Lookey Loos Part 8.....August, 2011

@acman
Calm down the only person you got to worry about stealing your lkrs,around here is me since were from the same area hehe.

The crowds ive seen around here have been 20ish only a couple that have had less than 10. Even in the big areas not many. Though here in mi. people dont have much money or maybe I just get lucky with less people good lkrs and cheap units idk. Got 4 auctions in the next 5days will keep yall posted on the good bad the dumb and the retarded.

Another couple of auctions today.......got two more lockers!  One has a washer and dryer in nice condition, a big stack of boxes that are all neatly stacked and taped shut, a tv, bed, two nice dressers, and a bunch of other stuff I haven't got to look at yet.  Second one may be just mostly junk, but I got it cheap and figured it might be worth a shot.......had some interesting looking appliances and I knew I could get my money back out of those.  There is lots of other stuff in there too.

I followed them to the next facility and just missed out on a really cool looking unit with an old radio from the 20's or 30's, some old kids cars and trucks, and some really old picture frames, along with a chest.  It was a silent auction, and I missed it by 15 bucks!  Dang! 

Anyway, the crowd was awesome!  It was pretty much all the old guys, just like old times!  There was only one noobie, and he got a locker full of trash bags loaded with clothes for 80 bucks.  He saw a box for a 32" vizio flat screen tv laying under some of the bags and got excited, but it was just an empty box and nothing but junk in the locker.....he was bummed, especially when the next closest bid was only 20 bucks!

  There was only one noobie, and he got a locker full of trash bags loaded with clothes for 80 bucks.  He saw a box for a 32" vizio flat screen tv laying under some of the bags and got excited, but it was just an empty box and nothing but junk in the locker.....he was bummed, especially when the next closest bid was only 20 bucks!

And that my friend is JUSTICE !

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.

Well said, CopiaVIta. It has become a carnival of yuppies.

Indeed. Well put!

I love a well-crafted, thought-out and articulate post such as yours copiavita.

In my area the "yuppie" aspect of your post is not as evident as in your area, but I see your point.

I don't even mind that un-employed or even under-employed people are looking at the auctions for possible income, but what bothers me is that many of the new folks I see are just clueless as to the reality of the work, the contents, the possible profit (or lack thereof) and just the whole process in general.

There are so many of them sometimes that the time for the whole auction to take place is out of whack; and then of course there are the outrageous prices being paid.  But all this has been said many times before, dating back to December, 2010 when this all started.

Anyway, good post copiavita.

Friday, August 12, 2011...

Went to 2 of 4 auctions today by the same auctioneer; here;s the count:

"Bidders".......60; 5 regulars, 55 newbies.

Lkrs.....8 at each location; nothing special. I didn't bid on one due to quality and prices; a couple I would have bid on and won 7 months ago....today prices were double what I would pay.

Here's a pic of the crowd; some are still coming out of hallway door to the left out of frame.



Here are 3 pics of a pretty nice lkr with an "older" look; this one sold for $1,100 and plenty of us would have paid $500 or so for it.







Maybe next time? Getting a little discouraged !

And they all want to pay retail!

  Excellent Observation Copia Vita , Right On , at least in my area , the Yuppies are spending like crazy and still buying more lockers , even after mentioning in casual conversation that they haven't been able to sell any of the " regular household stuff " they won last month , and asked us how to get rid of it ?
She didn't want to waste her time sitting around at a  flea market all day ?   
  I can't say if they are dropping out as We have cut back on going do to the INSANITY Lately , but have seen a lot of New faces at the ones We have gone too , and all they can talk about is the TV shows , and have any of us  scored something valuable ? ( like we would tell them ) .

Bandit

@ acman - don't take offense to anything on these boards.  While you, myself, Chief, and others are new here we are all learning.  Any of the "old timers" that complain about noobs, etc. isn't directed at you.  For the most part it's directed at the people in their area at the auctions they are going to.  While some of us are near to each other, many of us are 3+ hours or more from each other.  This is just a place we can all vent our spleen in collective frustration.

Now - as for the regulars in your area and how they may treat you that is a different story.  In my area they just try to make sure all the newbies know this isn't TV.  If they are expecting to get rich they should just as well spend the $500 on lottery tickets then a unit.  I myself have yet to meet anyone that wasn't friendly, open to jokes, etc.  While I have bid against some of them, I didn't run up the bids just cuz.  Once my limit is reached I'm done.  Except for Mr. Chruch, and one guy that also owns a store, all of the regulars here are retired.  They do this to keep busy and make a little money.  So it's not as cut throat as other areas may be.


As for auctions - was going to hit one today at lunch but Mr. Murphy had to toss his hand into the equation.  Boss asked for a ride to a meeting she had at 11 also.  Not a smart idea to turn it down when we may have cuts so gave her a lift.  Still had time (just barley) to make it the 5 miles to the auction.  However, upon the 100+ traffic lights and the cardinal rule of when your in a hurry every slow poke granny gets in front of you I was 20 mins late.  Counted 30 cars in the parking lot for 5 units so said forget it and got some lunch.  So some of the crowds are still pretty large, while others are getting smaller.

Think auctions in my area that I know of are done till next tuesday.  Will have to call around and check.

I had an old timer get mad at me one time when I told him I would have bid higher on the unit he just won but the stuff in the unit was really heavy (plumbing fixtures and other large items) and I just didn't want to move it. He got mad and said then why did I bid him up. I told him I didn't. I bid to what it was worth to me factoring in the physical labor involved. Kinda of ticked me off but what can you do.
If you do plan to bid up a regular, you better be careful in 1) he doesn't stick you with it and 2) he probably has more money than you and can take some losses in order to pay you back.
One old guy at an auction I went to about 6 months ago was buying every unit. After the first 4, one of the newbies decided enough was enough and tried to run him up. He wound up getting stuck (in my opinion) paying at least twice what the unit was worth.
The old guy bought 8 of the 10 units at an average of $600 a unit. He didn't look like he had a dime to his name. I stayed to make sure he had the cash. And he did...and a lot more.

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.

Didn't mean to jump to conclusions, it's just the way I am wired sometimes.

Let me say your post now explain in excellent detail how you meant your original post to come off. 

Also, I don't run up bidders either, I bid on what I see and guesstimate on the amount of time the item would be in my inventory while subtracting the cost of doing business(Dump runs, multiple storage visits, etc.).  What has it got me so far, Nothing.  I have gotten run up though. Mommy and Daddy were bank rolling little Johnny, I got the last laugh when He got a $1 locker for $23.

I'm just spending my time selling off Items in my place that I no longer need or want to grow my seed money while faithfully attending auctions and bidding when I see fit to make a profit.  I have no room for error here myself, I am working class(Paycheck to Paycheck) and I have no one bankrolling me.  This is intended to be my second job(Work won't give out Overtime and I pay dearly for Health Insurance).

Guess the way you have put it, all I can do as a responsible newbie and be patient like every other person in the biz.

Went to an auction on Thursday. 4 units up for bid and only 1 location. About 40 people showd up with 21 registered bidders. The first unit was packed full of boxes, and from what I could see the ones up front were all newer biker magazines. This went for $250. The other 3 went for crazy prices. New faces got those. Saw 2 totes, 1 boot and a mattress sell for $70. I was going to go 10 just to see about the totes.

Also saw a newbie bid himself up twice. The facility owner was doing the auction and was doing a horrible job. The noob had the unit at $175, and bid himself up to $200. He had the highest bid at $300 and the auctioneer was looking for $325. So the noob raised his hand again and bid himself up. He ended up winning the unit at $500 I believe. I would have stuck at $250 IMO.

$250 for a all box type unit isn't bad.  Is normally what my max is depending on the size.

I do have to laugh at people that run themselves up.  It's like they don't pay attention or something to what their bid is they just tossed out.

Let's hope this month is better.