If you think profit in this business is easy and there is gold and silver and literally treasures in every storage unit, think again. It actually does not happen that often. On top of trying to evaluate the storage unit you are dealing with a time limit, other people (some more experienced than you), and what I call "cash limitation." Know what you can sell the items for not what others can sell it for. All these can effect your profit greatly.
You might ask yourself, "How do other people affect my profit?" Well there are a few ways:
- It's as simple as bidding you up and making you pay more for a unit than you want or even what it is worth--know when to quit.
- Getting in your head by talking about the unit just loud enough for you to hear. That could go either way: talking good or bad about the unit (watch and see if they bid and how high; also if they win it or not).
- Outbidding you. If you don't buy it, you can't resell it. Make sure you have enough money.
Speaking of having enough money "cash limitation" can be a problem. When bidding make sure you have enough money to risk on the unit. I did say risk because every storage unit is a risk. The opposite is true to know your cash limitation when bidding ( how much you can afford to risk).
Knowing what you can sell for. You may not be able to sell for as much as others can sell for, keep that in mind it is very important.
The storage unit evaluation is the most important, because if you don't evaluate right you can loose big.
For me furniture is my biggest seller so I look for that in a storage unit. You may have a different big seller so when the door opens on the storage look for "your items" these are items you know you can sell and for how much.
Keep all these things in mind when you are at your next storage auction and see your profit increase.