How to Make Money on Storage Auctions
Storage auctions can be a lucrative way to make money if you know how to navigate the process effectively. Whether you’re looking for a side hustle or a full-time income, here’s a detailed guide on how to make money on storage auctions.
Understanding 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 range of items, from everyday household goods to valuable antiques and collectibles. The key to making money is knowing what to look for and how to evaluate the potential value of the items within.
Research and Preparation
Before you start bidding at storage auctions, it’s crucial to do your research. Here are some steps to help you get started:
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Find Local Auctions: Look for storage auctions in your area. Websites like StorageAuctions.com and StorageUnitAuctions.com can help you find upcoming auctions.
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Understand the Rules: Each auction has its own set of rules, so make sure you understand the bidding process, the time limit for inspecting the unit, and any other important details.
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Learn the Lingo: Familiarize yourself with terms like “cleanout,” “absolute auction,” and “reserve price” to better understand the auction process.
Inspecting the Storage Unit
Once you’ve found an auction you’re interested in, it’s time to inspect the storage unit. Here’s how to make the most of your inspection:
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Arrive Early: Get to the auction site early to ensure you have enough time to inspect the unit thoroughly.
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Take Notes: Write down any observations about the condition of the items and the layout of the unit.
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Look for Valuables: Keep an eye out for items that could be valuable, such as antiques, collectibles, electronics, and tools.
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Consider the Unit’s Layout: A well-organized unit may indicate that the tenant was a professional or had a high-value collection.
Bidding Strategies
Now that you’ve inspected the unit, it’s time to bid. Here are some tips to help you make informed bids:
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Set a Budget: Decide how much you’re willing to spend on each unit before the auction starts.
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Know the Market Value: Research the market value of similar items to help you determine a fair bid.
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Be Aggressive: If you see something valuable, don’t hesitate to bid competitively.
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Stay Focused: Avoid getting distracted by other bidders or the excitement of the auction.
After the Auction
Once you’ve won a storage auction, it’s time to start making money. Here are some steps to follow:
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Secure the Unit: Pay the auctioneer and receive the keys to the storage unit.
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Sort and Organize: Sort through the items and organize them by category, such as electronics, furniture, or collectibles.
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Research the Market: Research the market value of the items you’ve acquired to determine how much you can sell them for.
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Choose a Selling Method: Decide whether to sell the items online, at a garage sale, or through a consignment shop.
Table: Common Valuable Items Found in Storage Units
| Item | Value Range |
|---|---|
| Antiques | $100 – $10,000+ |
| Collectibles | $50 – $5,000+ |
| Electronics | $50 – $1,000+ |
| Tools | $100 – $5,000+ |
