Storage auctions are scheduled when a facility has unpaid and unclaimed units. These units are auctioned off to the highest bidder. Storage auctions are a great way to find hidden treasures for a fraction of the cost. Many people make a decent amount of money from selling the items found in purchased storage units in Kingsport, Tennessee. It just takes a lot of work and a huge leap of faith.
Buying the unit
No one is allowed to enter a unit that is up for auction. This makes it difficult to get a full assessment of what is inside. You have to analyze the items you can see and make an assumption of what is further inside. Ask yourself the following questions before placing a bid on a unit:
- Is everything boxed and labeled?
- Do larger items, such as furniture, look like they were taken care of?
- Do the larger items look modern or out of date? Are there any antiques?
- Are all of the items placed in the unit neatly or just tossed about?
- Is there a lot of dust?
Here is how those questions can help:
- Though you cannot rely on a box's label, it might give you an idea. You never know.
- If furniture looks like it was taken care of, then chances are, so are the things you cannot see.
- An organized unit show the previous owner took care of things because he or she had items worth taking care of.
- A lot of dust could mean that there is nothing in the unit worth the owner coming back for.
Keep in mind, unless you see an item, buying a storage unit truly is a leap of faith. The above tips can help guide you, but are not always the rule when it comes to determining what might be inside the unit.
Sorting and cleaning
Now that you have purchased a storage unit, it is time to get to work. Pull everything out of the unit and go through all of the boxes. Organize everything putting similar items together. For example, make an area just for furniture and larger items. Use boxes for smaller items to help separate kitchen accessories, clothing, tools, and so on.
Once organized, clean everything in preparation of selling. Toss any damaged items and donate items that are still decent, but will not necessarily sell.
After you have sorted through the items in the unit, it is time to start researching values. Conduct online searches, visit stores, and ask experts for help determining value.
Selling the items
It is important to not hold onto any of the items in the unit. In order to earn your money back, you have to sell the items fast. Holding onto items, waiting for a better payment will only add costs for storage. Here are some ways to sell the items you find in a storage unit:
- Clothing: Consignment shops and thrift stores
- Furniture: Consignment shops
- Antiques: Antique stores and consignment shops
- Electronics: eBay and Facebook yard sale sites
- Sports collectibles: Sporting stores or auction houses
Develop your own website and create a storefront on it to sell your items. Craigslist is also a good place to list everything you are selling. Depending upon the items you find in the unit, consider having a yard sale to get rid of items you cannot sell online or in a store.
You may find that you need a storage unit to keep all the things that you've just bought. If that is the case, look into the price of storing items where the auction took place, or at another storage facility like storage units in Kingsport TN.
It is possible to make money off of buying storage units at auction and then selling the contents within. It takes a lot of work researching, sorting, organizing and selling the items. However, if done right, your life as an storage auction hunter can be exciting and profitable.