Storage Units Auctions Buying Abandoned Assets For E Biz Profit

Storage Units Auctions Buying Abandoned Assets For E Biz Profit

Storage unit companies regularly seize abandoned goods and​ auction them off in​ an​ effort to​ reclaim some of​ their lost profits. Many online retailers are cashing in, using these auctions as​ a​ product source for​ their e-businesses. According to​ enthusiast Blaine Herbst, founder of​, “You can pick up an​ entire storage unit filled with things for​ a​ couple hundred bucks.” Finding these auctions can be as​ easy as​ looking in​ the​ yellow pages under “storage units” and​ calling to​ see when they conduct their sales. or​ check out or​ for​ information on local auction times.

What Questions Should I Ask?
Before you sign up for​ an​ auction, make sure you’re aware of​ any costs, such as​ fees for​ attendance or​ cleaning deposits. Ask if​ there are buyer’s premiums — usually about 5-10% of​ total price, that goes to​ the​ auctioneer — so you can calculate that into your bid amount. Find out if​ their policy includes a​ Pending Owner’s Approval clause. This clause allows the​ facility owner to​ look at​ the​ winning bids and​ decide if​ he wants to​ sell at​ those prices — after the​ auction's over. You don’t want to​ waste your time with someone who’s not serious about selling.

How Do I Know What It’s Worth?
With most storage unit auctions, everything in​ the​ unit is​ sold off for​ one price. the​ door to​ the​ facility is​ opened and​ bidders can look in​ from outside but can’t touch anything. Advises Herbst, “There are some strategies you can use to​ try and​ gauge the​ contents.”

• Look at​ the​ area the​ auction’s in. People don’t usually store things too far from their homes — if​ the​ facility’s located in​ a​ high-end area, there’s a​ good chance that the​ items being stored are high-end too.

• Look for​ moving company boxes, rather than boxes from various grocery stores. Moving companies are expensive, so that can be a​ clue that the​ previous owners may have had nice things.

• if​ there’s furniture, look to​ see the​ quality and​ the​ shape it’s in. Bring a​ cordless spotlight to​ help you see into the​ back of​ the​ unit.

What Will I Need?
When you come to​ a​ storage unit auction, come prepared:

• Bring cash because that’s the​ only type of​ payment they’ll accept.

• Bring a​ truck, or​ a​ trailer and​ a​ vehicle with a​ hitch — you’ll have to​ have everything cleared out that day.

• Bring a​ lock to​ secure the​ unit in​ case you need to​ leave for​ lunch, or​ have to​ make more than one trip.

• Bring a​ dolly, tarps, bungee cords, and​ blankets to​ wrap your purchases.

• Bring gloves and​ a​ breathing mask. Sorting through everything can be a​ dusty task.

• Bring your tax ID, if​ you have one; otherwise, you’ll pay taxes on your purchase.

The beauty of​ storage unit auctions is​ they let you buy items at​ a​ fraction of​ their value — so you can charge competitive prices and​ still have plenty of​ room to​ make a​ profit.

Storage Units Auctions Buying Abandoned Assets For E Biz Profit

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