The business of storage auctions have been brought to light recently both by local and national media and has shed light on how to make money in a relatively low risk and high reward environment. Today's financially uncertain and transient society has certainly created an abundant opportunity from coast to coast as it relates to storage units being available by auction to due- non payment. Perhaps the ultimate example of growth and interest in storage auctions is the new hit television series Storage Wars. Storage Wars has had a viewing audience of 2.8 million viewers per episode in its initial season and is already filming more episodes for season number two. With an understanding of the excitement of this relatively new business let us now take a closer look at how in fact to profit from it. The following is a simple outline for beginners to get started without risking too much time or money while in search of treasure:
1) Do your homework. There is no substitute for going to as many auctions as you can find in your area and leaving your money at home. That is right, the temptation will be significant to "win" your first auction, often times however this translates to paying too much for too little. Instead, watch and observe the process as there is no substitute for experience. The people that will be there will be more experienced than you so look, listen and if the opportunity is there ask questions. If you bring your money to your first 10 auctions, chances are you will have a disappointing initial experience. Remember, this is a business and must be treated as such. If you do not have many auctions in your area you may have to do some traveling at least initially to speed up the learning curve.
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2) Establish an exit strategy for your acquisitions in advance. First decide how to throw away or give away items that you do not wish to try to sell. Then have a plan for selling your future auction items and decide if it is a match before you bid on a storage unit. For example, common items found in storage may be clothes, tires, furniture, dishes, etc. Decide in advance what may be a good investment and worth your time, energy and money.
3) Develop a written business plan complete with short term and long term goals and expectations. It is important to treat this as a business. It doesn't matter whether it is part time or full time it is about making sound written plans and sticking to those plans. Remember once the auctions start it is exciting and the natural reaction will to be to "win" the auction and go see what you just won. Don't let the emotions overtake the original goals of acquiring items that can make you money. It's like Vegas or Wall Street, decide in advance if your in it for the profit or just for the action. Remember, there is nothing wrong with attending to just to have action, just make sure if you do intend to make an effort to run a business, the business plan must be in place. For those that are professional gamblers or stockbrokers they practice sound money management routines. This is very hard to do in an exciting environment and you are on the clock, sort of speak. If it doesn't fit the plan or the price gets too high you must learn to pass and wait for another opportunity.
4) Bid only on what you actually can see and make sure you can break even based on what you see. In a storage auction you can only look at the content from the outside without touching. Many times there may be multiple units up for auction at the same storage facility and a pretty large number of potential bidders that may range from 10 to 100 people. The auction has to stay on schedule as there are often several different locations on the same day for the auction company to complete the auctions. Therefore, you may only get a brief view of the upcoming lot as you wait your turn in line to look. Sometimes there is plenty of time to view and decide, but large turnouts and busy schedules may mean that you get 30 seconds to look and decide if you want to bid and if so how much to bid. As a general rule, try to determine if this meets your business criteria based solely on what you can see. You at least need to break even based on what you can see as compared to what you are setting as your max bid. That way anything else you find is pure profit. If you are bidding high in hopes of finding the home run like on TV you may be in for a long wait. The auction related shows are geared towards ratings and catching the excitement of finding the unexpected. It is exciting to bid and find the unexpected treasure and it is out there, just remember you may need to break even on many units before you find the treasure so bid to break even on what you can see and allow the unknown to be the profit.
5) Allow yourself enough resources to make a profit and enjoy the process. The number one reason businesses fail is lack of resources. This may mean lack of money, time, energy, planning, etc. This is not a get rich quick plan and this is not TV. However, you will experience the excitement and you will find valuable investments if you are patient and avoid the common pitfalls associated with this business. Look at things on a long timeline, perhaps even part time. Like with any business or investment or gambling, once you are out of resources your out of the game or business. Divide your auctions into sessions and plan how many you plan to attend and spend per unit or per day or week or month or year. If you can make it a year with solid money management chances are you will have found some diamonds in the rough, made a solid profit and had fun along the way.
I hope this article helps in your search for storage auction treasure. Follow these steps and you will be well ahead of the game. Remember, do your homework and treat storage auctions as a business in order to keep the cash flow going and the big unit you win for pennies on the dollar will be yours just like on TV. Enjoy the process and best of luck.
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Oct 22, 2011 04:45:54
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