how to make money at storage auctions,How to Make Money at Storage Auctions

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how to make money at storage auctions,How to Make Money at Storage Auctions

How to Make Money at Storage Auctions

Attending storage auctions can be an exciting and potentially lucrative way to make money. If you’re looking to get started, here’s a detailed guide on how to make money at storage auctions.

Understanding Storage Auctions

how to make money at storage auctions,How to Make Money at Storage Auctions

Storage auctions are public sales of the contents of storage units that have been abandoned by their tenants. These units can contain a wide variety of items, from everyday household goods to valuable antiques and collectibles. The key to making money at storage auctions is knowing what to look for and how to negotiate effectively.

Research and Preparation

Before you start attending storage auctions, it’s important to do your research. Here are some steps to help you get started:

  • Find local storage auction listings. You can find these online, in local newspapers, or by visiting storage facility websites.

  • Learn about the auction process. Each storage facility may have its own rules and procedures, so it’s important to understand how the auction will work.

  • Research the storage facility. Look for reviews and ratings to get an idea of the quality of the units and the reliability of the facility.

  • Get familiar with the types of items that are commonly found in storage units. This will help you identify potential valuable items during the auction.

Attending the Auction

Once you’ve done your research and prepared, it’s time to attend the auction. Here are some tips for a successful auction experience:

  • Arrive early. This will give you time to inspect the unit and get a sense of the competition.

  • Inspect the unit thoroughly. Look for any signs of damage or missing items. This will help you determine the unit’s value and potential repair costs.

  • Know the auction rules. Make sure you understand the bidding process, the minimum bid, and any other important details.

  • Be prepared to pay. Have cash or a checkbook on hand to pay for the unit immediately after winning the bid.

Identifying Valuable Items

One of the most important skills to develop when attending storage auctions is the ability to identify valuable items. Here are some tips to help you spot potential gold mines:

  • Look for antiques and collectibles. Items like vintage toys, coins, and antiques can be highly valuable.

  • Check for electronics. Old computers, cameras, and other electronics can often be sold for a profit.

  • Inspect furniture. High-quality furniture, especially antiques, can be a great investment.

  • Look for tools and equipment. Tools and equipment, especially those in good condition, can be sold to businesses or individuals.

Negotiating and Selling

Once you’ve won a bid, it’s time to negotiate and sell the items. Here are some tips to help you get the best deals:

  • Negotiate the price. Don’t be afraid to haggle a bit to get a better deal.

  • Research the market value of the items. This will help you determine a fair selling price.

  • Advertise your items. Use online marketplaces, social media, and local classifieds to reach potential buyers.

  • Be prepared to make repairs. If necessary, invest in repairs to increase the value of the items.

Table: Common Valuable Items Found in Storage Units

Item Description Market Value
Antiques Items from the past, such as vintage furniture, coins, and collectibles Varies widely, can be very high
Electronics Old computers, cameras, and other electronics Depends on condition and age
Furniture High-quality furniture, especially antiques Varies widely, can

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