If the recent proliferation of reality television shows geared toward public storage unit auctions has you wondering whether this would be a viable source of side income for you, you may be curious as to how you can get started. The reality of these auctions — as with any auction — can be more complex and much more time-consuming than can be captured by an edited-for-television version, but many bidders do find this to be both an entertaining and lucrative hobby. Read on to learn more about getting started with a public storage unit auction and how to ensure you're only bidding on units that will provide value for your investment.
Check out some auctions in your area — but don't bid yet
Before you put your money on the line, it's usually a good idea to attend an auction or two (or observe a few online) just to get an idea of the format, speed, and pricing you might be able to expect. Jumping straight into an auction without prior experience could leave you flustered and bidding on a unit sight unseen (or overpaying by increasing your bid by too-large margins). This ensures that by the time you begin to put up money in exchange for the contents of a storage unit, you'll be confident in your decision-making and cool-headed enough to avoid getting carried away.
Decide whether open or closed units are right for you
Some storage unit auctions allow bidders to visually inspect the contents of the unit or provide a rough inventory or a few photos so bidders have an idea of what to expect. However, others expect bidders to purchase the unit's contents sight-unseen and will simply auction off unit numbers without opening the door to the contents until after the sale is complete.
While closed storage unit auctions generally start with lower bids (or a minimum guaranteed value of each unit's contents), allowing you to complete your first purchase at a potentially lower out-of-pocket cost, it can also be much riskier to purchase a storage unit without having some idea of what it contains or how much work you'll need to do to catalog and sell the items within. Those who have a good eye for valuable antiques or collectibles and who can quickly scan an entire room may find these skills more suited to an open storage unit auction, as you'll avoid overpaying while stepping up your bid for units that contain underrated treasures.
For more information, contact a professional in your area or visit a website like http://www.fortknoxstorageaz.com.
Share13 February 2017
