Do you guys think it's OK for friends / family members that ride with the auctioneer to the auction bid on units?  Any thoughts?

Yes, like most jobs if you are a dedicated individual it can be profitable.  With this business you also need to be patient, good at managing money, organized, have the space to store and sort large volumes of goods, have the means to haul things, have the help for moving large items, have the bankroll for the ups and downs, good at listing and dealing with Craigslist, good at listing and dealing with Ebay / Etsy, OK with spending hours at auctions and seeing dozens of units and not buying / winning anything, and have a positive attitude about going to the dump and donation centers every other day.

I'm like Alloro, where I do this on the side as a supplemental income.  Later in life I might do it full time, but right now it would be a stretch and pretty nerve racking if it was my only source of income (might lose the "fun" aspect of it).

It is not easy and profitability comes with very hard work and a little bit of luck. 

Went to an auction promoted by a local auctioneer in the Seattle area.  I went to this same auction last month and the crowd was around 20 people, about half regulars.  This month there was about 50 people with about 35-40 of them being new faces.  When I saw all the trucks with trailers in tow parked throughout the facility I was pretty close to leaving, but thought what the hell.  I should have left.

There were 6 units and it took about 25 minutes for everyone to view the 1st locker.  It was small with a few shoe boxes and surprisingly went to a new regular that likes small units for $125 or so.  Here's where it gets good.  The next unit was a 10x10 with junky particle board furniture, low end kids toys, low end household goods, and a junior guitar case in the corner.  It screamed low end apartment, but for the right price someone could turn some profit.  I was thinking a $40-$50 unit, especially since it was on the 3rd floor, but didn't have any desire to bid on it.  The auctioneer opened at $25 and it went to $50, then someone yelled out from the back "$500!"  YES $500!  The auctioneer was actually speechless and it took him a moment to catch his breath.  5 seconds later he said "sold" and the winning bidder jumped up in the air, pumped his fist, and yelled "that's what I'm talking about!"  It was straight out of Auction Hunters or Storage Hunters!  He sure showed everyone else!  (Could have got it for $200 max probably).  The guy was shaking from excitement / nervousness, it was quite bizarre. 

At that point I tried to leave but realized that I parked inside the facility and was basically stuck until the auction was over.  Another unit that looked like the leftovers from a storage auction gone bad went for $300.  The last unit was a hoarder garbage unit for which I walked away from and didn't see what it went for.  I was kind of afraid to see what someone was going to pay. 

All in all a waste of time, but the majority of auctions are when you think about it.  You just never know curveballs each auction will bring, as they're never the same!   

 

Art and large furniture such as china hutches or big dressers.  I'll find nice large prints with $300 frames and it will take me 3 months to move them for $20.  Even with a conservative initial estimate I usually end up getting 1/3 to 1/4 of what I was expecting to get from most large pieces of furniture in decent shape. 

I guess the more you do this the more realistic your expectations are for the $ amount you can expect to get from an item.  Why I have high hopes for hutches is beyond me.

I've been a lurker and not a poster the last month or so, and for that I apologize.  I've seen a lot of junk the last 4 months but have continued to by when the timing and price is right.  The past two weeks I purchased three 5x10's, one 10x15, and one 6x15.  I've been pretty busy sorting, reaching, and doing donation runs.  My double garage looks like a bomb went off in there, but it's organized chaos, right?  Two of the units are turning out to be better than average, and one is going to be great.  Found two Pfaff German sewing machines and a shoebox that contained 3 handguns!  I was extremely excited, but it did take me 100 units to finally find a handgun.

I've been extremely skeptical of online storage auctions, but gave in and bought my first one for $220.  I called and spoke with the owner of the facility before I bid and after talking with him for about ten minutes I felt comfortable enough to throw in a bid.  Current bid was $210 and I sniped it with 20 seconds left for $220.  My max bid would have been $252.  With buyers premium and tax I'll be into it for about $260 or so.  I'll be unloading it tomorrow, so I'll keep you guys posted on the experience.  It's a 5x10 and it's definitely an old woman's unit, so I'm excited.     

No, it wouldn't. But I'm pretty sure he was just kidding around.

I wasn't trying to be rude, and understand if you were having a bad day.  No hurt feelings on my end.  Go Hawks!

Thanks for the updates on the California scene.  It seems like some of the seasoned buyers are anxious to get lockers and are spending a premium to gain inventory.  Movieman, are these buyers store owners, or just regular storage unit hobbyists?  There's been a lot of talk recently regarding crowd size getting smaller but prices remaining pretty high.  I've noticed this trend at most of the larger runs here in the Northwest.  The newbies are running up the price on the low end to medium units, and the thrift shop owners are dropping more than ever on units that show any potential.  Once in a blue moon the crowd is small and the right combination of buyers are there to get a good deal, but I'm having a hard time winning units that show any potential whatsoever. 

On a side note I went to an auction today and the facility had 5 units, 9 bidders with no signs of any whales.  I was thinking to myself "finally an opportunity."  2 units didn't sell, 1 unit sold for $1, the 4th unit sold for $10, and the 5th unit was announced as a "charity" unit.  Awesome!!  Oh well, it's the reality of the business!