Do you wish to use mini storage unit auctions as a means to create money? If you do then, money is created with the reselling of merchandise purchased at an auction. How you resell your merchandise will have an effect on your profits, but your biggest potential for creating money starts at the mini storage auctions. To increase your probabilities of creating money, avoid these common mistakes.
Traveling Too Much.
It is alleged that the more storage unit auctions you attend, the higher your probabilities are for creating a profit. Yes, this is true, but you shouldn’t have to travel two or more hours to attend these auctions, unless you recognize they can be large in size. With the high price of gasoline, you will realize the best luck staying local. The smart news is that if you live in a large city, you will hear of a different mini storage auction happening each weekend!
If you seriously wish to create money with mini storage auctions, arrive early. At the terribly least, arrive ten minutes before the auction is scheduled to begin. Although you will not be able to inspect the items up for bid, you can still improve your probabilities of getting a buying deal. You’ll be able to scout out the competition.
Not Asking Questions.
Not asking queries is something that can hurt you. As previously stated, you should only travel two hours or more to attend auctions that are large in size. Unfortunately, you will not understand while not initially asking. Also, ring ahead to verify that the auction has not been cancelled. Ask what the accepted ways of payment are and how the bidding method works. Are you bidding on sealed storage bins or whole storage bays?
Bidding Too Big On Unseen Bids.
As previously stated, you will either bid on a sealed bin or a full storage bay. Many times, the units are opened, providing you with a quick look inside. When it comes to closed storage units or sealed bins, bid, but keep the chance in mind. While most storage units are packed full, some might only hold one box in the corner. This is notably true if the renters had the possibility to get rid of things before the auction.
Not Having A Torch.
If the storage units you are bidding on can be opened, you will be granted a quick peek inside. This peek might only last 10 seconds. Thus, bring a flashlight so that you can see.
Not Knowing What To Search For.
If you would like to make money with mini storage unit auctions, it is vital to know what you can benefit from reselling. You are always taking a big gamble, but you can make that gamble less risky. Furniture and household appliances are smart things to resell and they’re easy to identify. Look for name brand products. Look for boxes that are marked with their destinations, like kitchen, bedroom, or living room.
Thinking You Will Get Wealthy Instantly.
Since mini storage auctions do rely on a heap of luck, there is a possibility that you will make a profit together with your initial auction, but that doesn’t always happen. Remember, the extra things you purchase, the higher your probabilities of making a profit are. If you lose money the first time around, understand you can build a large profit the next time.