Storage Auctions
The Other Side of the Fence => Storage Facilities => Topic started by: bwd111 on November 11, 2011, 09:56:12 AM
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to take credit cards now? Going to one this saturday and its a sealed bid type auction and they accept Credit cards. I have AMEX and what you spend is what you pay each month,so I might try that for once. People are going to get in more CC debt you watch. They will pay interest on stuff that doesnt sell.
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Wowwwwwza! I can see this leading to many many ruined lives. Imagine that Joe Smart bids blindly to say 5K on say a 10x30 and he only makes 1.5K, dude is gonna be in a world of hurt in 6 months. Even worse is how hard does this guy push luck to pay up when payments are due?
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Eh if people werent going to use their CC on storage auctions, it would be something else. Dont think storage facilitys accepting it will be the cause for ruining lives.
Anyways I appreciate the ones that take debit etc...saves a trip to the atm/bank.
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1) Not all auctions are taking credit cards.
2) If some goofball goes hog wild and pays big bucks only to find no pay-off...TOO BAD !
The theory that "the fittest survive" is certainly true in this biz; being smart is part of being "fit".
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In some parts of the country storage facilities have been accepting credit cards for payment of winning bid for years so in those areas it has just been part of the game for the regulars. In my area, none of the auctions accept credit cards that I know of. Allowing bidders to use credit cards is definitely a two-edged sword. On one hand it might put a lot more units out of the smart bidders reach, on the other hand it might run the amateurs out of business more quickly.
Did'nt want to use term "noobie" so used amateur instead. I think it is clear that the "cat is out of the bag" so to speak about storage auctions and I think we will continue to see more and more people attempt to get into this business. We are all "noobies" once, and thier is mixed opinion about what qualifies someone as not being a "newbie" anymore. Newbie has a tone of arrogance, like noone else has a right to get into this business. I think we should qualify it more as "serious newcomers" and "amateurs".
serious newcomers-being those who do their research and have a plan before going to auction and start bidding.
amateurs-being those who seemingly have done no research on storage auctions other then the TV shows, and make goofy mistakes like bidding $1000 on a $200 unit, throwing everything away they win in a unit cause they are just treasure hunting, not bringing a flashlight, locks, money, etc. Asking other bidders at the auction for information and advice so they can turn around and use it to compete directly with them, etc.
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In some parts of the country storage facilities have been accepting credit cards for payment of winning bid for years so in those areas it has just been part of the game for the regulars. In my area, none of the auctions accept credit cards that I know of. Allowing bidders to use credit cards is definitely a two-edged sword. On one hand it might put a lot more units out of the smart bidders reach, on the other hand it might run the amateurs out of business more quickly.
Did'nt want to use term "noobie" so used amateur instead. I think it is clear that the "cat is out of the bag" so to speak about storage auctions and I think we will continue to see more and more people attempt to get into this business. We are all "noobies" once, and thier is mixed opinion about what qualifies someone as not being a "newbie" anymore. Newbie has a tone of arrogance, like noone else has a right to get into this business. I think we should qualify it more as "serious newcomers" and "amateurs".
serious newcomers-being those who do their research and have a plan before going to auction and start bidding.
amateurs-being those who seemingly have done no research on storage auctions other then the TV shows, and make goofy mistakes like bidding $1000 on a $200 unit, throwing everything away they win in a unit cause they are just treasure hunting, not bringing a flashlight, locks, money, etc. Asking other bidders at the auction for information and advice so they can turn around and use it to compete directly with them, etc.
I live watching the Amateurs as you put it throw away things like scrap metal and items I can sell on eBay in the $4-$10 range that many seem not to treasure.
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Acman - I bet you are watching them toss it and then "rescuing" it from the trash after the fact :)
Funny - we was just talking about CC payments today while waiting for the auction. I said that many of them are doing it to help all the noobies spend that money. The company can pay the $2-3 fee if they get another $200-400+ more for a unit cuz of some noob.
I only have one company in my area that will take CC. They are a silent auction so I figure they want to make sure they get paid if you bid on 10 units and only have money for 4 that you bid on. I know I was talking with the lady due to us not finding out who wins until the end of the 30+ unit 3 location silent auction. Had cracked if I win all these units I bid on I'm in trouble. She told me no worry that they would let me go get more cash if need.
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Only place I've seen around here that accepts CCs is Public Storage and I figured it was due to their size and they probably run a massive amount of CC transactions in the normal course of business so a few more from auctions couldn't hurt.
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I have seen very few that will accept CC for bid payments. Me personally though I will only bid with what cash I have on hand. You can get carried away at times when you decide to purchase lockers with CCs.
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A few around here accepting CC but BP in cash.. They all might start taking CC payments only.. LOL With the popularity from the shows all those people running around with a lot of cash money... Asking for trouble IMO.
Some desperate person wanting to take your money... They jump in your car with you in it.
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I don't think you will see many ruined lives because storage auctions will take cc's. It may cause some to over bid but you get them with cash only auctions as well. There are a couple that will take cc here but they will only get cash from me.
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Doesnt that defeat the purpose of cash in hand bidding.
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They'll take a CC until they get hit with a chargeback. Wonder how they would handle that.
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They'll take a CC until they get hit with a chargeback. Wonder how they would handle that.
Yeah really. Would like to see the out come of that.
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Yeah really. Would like to see the out come of that.
If I want to pay my storage unit with a cc I can. This is no different.
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If I want to pay my storage unit with a cc I can. This is no different.
The difference is if you are a renter of a storage unit you have a contract for payment. If you buy a storage unit from an auction. you are just a buyer. Load up everything then call your CC and say not to pay. Charges back they don't get your money, and you got the stuff. Not a great idea for the people doing this as business but for a nob getting burned on a bad purchase on his credit card. For sure the nob would try and charge back. At least some of the ones I have seen.. Paying way to much for junk. :)
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I have seen very few that will accept CC for bid payments. Me personally though I will only bid with what cash I have on hand. You can get carried away at times when you decide to purchase lockers with CCs.
Iused my amex on the last auction I did over bid. But the payment comes right out of my bank so it was like using cash. But normally cash only. First time I ever used the card for a unit. But good thing is the full payment comes out next month.