A note about our local auctioneers that irritate me- they make us form a line and after only 10 or so people see the locker she starts the bidding at 100.00!   its usually up to 225 by the time everyone sees it...  anyone else have any thoughts or ideas--???

Here is what I do, though it might not be a tactic suited for everybody! When I am in line and the guys up front are already bidding before most of us have seen anything, I jump the bid by a couple $100. So if a couple of guys already have the bid at $100 I yell $300!! from the back. This works great because it distracts and confuses everybody. Instead of continueing with bidding, everybody is trying to figure out who the idiot is who just bid on a unit they have'nt even seen yet. By the time the original bidders get back to it I have worked my way up and gotten a good look and know what I really want to pay. The great thing is I have'nt been caught yet bidding on a unseen unit. The auctions are sooo competitive even when I jump the bidding they still end up higher then my initial offer.

I was just getting a general sense of hostility from that statement he made.

As for bad weather days, I'm talking about days when it is snowing/bitterly cold/etc.  When people will stay home rather then go out.

And as for working in 110 degree units, already been there and done that when I work in hot environments.  I bring a huge container of water with me to these things to stay hydrated and somewhat cool on summer days.

Acman,

If you sense hostility in my statement, let me explain my position and experience.

When I got into storage auctions I intended it to be a hobby/investment strategy. Due to changes in my financial situation it has morphed into a full time business and I am dependent on the income it generates.

Regardless, when I first started I knew many of the "regulars" depended on the income generated from storage auctions for their livelyhood. I also knew some were hobbiest or retirees just having some fun. It was important to me to find out who the regulars were, why they were doing storage auctions, what type of units they bid on, and how much they were comfortable spending. Reason being is I don't "run up" the regulars, and they don't "run me up". I also don't bid against the guys how are obviously living "hand to mouth" and would be in big trouble if they can't make money on storage units. These are guys have been doing this for years and probably would have a hard time finding another way to take care of themselves.

When I first started going to auctions it was obviously a "working class" crowd. In the last several months it has turn into a carnival of yuppies. Upwardly mobile individuals with disposable money to burn. They come in without any care or concern about the people who do this for a living, bid units above what many regulars can afford to spend even if they want to win the unit, and get burned (because after a few big auctions they don't return).

Am I saying that wealthier people should not be going to auctions? No, and I am not supporting class warfare, I have nothing against wealthy people or the creation of wealth. I am just commenting on how this new crowd of newbies/noobies are making things bad for the regulars that depend on the inventory won in storage units for thier livelyhood, and they are making it bad on themselves by jumping into an industry so carelessly and wasting thier time and money.

Right now it is a lose-lose for all concerned.

I have nothing against "new" auction attendees who genuinely have spent some time researching the auctions and learning the business coming in. As legitimate "newbies" come in, "old timers" will leave for other ventures or retire, and a natural balance will be maintained. The issue I see right now in my area is somehow upper-middle class people have gotten the idea that storage auctions are like some kind of loose casino and are turning the auctions into an expensive hobby.

I, like the other regulars will have to ride out this storm, and I hope in the end the newbies who were smart and patient are here to stay.

So out of curiousity what is the key to selling at a flea market? I went to one today sold 13 dollars worth of auction items but after table rent and food and gas I actually lost money. Any tips would be most welcome from all you pros.

To quote a mentor of mine.."you have to stack it deep, and sell it cheap!"

Take a whole bunch of inventory with you to the flea market and realize you are only going to sell a small percentage of that inventory. Don't sell for what you think the goods are worth, sell for what the market is willing to pay. it is probably all profit anyhow. I sell 90% of my inventory I get out of storage units for $5 or less at the flea market and I still end up taking back home 70%-80% of the inventory I brought to sell.

The primary problem is competition. So many other vendors are selling the same merchandise that you are selling. Unless you advertise your goods extremely cheaply, many shoppers are going to look around the whole flea market before making a decision. Unfortunately many shoppers forget about the goods they liked at your table and don't return.

Take advantage of the professional vendors who who will buy in bulk from your table. Yes, they are going to low ball you because they are just going to turn around and sell it at their table for a profit, but at least it's of your hands, you have made a profit, and you have potential contacts to move more inventory you get from storage units.

how much stuff did you take with you? If you are not taking a truck or trailer load it is not going to be worth it when you account for fuel costs and table rentals, unless you are selling high end products.

Well the big spenders kept me out of the game this past week. I guess I took on the role of "runnin them up man". I had no intention to do this but they just would'nt quit and let me win any. I was willing to take some chances since my last batch of units was so profitable, so I bid pretty high above my comfort level on many units this past week. One guy "beat me" out of a 5 x 10 filled with totes for $500! *hand to face, shakes head*

A couple of observations about the newbies who have jumped in the last couple of months. Half of them are gone! Big spenders one month, vanish after that. The other half who have stuck around? Not bidding, hardly bidding, or spending small amounts on smaller units. I guess this verifies that me and the other regulars have not been missing anything by letting the newbs pay retail prices for units.

Old Newbies (been doing auctions last couple of months) Licking there wounds!
New Newbies (been doing auctions less than a month) Still think theres gold in them there hills!
When are the Old Newbies going to tell the New Newbies not to waste thier money?


Some of the old regulars are starting to come back! This is great because we all cut up, make jokes, laugh at newbies, and have a good time during the auctions. Some of them have taken to fighting off the newbies for units and winning them at all cost. I think they need more inventory for their stores. I am there too, I need more inventory.

That's it for August, let's hope September is even better!

I got a unit today and have been wondering what some of you would have done. 2 units and 12 people there, the first was mine, a 5x10 with 13 totes w/lids, a dozen small avon boxes, 3 christmas trees in box ( 1 a nice fiber optic lighted), small filing cabinet, bissel vacuum, and 2 electric space heaters that looked new and unopened was visable from the door. The totes had labels like winter coats, sweaters etc. I opened with $10.00 and another guy bid and off we went in 5.00 increments as i hoped to get it as cheap as possible instead of jumping it to try to scare him off. The totes looked like mostly clothes and I knew it was a woman's unit. I got it for $105.00. The facility was 2 miles from the house and cleanout took an hour. I've already gone thru everthing and looks like I'll make about $150.00 off all the stuff I got as it's mostly good yardsale items. I really needed the totes and I love these types of units. My question is how many of you would grab a unit like this mainly for the totes and the unknown.

In my region, a nicely packed 5 x 10 with totes and new boxes of unopened merchandise would have gone for al least $200. But you can see why this business is so tough right now. You bought a really nice 5 x 10 and it looks like you will only make $150 off of it. I know many people in my region are jumping into this game and losing money big time! The new faces keep coming and making the same mistakes as the last wave. The way thing are right now you probably can't beat the price you got that unit for and all the knowledge and experience that comes with it, thats what you are really paying for.

I like your style, I have thought about what it would be like to buy all the units at auction in one day, but I am just to conservative a bidder I think.

I agree with rules, if all or most of the units were good, you would have just put a big bull's eye on your back for every other auction, but since most of them were "trash", you're off the hook for now.

I'm reminded of the most pissed off another bidder has been at me. Big nice unit, dropped a lot of money? Nope, a small nothing unit I got for $16. He was sooo mad I jumped his bid of $15! LOL

i have been trying my hand at craigslist and cant seem to sell much as in my areas not many people have money. but after my first unit i dont have many items that are low priced most the things i have are 50-200 dollars easily and theres about 15 items or so of that and only a handful of items that are on the cheap end.
 
i guess my question is... is it reasonable to sell my high priced items at flea markets or how should i go about doing that? i was thinking just going to them with a certian price on them but also have a sign that says make offer to try and get rid of these items so i can go to more auctions faster.

any advice on this would be helpful or if someone could let me know a good place to sell these high value items fast would be great also.

You just have to remember we are RE-sellers. Think about those used car lots in your town that are selling $50,000-$80,000 BMWs, Mercedes, etc. only 5-10 years old, look practically new for like $8,000-$15,000.

The same is true for us. In my experience, if I find a $1000 retail value sofa, like new, less than 3 years old, I still have to sell it for $300 plus or minus $50. If I want to move it really quick, I sell it for $150. If I want to squeeze $500 out of it I would probably have to hold it for 6 months.

I suppose if you had an upscale shop in a wealthier part of town, you could probably get away with selling $1500-$2500 retail furniture for $750-$1250 resale, but then you have to think about the additional overhead of running that shop. The other problem would be winning enough units to keep the shop full of upscale inventory but I guess you could supplement with estate sales, auction houses, & yard sales/moving sales.

To get back to your original question, once you have made your money back plus what ever profit you want, sell the rest cheap! Don't get bogged down in what YOU think the value of the stuff is, you are just going to get MORE stuff at the next auction!

So did the local whale bid/buy any units? Try to stick to that guy like glue for the next several months. You will learn more about the storage unit business in your area from just watching that guy then you will learn anywhere else. Try to befriend him, but don't come on to strong, and don't get into bidding wars with him, yet. Local whales have a lot of advantages going for them that will help you in the long run. Local whales have an "eye" for valueing units and have been successful in the business. Pay attention to the units he bids on and what he pays. Local whales tend to get "inside information" from facility managers or employess about the contents of units. They tend to know which units to "gamble" on, but for them, it's not really a gamble. Sometimes local whales have "groupies" that will bird dog for them. Other bidders who will bid you up on units, or "bad mouth" a unit the whale is interest in bidding on. Find out if your local whale has any "groupies" working for him.