While it may appear that way, and, indeed, it can certainly work out that way, there are also a number of risks involved with bidding on storage auctions. To help you reduce the risks of bidding on storage auctions, we’ve put together some of the most important tips to keep in mind when trying to strike in storage auction-rich.
It is recommended that you view a few auctions before participating in one yourself. Take note of bidding practices, in terms of timing and amounts. Note which types of storage units they tend to bid on – what sort of contents do the units share? What are the similarities?
If you are able to visit a live auction, then take the opportunities when they arrive to engage some of the experienced bidders, figuring out how long they’ve been bidding for, their success level, and any additional tricks they might be able to share with you. Having friends with some knowledge will also be helpful down the road when faced with more difficult decisions you can seek their advice on.
While it will be nice to make friends with some experienced bidders, many will simply see you as a competitor, and not share any information with you. Another option is to start a storage auction investment club.
The idea here is to collect a number of different bidders together, limiting the risk of purchase. With such a group, knowledge of any potential storage unit contents is sure to be more informed by the experience of the collective. The more diverse the background of the group’s members, the more successful you should be at uncovering lucrative storage units. It also means your ability to resell the items increases, as more of you will be able to share the items through your various channels.
If you are attending live storage auctions, then it is extremely advisable for you to acquire a high-powered flashlight. The more light you have at your disposal when inspecting storage units, the better. Don’t go cheap here: missing a gem in a unit is regretable, and mistaking an object for one of more value in a unit you purchases an even worse miss.
You should never attend storage auctions without a game plan in mind. Arriving to bid wily-nily is almost always going to result in an unsuccessful day. Decide in advance what sort of items you are looking for, the sorts of items you know well and can resell easily. Become a specialist in something, and stick to your specialty. This is the best way to maximize any return on your investment and avoid making ill-informed purchases.
Staying home – especially today, during a pandemic! – is always a welcomed treat when it comes to bidding on storage auctions. Forget about the travel, and open up your options to near-countless numbers of auctions occurring at any given time. It is the most convenient way to bid.
Online storage auctions provide bidders with detailed pictures of the contents of the storage unit up for auction. Finding a unit to bid on from home has really never been so easy. But you do need to be ready for when you win a unit. In the United Kingdom, you typically only have between 24 and 72 hours to empty your unit before you begin incurring rental charges. When bidding on storage auctions from home, always have a plan ready for any storage unit you win.
A good trick is to take note of how the storage unit has been loaded. A unit its contents scattered around and in a mess is likely an indication that the owner of the items did not care too much about them – the likelihood of finding truly valuable items in such a locker is probably low.
On the other hand, if the unit has been loaded tightly and in an organized fashion, then that is likely an indication of the opposite: the owner cares for their items because there is value to them.
Those are the most important items for you to keep in mind when bidding on storage auctions in the United Kingdom. If you`re ready to start bidding on storage auctions now, then register for free with iBidOnStorage.co.uk today!
"What happens when a customer defaults on payment and abandon their goods for months on end"
"Bidding on storage auctions in the UK using iBidOnStorage is not very complicated novices must understand the steps required to have the best chance of finding a hidden"
