in my area. The cost was $60K and I think I could have gotten it for $50K.  As we were beginning talks the tv shows came on.

Add one more reason for hating those shows. The auctioneer saw the gold rush and didn't sell and is still doing it today. After this I'm not as interested as the crowds and prices are going back down.  Bad timing.


Re: How many people buy online?
« Reply #8 on: January 13, 2014, 01:49:10 PM »

Three years ago I almost bought the auction business of one the four major auctioneers in my area. The cost was $60K and I think I could have gotten it for $50K.  As we were beginning talks the tv shows came on.


As with every boom, people think it'll last forever and get greedy. Probably for the best that you didn't purchase his business. Besides, you wouldn't want auctioneering to cut into your picking time  :).

Re: How many people buy online?
« Reply #9 on: January 31, 2014, 06:06:06 AM »
Hello MovieMan,

I saw your link.And thank you for sharing useful information.

Re: How many people buy online?
« Reply #10 on: January 31, 2014, 09:45:55 AM »
Yet they have succeded for three decades or more, and granted the tech world wasn't ready for them during 20 or so of those years, but the internet has been around since the late 90s in pretty good strength and yet no-one jumped on the idea.
The internet has been around since the 90s and Facebook started in 2004.  Last year Facebook mobile ads did more than all of Yahoo combined.  There is still plenty of room for growth. 
Every facility manager I have talked to love online auctions fees and all.  The buyers are not as happy and watching what the units sell for I understand. 
Here is the caveat, when there are a lot of units up for auction online the prices become more reasonable so as the industry grows it will balance out. 
I love online auctions bad pictures and all because deep down I am a capitalist.  It will get better.  Pictures will get better.  More units will go up and most of the kinks will work itself out. 
Online Auctions new pictures are great much better than SBs.  That will make SBs better if they want to compete.  Its how America works we keep getting better.
Live auctions will not go out of business but there will be more and more online auctions in the future.
But I bet Barnes and Nobles never thought they would be dinosaurs so soon. Best Buy is in danger of the same fate. The times they are a changing.

Offline Travis

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Re: How many people buy online?
« Reply #11 on: January 31, 2014, 10:59:38 AM »
The internet has been around since the 90s and Facebook started in 2004.  Last year Facebook mobile ads did more than all of Yahoo combined.  There is still plenty of room for growth. 
Every facility manager I have talked to love online auctions fees and all.  The buyers are not as happy and watching what the units sell for I understand. 
Here is the caveat, when there are a lot of units up for auction online the prices become more reasonable so as the industry grows it will balance out. 
I love online auctions bad pictures and all because deep down I am a capitalist.  It will get better.  Pictures will get better.  More units will go up and most of the kinks will work itself out. 
Online Auctions new pictures are great much better than SBs.  That will make SBs better if they want to compete.  Its how America works we keep getting better.
Live auctions will not go out of business but there will be more and more online auctions in the future.
But I bet Barnes and Nobles never thought they would be dinosaurs so soon. Best Buy is in danger of the same fate. The times they are a changing.

Spoken like a true visionary!

Offline luke

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Re: How many people buy online?
« Reply #12 on: February 01, 2014, 05:17:52 PM »
The only winners in the online auction in the long run is the facilities and the site that charges the commission. 



Offline Travis

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Re: How many people buy online?
« Reply #13 on: February 01, 2014, 05:25:50 PM »
The only winners in the online auction in the long run is the facilities and the site that charges the commission.

I think Mhuynh9 hit the nail on the head. As of now, storage units sold online are selling for a premium, although you can still get a bargain from time to time. Over the next several years, online auctions will become commonplace and the prices will be more reasonable. Then when you factor in the time and gas you're saving, it's a no brainer.

Offline luke

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Re: How many people buy online?
« Reply #14 on: February 02, 2014, 12:28:01 PM »
One of the major problems with the way the photo's are done, besides the blurry ones, you can't see all the angles you want to see and the storage facility can be deceptive when taking the pictures.

Lets say that theirs a box labelled, "Gold Bars".  Now from certain angles you can easily tell the box is open and there's nothing in it.  But the angle in which the photo is taken, you can't see, and makes you wonder if their can possibly be gold bars in the box.

Now this issue can possibly be overcome with camera's that does panoramic from 3 locations (Left Center Right) and 3 height points.  (2 feet, 5, feet, 8 feet). A minimum of 9 photo's.  But the site or someone (Government??)  is going to have to lay down the law on how photo's must be taken to meet the minimum standard.


 


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