Storage auctions, conducted online. Input, feedback and some questions answered.

@rulesforrebels - In the beginning, I heard a lot of negativity from the "live auction regulars" as we call them. A bunch of "it'll never work - I have to see it in person." But it's working and working really well. Just as bwd111 said above, his best (read: most profitable) finds have come from us and he's been doing this for almost 10 years. Even he was a big skeptic in the beginning. He'll tell you, among many others, that being there in person isn't as necessary as you're eluding to.

Also note - our software is in constant development. We're working on a feature now that will provide much more detail in regards to the unit's contents.

But I'm glad that it sounds as though you have a pretty open mind about it. For you, my biggest pitch is the fact that you can follow your live auction schedule around all day long, day after day, and may come home empty-handed. Lots of efficiency potentially lost. With our service, you have upwards of 7 days to study the contents, bid on only things you are interested in, then make that drive to simply pay and vacate the unit.

Funny you mention the fact that the industry will never be the same since the advent of the TV shows. We actually started this business before the shows came out (almost a year before). The shows certainly have helped us, but we had our biggest client locked in before the shows even started.

If you're looking for information on how to improve it and get more business, especially on the photography end, let me know.  I'm an appraiser in my other job, but looking at what you're presenting, there are definitely ways to improve on it. 

If you're looking for information on how to improve it and get more business, especially on the photography end, let me know.  I'm an appraiser in my other job, but looking at what you're presenting, there are definitely ways to improve on it.  

@Benluby - Of course there are ways to improve it - there always will be. But as far as photography goes, a lot of it lies in the hands of the managers that are taking the photos. We really don't have anything to do with the actual photography itself, which is the key important element. We send all of our managers Photography Guides on how to do their best (targeted information pertaining to photographing storage units), but it falls on deaf ears at times.

As far as what I was looking for in the posting of this thread - mostly just feature requests, "I'd like to see this, or that - can you do this?", etc. We have a web dev team that is constantly working in the application. I guess I'm also looking for some devil's advocate statements or impressions to help me clarify to the public what we're about, able to do and plan to do.

I'm interested in how inflated the prices will get once the viewing base gets out of hand.  Good for you bad for the buyer.  I own a restaurant and understand that business is business, but this kind of business may kill off the industry once people begin paying retail for every unit.  I am interested to see what the future holds.
I also like cash only auctions,  keeps many of the undesireables from bidding to the extreme as they can't use the credit card that they will eventually default on to purchase the locker.
Sometimes I'm just bitter.

@ChefJ - good points indeed. I know that our selling prices are typically higher than a live auction, but if you want apply the math and logic to that statement, we're simply driving more people to the auctions which creates more competition and of course bumps prices up. From what I'm told, the high-end units that sell in the 3-5K range are about the same as live auctions, but the difference really lies in the smaller units that would typically go for $50 at a live auction (with 20 people present) - with us they may hover around $200-$300.

But the one thing I've found is, it is very hard to lay down a table of averages. Every sale is different. I've seen some people get GREAT deals.

Also think about - as we grow, we'll have more and more auctions listed which will open the door for better deals as well from the larger menu.

As far as the cash-only sale - most of them still only accept cash. Once the auction closes, the buyer has to show up to the facility location within 24 hours with cash. Some do accept credit card by phone, some credit card in person only, but most still prefer cash.

I'm interested in how inflated the prices will get once the viewing base gets out of hand.  Good for you bad for the buyer.  I own a restaurant and understand that business is business, but this kind of business may kill off the industry once people begin paying retail for every unit.  I am interested to see what the future holds.
I also like cash only auctions,  keeps many of the undesireables from bidding to the extreme as they can't use the credit card that they will eventually default on to purchase the locker.
Sometimes I'm just bitter.

Interesting idea, and seems to be kicking off.  The more competition, the more choices there is for everyone.  I'ts another option, which is good.  Any word on Georgia yet?

@ineedaauction: Georgia. Not going to let the cat out of the bag for our entire attack plan unit it is in full swing, but there may be a few people planted in the Atlanta area to start driving auctions to our service, by the end of the year.

Interesting idea, and seems to be kicking off.  The more competition, the more choices there is for everyone.  I'ts another option, which is good.  Any word on Georgia yet?

I'm interested in how inflated the prices will get once the viewing base gets out of hand.  Good for you bad for the buyer.  I own a restaurant and understand that business is business, but this kind of business may kill off the industry once people begin paying retail for every unit.  I am interested to see what the future holds.
I also like cash only auctions,  keeps many of the undesireables from bidding to the extreme as they can't use the credit card that they will eventually default on to purchase the locker.
Sometimes I'm just bitter.

Going to have to agree with you 100% on this. I like the cash only part as well due to creidt cards will take it to the extreme. Also price are getting back to normal now at the live auction and seeing the unit up and close is the way to buy a locker.