Storage Auctions
The Storage Locker => The Treasure Chest => Topic started by: rulesforrebels on March 26, 2011, 05:23:34 PM
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I ran into a lady I normally talk to at the auctions recently who I hadn't seen in a while.
She said she went to a few auctions in a town thats not in the middle of nowhere but about an hour outside of Chicago.
She said only like 5 other people showed up and it was a sealed bit auction. I guess only one unit but she said she bid $250 and got it and everyone else looked at her like she was crazy.
She said she probably overpaid as she was used to how things have been lately and how they are in Chicagoland area.
Just figured everyone even those who live in a major city have some semi rural areas within an hour or so drive. Maybe try hitting up those auctions.
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I have been wanting to try a sealed bid auction and see how that goes. There have been a couple of them in Houston. May better than the regular auctions I ve been to.
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Yeah I think both formats have their pros and cons but I love sealed bid auctions.
It takes away that whole competitive nature of the auction. I think sometimes units go for more than they should just b/c both people get wrapped up in the auction or maybe some guy won a unit you wanted earlier and you want to get it now. For that reason I think units go for more sometimes.
Sure with a sealed bit you can overpay. I think I've overpaid several times but if you set a limit your comfortable with who cares if you overpaid if you got in at a price you know you can still make money.
If I had a choice I'd go to sealed bid over auction anyday.
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I'm totally the opposite. I love the auction format and playing the head games with another bidder and taking them up to the edge and knowing when to back down, that's part of the thrill!
I have done well at the sealed bid auctions too. I love it when I get a $300-$400 locker and I beat the next highest bidder by no more than 10 bucks. It's a good feeling knowing that you won and didn't leave a bunch of money laying on the table. On the other hand, I lost one last month by 3 bucks! That is not such a good feeling! LOL!
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Well, I just went to my first sealed bid auction today. Cant say I liked it to much. However I know if these were a regualr auction the prices would of went higher than what they sold for. I bid on only one unit, it was a 5x10. I bidded $70.01. Couldnt see much value, but there was alot of totes and sealed boxes. Got my curiosity going on it. I was outbidded by $100. Oh well, no big deal.
The other 4 units I did not even bother on, they were not my cup of tea.