The basics on making money with public auctions
Buying and selling always involves getting good deals on your goods that are low enough for you to make a decent profit with when reselling. Getting your merchandise at public auctions is one source that many over look for getting terrific deals.
When someone does not pay the rent for their public storage for a certain number of months, the public storage business then takes ownership of the items in the storage space. Almost all public storage facilities hold public auctions to recoup some of the money they have lost from rent that was not paid.
You will need to find out when the auctions take place. Some public storage facilities hold them on a regular basis and some hold their auctions on an as needed basis. Look up storage facilities in your yellow pages and find out when their public auctions are held. If they have their auctions on a regular basis they will be able to give you a date and time right there.
Prepare for the auctions. Things that would be handy would be a pick up truck or a trailer; at least a big car with lots of room! A hand truck and work gloves would also help. Maybe some blankets or tarps would even help in case it rains.
Try to arrive a little early and be prepared to do some heavy lifting, taking a partner would help a big help. They will auction out the storage facilities one at a time and give you a quick glimpse at it. Many times they will not let you go through each and every box and inspect everything so you have to be smart here. Remember, your goal here is to make a profit. If in doubt, don't bid on that particular storage facility.
When you find one you have a good feel for and feel that it can be very profitable, then go for it and place your bid. After winning you can have things like furniture, music tapes, music CD's, records, DVD's, clothes, electronics, jewelry, collectibles and appliances. Remember that businesses put their stuff in public storages so you can win lots of new stuff besides the great used stuff that you will win.
A great tip to remember when bidding on a public storage is to use your nose. If you smell mildew or see water damage then you might want to think twice about bidding on that facility. Some things may have been damaged beyond repair.
Your nose can also benefit you by sensing the smell of tools. Greasy tools are a great thing to win at auctions that are very profitable.
Right after you win you will have to claim your merchandise and go through your stuff. This is a good time to separate the junk that you will take to the dump from the good stuff that you will sell. Remember that just because something is not working does not mean it is junk. For example, furniture can be cleaned and polished. Appliances and electronics can be repaired cheaply. Your knowledge of repairing things will really come handy here and set you up to make more money. Be sure and take inventory of your merchandise.
Now you will have to sell your stuff and make money, isn't that what this is all about! You can sell your items through classified ads in newspapers or sell them through online classifieds like Craigslist.
You can sell your items through a yard sale or garage sale. Flea markets or swap meets is another great idea. The rent is cheap and they bring in big crowds.
If you come across collectible items that you win, you can contact collectors and see if their interested in buying your item. Old toys, baseball cards, coins, comic books, etc.
You can sell your winnings through E-Bay or better yet if you already have an E-Bay store; add them to your store.