One hobby that can make you potentially a lot of money is purchasing self-storage units that go up for auction. However, this is often easier said than done. To help you make sure you always land right-side-up on these auctions, here are three tips for making the most money through self-storage unit auctions.
Stay Away From Bidding Wars
The auction environment can be exciting, especially if it’s your first time making bids. But while you might like the adrenaline rush that comes from snagging a unit from your competition in a bidding war, StorageTreasures.com shares that it’s actually the smartest plan to steer clear of bidding wars if at all possible. The reasoning behind this strategy is that you only make money off of the items in the unit if you get the unit for a reasonable price at the beginning. Bidding wars often drive the initial purchasing price up further than it really should be, resulting in a unit that’s actually less profitable for you. So if you start to see a unit trending toward a bidding war, it might be a good idea to bow out.
An Organized Unit is A Profitable Unit
It can be challenging to determine how profitable you think a storage unit is just by taking a quick glance at the items you’re able to see from outside. However, being able to make these types of distinctions is what’s going to make you a successful bidder. To feel confident in your ability to assess value of the items in a storage unit, Jenny of SouthernSavers.com recommends for bidders to look for units that are organized with boxes or plastic containers. Organization typically suggests that the original owners put some value in the items they were storing, which could be a good indicator that some of the items could be worth a lot of money to you.
Don’t Overestimate How Much a Unit Should Be Worth to You
Like was mentioned before, you can only make a profit off of a unit if you’re able to get the items at the right price and then turn around and sell them for the right price, too. However, Storage-Auctions-Guide.com reminds bidders that there’s more to consider in your budget than just what you’re paying for the unit. You also need to consider the costs of transportation, storage, time and more when calculating if purchasing a unit is going to make financial sense. Be sure to think about all these considerations to avoid getting in over your head on a unit auction.
Purchasing self-storage units that go up for auction is a great way to make some side money. To ensure you have the most success in this arena, use the tips mentioned above during your next bidding experience.