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So, they will hold an auction and will sell the items in the delinquent unit to the highest bidder. Its difficult to say how many auctions will be held in your area, but they are held throughout the country all the time. The realistic chances of finding a hugely valuable item in this business is probably pretty slim (just my hunch). However, if you get serious about this, you would might even consider opening up some kind of retail location.
When dealing with antiques or other valuable items, you will do better if you can get it appraised, or at least looked at by an expert in your local area. Overall, I have been interested in looking into storage unit auctions for quite a while, and when I have the time I actually do plan on trying it out. Getting into this sort of stuff is tedious, been there, tried it, yeah you may get lucky sometimes but the idea is to work smarter and get passive income and not have to work so much.
Well yes if you are prepared to outsource it and give it a try and have the money to spare to do it then great. Did this for ages and went through the growing and spending pains until I got a system figured out where I can actually make money on the Internet without giving it away to every guru who sent me an email with a new product. My point is that I have honestly found it neccessary to bring some hoof work into my life to stop me from going blind and having a backside shaped like a chair! I was lucky enough to find a physical product that sells reasonably well and obviously requires some effort to fetch, wrap, post etc. Anyways, I’ll be watching more closely to see how things go if you decide to go down this path. Witchie – I agree that one person doing this full-time would have to put in a TON of hours. I agree with you that this could be a worthwhile business venture by learning from getting your hands dirty and then outsourcing the hard work. Thinking about the principle of those who sell the tools to do things make the most money, could you buy a group of storage units and make money renting them out? I totally agree though that often people organizing or selling tools and the ones making the real money.
Wow man I definitely applaud the idea of doing what other people aren’t willing to do- as far as real, physical work goes- but there are soooo many other less tedious and labor intensive ways to make money, even part-time money.
I sold on eBay for a very long time, sales between $15k-$35k a month and it was a lot of work. Whether you sell all this stuff on eBay or Craigslist or other classified sites you’re still going to have to sort all the items you purchase, take pictures, edit the pictures, create an ad for every single item, package every single item, probably fix or clean up quite a few items, and ultimately ship every item. You also mention that perhaps I should bet into building a system to build certain types of websites that are scalable…well I already do that!
The facilities now find extra income in auctioning off these bins, so they’re not completely financially put-out. And don’t forget a good flashlight or 2, because lots of times there is no light in the units or the light is very poor. I would start out bidding on smaller units first and not bid a lot especially if your not sure of the resale value of the items you see in the unit. Oh yeah, make sure you confirm the auction is still on the morning it’s scheduled because sometimes people come in and pay their late rental fees at the last minute and the auction is called off. Someone asked why would people leave valuables in a unit and not pay a rent payment not even close to the value of the contents of the unit?
Living in the Philippines, this really wouldn’t be something I could try…but what if you could turn it into an online auction house? What if all they had to do was take a few pictures, weigh it, and then put it up on a site in an auction format? I used to work as a self storage property manager and I prepared delinquent units and ran some auctions.
Spencer, like you I’m fascinated with the shows you mentioned and was also interested in buying units. The book provides a fairly detailed overview of how the business works and what will be required to be successful. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License. Southway Storage Unit Auction!Friday, June 27, 2014Auction Starts: 12:00 PM Southway Storage Unit Auction!
We are ecstatic and jumping with joy for the Summer 2015 season and the sudden arrival of sweet sunshine has given us a jolt of energy reassuring ourselves that our Storage Auction Company is the best around! Enter your email address to subscribe to Storage Auctioneers and receive notifications of new posts by email. From my estimation, the best places to sell these items are as follows: eBay, Craigslist, Garage Sales, and Flea markets. Re-introducing hoof work and holding inventory into your life represents long hours to make a buck. Now I have a pack of fortune telling cigarette cards (odds) from the early 20th century from the UK. They probably have cameras and already inventory items (legally I’m sure they have to). I really like his post regarding the $8k worth of Barbies that he sold on eBay — all the while not really knowing what he had on his hands.
I think it’s largely due in part to the fact that operating niche websites requires just as much work as any other venture.
But believe it or not, I think its a faster way to make money than internet marketing for example. He tells me that all the popularity of the shows about purchasing the auctioned contents have been great for him.
In the UK we have car boot sales, where people turn up in a field and sell from their car boots. Then dealing with % of unsatisfied customers, (since you yourself are not sure of the quality of those second hand items) complaining and returning stuff.
As more people become interested in this as a potential money maker, bid prices will rise to meet the demand, therefore making this more of a gamble, given the fact that some of these storage units are duds. It is an excellent resource to help you decide if it is a business that you would like to seriously consider. I was basing my opinion on you doing all the work, having help would change the whole ball game. I took probably 3 or 4 years of struggling before I made any money online, and I don’t think that is atypical. Before them, the auctions often brought in less than $100 for the contents of the average storage space. And the war comes in where the same folks are there every time a facility is auctioning bins. You can truly find some real gems there, however, it’s all a hit-or-miss strategy unless someone who works there gives you a heads-up on the content of a specific bin. Making few bucks of some, not being able to sell big part, needing storage unit yourself for the never sold stuff and making few bucks more here and there.
One guy I knew actually did 17K of profit in 6 months, after subtracting all his fees for sub-storage, gas and the like.
A guy down the street does this for a living, in that he aquires stuff and sells it on e-bay and Craigs list. They become familiar with the facility operator and they try to out bid or be-friend the owner so that everything seems above board and up-right. I know people are stupid, but you would think if the stuff in the units is so valuable, the unit renter would get a pay day loan, get their stuff out of storage and sell their own stuff for a big profit.
I found silverware sets, a silver pitcher, some Royal Doultons, a Havilland china dish, some art deco posters from the 1930`s, some nautical memorabilia, a few wooden ship models- four built and 7 kits, and a desk set given to employees of the French Line in the 30`s. However, doing storage unit auctions would have a much shorter learning curve; and you could certainly become an expert within a year for sure. One thing I will say is that once these reality shows started rolling out, our attendance quadrupled overnight. I also found a lot of 100 T shirts-extra small, and some Nike sneakers that I placed in a cothing drop, and some costume jwelry that I gave to a few girl friends. But, I would say keep building up your core business as a priority and get some first hand experience trying this out yourself first.
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