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The thrill of bidding on unknown treasures hidden within storage units—better known as auction hunting—has captured people’s imaginations nationwide. Made famous by the show “Storage Wars,” the allure of discovering valuable items in abandoned storage units is extremely appealing to everyone, from antique collectors to resellers looking to make a profit.
However, a successful self-storage auction experience requires more than luck. It requires a keen eye, strategic planning, and a willingness to take calculated risks. In this guide from the experts at Safeguard Self Storage, we’ll pull back the curtain, or metal door, on the art of auction hunting and provide expert tips for identifying profitable storage units.
Do Your Research
Before you enter the world of storage unit auctions and show up ready to bid, it’s important to educate yourself. Research local auction houses or online platforms where these auctions take place and familiarize yourself with their procedures, terms, and conditions. Understand the legalities involved, including any regulations regarding payment, removal of items, and liabilities.
Additionally, research the types of items commonly found in storage units and their potential resale value. This will help you gauge which storage units are worth bidding on and which ones to avoid.
Location Matters
The location of the storage unit can provide valuable clues about its potential contents. Storage units in affluent neighborhoods or near high-end residential properties are more likely to contain valuable items.
Observe Carefully
During the preview period before the auction begins, take the time to observe the contents and size of each storage unit. Look for signs of quality, organization, and value. Pay attention to how items are arranged and stored. Units that appear well-maintained and organized are more likely to contain valuable items.
How to Spot a Profitable Storage Unit
Certain clues can indicate the potential value of a storage unit. Here are some ways to identify a profitable storage unit:
High-Quality Brands
Look for recognizable brands in furniture, electronics, clothing, and anything else you’d typically spend a lot of money on. Items from well-known brands are generally easier to sell and can fetch higher prices. Some companies may even keep their business inventory in their storage unit.
Sealed Boxes
Sealed boxes or containers can be tantalizing hints of hidden treasures. While there’s no guarantee of what’s inside, sealed boxes suggest that the previous owner valued the contents enough to protect them.
Assess Condition and Cleanliness
The condition and cleanliness of a storage unit can also provide insights into its potential value. Clean, well-maintained, and free-of-damage units are more likely to contain valuable items. Conversely, dirty or disorganized storage units may not yield the value you are looking to achieve. Take note of any visible damage as it . can significantly reduce the value of the items inside..
Set a Budget and Stick to It
Before attending an auction, set a realistic budget and stick to it while factoring in the cost of winning bids and any additional expenses such as transportation, storage, and resale fees. Avoid getting caught up in the excitement of bidding wars, and don’t overextend yourself financially. By setting a strict budget and adhering to it, you’ll ensure that your auction-hunting endeavors remain profitable and sustainable in the long run.
Be Prepared for the Unknown
The biggest piece of auction-hunting advice we can provide is to embrace the unpredictable nature of storage unit auctions. While thorough research and careful observation can increase your chances of success, there’s always an element of uncertainty involved. Be prepared for both pleasant and unpleasant surprises and approach each auction with an open mind. We believe you’ll have a successful experience if you follow this guidance!
