Purchasing storage units as a means to make a profit has recently gained the attention of people across the country. As TV shows like “Auction Hunters” or “Storage Wars”, come on television, people are starting to ask themselves how to make money from storage unit auctions. They want to know if making huge profits is as easy as they make it look like on TV. Well, the quick answer to that question is sometimes yes and sometimes no.
Basically the skill of how to make money from storage unit auctions is a little bit skill, talent and knowledge and a little bit luck. Is it likely that you could go out today and buy a storage unit at an auction and turn over a couple of thousand dollar profit? The answer is no, that scenario is not very likely. However, if you want to know if you can learn the skills necessary to make purchasing storage unit auctions a lucrative business, the answer is absolutely.
Before learning how to make money from a storage unit auction, you must first understand exactly what a storage auction is and how they operate. A storage auction is held by a storage unit company as a means of getting rid of the stuff left behind by nonpaying customers. Each state has their own set of regulation about how storage unit companies are to deal with these items left behind. In most states, after so many months of nonpayment, the storage unit companies are allowed to auction of the belongings left behind by holding an auction.
At the auction, the highest bidder wins all of the contents inside the storage unit. The trick is that you can only view the contents of the storage unit from the doorway and bidders cannot go inside the storage unit before the auction. Each bidder is given only a few minutes right before the auction begins to look at the unit. Sometimes it can be extremely difficult to tell what is inside the unit, especially if it is full of boxes, but there are some tricks of the trade.
First looked for big priced items, like furniture and art and consider what they maybe able to sell for. You also want to pay close attention to how the contents inside are taken care of and look for thing such as are the boxes stacked nicely, is the furniture properly covered up, are the boxes taped and sealed nicely or is everything just sort of thrown in there. In most cases, people who have more expensive items in their storage unit will pay more attention to how the things are stored.
Once you purchase a storage unit, the big question is now how do I make money from storage unit auctions. You basically need to figure out which items are worth something and then find a buyer. Understanding antiques and collectibles can be a take a life time to do, but you can start be going to flea market or antique shows and talking to the different vendors there. They will be a great source of information to help you learn how to make money from storage unit auctions. If possible it is good to find several dealers who specialize in certain areas, who you can turn to with your question.
Now you need to find a buyer so that you can make money from storage unit auctions. Only try to do this once you know about how much your item is worth, otherwise, you may sell if for a lot less than you could. The internet is a good place to start marketing your goods, but be sure when listing an item that you are as specific as possible to attract more potential buyers. Flea markets are another good place to sell your goods and there are literally thousands of flea markets held in every state across the country.