Storage Auctions

Good things come to those who wait

Offline Travis

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Good things come to those who wait
« on: January 25, 2014, 03:36:10 PM »
Went to a Saturday auction that was advertised on AuctionZip (yes, I know I broke my #1 rule.) There were 30 units advertised and I couldn't believe it, there were 29 for sale when I got there. I knew something was up when I heard that. It just doesn't happen like that. I just figured that the facility hadn't had an auction in while or they had a lot of abandoned units. Sure enough, the facility hadn't had an auction in several months due to the former manager getting sick and resigning.

After seeing the units, it looked like they hadn't had an auction in 15 years. I've never seen so many tube televisions, dusty couches & mattresses from the 1980's.

Anyway, there were a few good units that came up early, but they were bid up so high, there was no money to be made. I just sat back and watched the newbies throw away their rent money. Units 5-27 were garbage in my opinion. Of course that didn't stop the newbies from spending hundreds of dollars on units with just a few boxes and totes. Finally, unit #28, a 10X25 packed with stuff. Got it for $780. I can see the return on my money from the door and there are about 50-80 boxes of unknowns that will be my profit. It's going to be some work, but I think it will be worth it.

I think the reason I got such a good deal on it was because 1. none of the whales were there 2. most of the other bidders had spent their bankroll on other units.

Sometimes good things come to those who wait. Seems like whenever there are a lot of units, the deals get better closer to the end of the auction.

Re: Good things come to those who wait
« Reply #1 on: January 27, 2014, 02:13:17 PM »
I've noticed that the whales are staying away from the auctionzip advertised sales. I don't mind auctionzip sales because the newbies spend their money so fast just to get a locker under their belt. Just bide my time and wait for a good one to come up later in the auction and pop for a really good price, just as you did.

Offline Travis

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Re: Good things come to those who wait
« Reply #2 on: January 30, 2014, 12:36:46 PM »
I think I figured out why the whales didn't show up to this auction. Apparently management is doing something shady. If not management, then another buyer staged the unit I bought. Or maybe a combination of both.

I thought this unit would be alright, but I ended up getting burnt on it. Every item in the entire unit ended up being broken or damaged. Not one item in the entire unit was newer than 1995. Every box was full of garbage. I called the manager out on it. I have a feeling that this unit has been to auction several times and been abandoned each time after the buyers realized that it was all trash.


Offline EdwardThirlwall

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Re: Good things come to those who wait
« Reply #3 on: March 10, 2014, 04:23:55 AM »
This actually sounds like an interesting tack that you would see in other types of auctions like for reposession and bankrupcy and art. They do sometimes hold the best for last just to keep the crowds going and the like. What I'm impresed with here how good an eye a person has to have in order to detect good steals and also the patience involved! It's been quite insightful for meas a neutral party to the auction.

Offline Travis

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Re: Good things come to those who wait
« Reply #4 on: March 10, 2014, 05:59:46 PM »
This actually sounds like an interesting tack that you would see in other types of auctions like for reposession and bankrupcy and art. They do sometimes hold the best for last just to keep the crowds going and the like. What I'm impresed with here how good an eye a person has to have in order to detect good steals and also the patience involved! It's been quite insightful for meas a neutral party to the auction.

It is certainly an art. I know people that go to auctions 6 days a week, look at hundreds of units and only pull the trigger when that perfect unit comes along.


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