Whether a first-time bidder or a seasoned pro, you want to do everything possible to get the most out of storage auctions. Here are a few things to keep in mind.
If you’re new to self-storage auctions, feel free to watch the experts at work. This can help you avoid some common mistakes.
Don’t Overpay
Storage auctions are a great way to find items at a fraction of their original value, but it’s important to understand how they work and the risks involved. Whether you’re new to storage auctions or a seasoned bidder, it’s critical to have a solid plan before you go.
Before attending storage auctions Petaluma, research the facility and the unit you’re bidding on. This will help you create a budget, determine the unit’s value, and make strategic bids.
You’ll also want to attend several auctions to observe how the process works and what other bidders bring with them. By talking with seasoned bidders, you’ll shorten your learning curve and avoid making common mistakes.
Don’t Bid on Items You Don’t Want
A storage auction is not for the faint of heart, nor is it the most fun way to eliminate clutter. These types of auctions are commonly held for storage units that have been abandoned by their owners, most likely due to non-payment of their rent. A recent study suggests that 80% of all storage unit owners have defaulted on their leases. A storage auction is a great way for a facility to liquidate its property and recoup some of the lost revenue.
The most important thing to remember is that you should only bid on an item you have seen firsthand. You can only judge the condition or quality of an item once you’ve touched it. Be sure to ask questions if you need more clarification, and be bold and walk away if you find something that is just too good to be true.
Don’t Bid on Items you Don’t Have a Vehicle For
Storage auctions are an annual event at most storage facilities. They are a great way for companies to clear out a vacated space for a new renter and recoup some of the money they have lost in non-payments. These large-scale sales tend to attract the well-heeled, so don’t expect to save a bundle by bidding on items you won’t have to move. You may be able to score some good deals on used furniture, electronics, and household appliances, but you will need to bring your wallet or borrow a buddy’s to haul the goods home in style.
The biggest challenge is determining which items you should bid on and which are best left in the dust.
Don’t Bid on Items You Don’t Know What to Do With
Storage auctions are a great way to buy things for less, but you should always be cautious about what you bid on. For example, you should avoid buying items you don’t know what to do with or that could be used as a resale items.
Bidding on these items could result in losing money or getting into legal trouble. Moreover, it would help if you also considered the potential for theft.
The best way to avoid this is to research before the auction and take notes about what you might find in a unit. This will help you determine the unit’s value and make strategic bids.
While bidding on everything you see can be fun, it is a fast track to financial ruin. It is important to have a budget before the auction and stick to it. This will allow you to bid strategically and stay calm by the amount of stuff in a unit.
