Repossessed storage locker sales have become an excellent resource for small business owners and entrepreneurs looking to earn healthy side incomes. These special sales occur whenever a storage tenant falls significantly behind on their monthly storage rental bills and are forced to relinquish their goods to a public auction so that the company can recoup the unpaid rent. Professional repossessed storage locker buyers have been compiling storage auction secrets for years which help give them a leg up on the competition.
Although these special storage locker auctions are free to attend and open to the public, many first time buyers and bargain hunters find them to be baffling initially. There are a number of special processes one must observe in order to be allowed to bid on repossessed storage lockers and delinquent storage units. I will outline a few of the most basic tips here, although there is no substitute for firsthand experience and a professional guide to storage auction secrets for success buying storage auction units.
Storage Auction Secret #1 - Preparation
Having success buying up repossessed storage units requires a good deal of preparation. In fact, being properly prepared for a locker sale can easily make the difference between turning a profit or ending up with a truckload full of junk you can't move - or winding up with nothing at all! Many first time storage auction unit buyers overlook some essential considerations the first time they attend a sale. Namely, how are they planning on removing and transporting what has the potential to be several garage's worth of valuable merchandise. If you don't own a pick-up truck yourself, perhaps it's time to rope a buddy who does into your storage auction buying plans. Offer to give them a kickback or a portion of what you sell. At the very least you can pay their gas money and offer them a good show.
Another thing that many first time storage unit buyers fail to do is bring cash to these auctions. Yes, some auctioneers and auctioneer companies will accept credit or debit cards, but since many storage facilities can be out of the way, it's best to be prepared with a decent amount of cash so that you can settle the bill for whatever repossessed storage locker you end up buying and be on your way to start loading your new inventory into your vehicle.
Storage Auction Secret #2 - Bigger is Not Always Better
Many first time repossessed storage locker buyers make the incorrect assumption that larger units are more valuable and that they are the secret to success in turning a profit from storage sales. Not so. Some of the smallest units sold via public auction end up yielding the most profits, be it from jewelry collections secured inside or valuable collectibles like baseball cards or antiques. The storage auction secret that many professional buyers know is that you need to become proficient at reading the "character" of a repossessed storage locker. You must sum up what kind of customer had previously owned it and what they would have been storing inside.
When you first start buying storage units at auction, it's best to stick to the smaller and more manageable lockers. These are easier to empty and transport, for one thing, and also more cost effective, assuming you can find something decent inside. Don't worry about blasting into the big units at first. Set a reasonable cash limit before you even set foot on the self storage property and then stick to it. If you can find a small or modest repossessed storage locker within your price range, go ahead and grab it and hope for the best. Another storage sale secret known by professionals is that it's easy to lose your shirt on the first few sales when you are blinded by greed and can only think about nabbing the biggest units.
Storage Sale Secret #3 - Determination = Profits
As is the case with so many business ventures, buying delinquent units is only truly profitable for those that have the determination, self-discipline and patience to do it correctly and see every sale through to its termination. This means having the dedication to take home every item found inside a unit and process it for sale either online through eBay or craigslist or directly through yardsales or consignment shops. The last major storage sale secret of success is that only the truly determined and patient can count on being rewarded in this industry.