Pros and Cons of Using Mini Storage Auctions for Profit

Are you interested in making money with mini storage auctions? If so, you are not alone. Many individuals are finding the buying and reselling of goods bought at these auctions to be a relatively easy way to make money. But, is it the right opportunity for you?

Mini storage auctions are increasing in frequency. This has a lot do with the economy today. Many are forced to leave their big homes and relocate to a smaller home or an apartment. This often results in the renting of a storage unit. Unfortunately, the economy is also making it harder for renters to stay up-to-date on their bills. As sad as this is, it does mean more self-storage auctions for you to profit from. Depending on where you reside, you may be able to attend a different public storage auction every weekend!

It is, however, important to state that there is some risk involved with mini storage auctions. Why? Because you don’t always get to see what you are bidding on. Many times, you just get to peek inside the unit from outside the door. That is why it is recommended that you bring a flashlight. Yes, you may walk away with valuable jewelry or antique furniture that you can resell for a profit, but you may also walk away with family mementos.

Despite the possibility of a risk, there is a good chance that you can make a profit. Many make around $1,000 for each storage unit that they purchase. Remember that your goal is to make a profit, so even if you make only $200, you still made money. On that same note, some lucky bidders have seen profits as high as $50,000 or more. So, how do you become one of those lucky bidders? Through trial and error.

As previously stated, mini storage auctions can be risky, as you don’t always get to see or inspect what you are bidding on. You can, however, use your best judgment and look for telltale signs. Bring a flashlight with you and look inside real quick. You may only have a few seconds to do so, but look for items that are large in size, like furniture or household appliances. These items can almost always be resold. Look for boxes with moving company names or logos.

Another pro or plus side to using self-storage auctions to make a profit is the reselling options that you have. You can list your items for sale on an online classified website, like Craigslist.org, sell on an online bidding site, like eBay.com, rent a table a flea market, or host your own hard sale. As for what option is the best, it depends on what you have to sell. Large items, such as furniture and home appliances, can be costly and difficult to ship, so you may see the best luck selling them locally.

If you have never attended a mini storage auction before, you may want to see what one is like. Even if you don’t plan on bidding, be sure to have cash on hand. While watching the action, you may spot an antique out of the corner of your eye that no one else seems to notice. Attending a self-storage auction just as a bystander can give the needed confidence to start bidding at the next auction.

Is Hiring A Storage Unit Worth It?

Storage systems are often an excellent location for home-owners and services to keep personal possessions; furniture, office equipment and so forth due to the versatility, security and benefit that storage systems supply. So no surprise then that the variety of storage units offered to hire are on the increase and have been over the past ten years.

As storage systems have just recently ended up being very popular for homeowners and businesses alike that need extra storage space, even if it’s just for a week while you move home, do not merely go for the closest self-storage unit. Unless of course, money is of the little item and your willing to maybe pay more than perhaps working with a self-storage unit that’s possibly a little more down the roadway. Search!

Numerous home-owners and services will hire storage units that they find without thinking that there are perhaps more than one in that area; this is where some individuals pay over the chances for the extra space. Some self-storage centres will have a less expensive ‘standard’ rate, once you add up all of the little bonus, such as insurance and climate control, if required, this is when costs can rocket. Another storage unit may have a greater ‘standard’ rate, but all the little additionals might be more affordable, and therefore, saving you cash overall. The very same opts for companies.

Storage Environment Control

Environment control within storage units consists of humidity control, temperature control, air-conditioning and heat.

Depending upon what it is precisely your wanting to store for however long, some rental storage units Will offer facilities depending upon your requirements. For instance, if you are keeping musical equipment, art, antiques, food or any product that needs to be kept at a certain temperature due to the fragility etc., then you will require to store those products within a storage facility that has climate control. Environment control systems do cost additional; however, for some, it’s a need and worth it if you are attempting to minimise any damage that can be triggered by not saving products correctly. Therefore, consider any additional charges that may apply if you require environment control.

Self Storage Insurance Coverage

So, you have kept your own within a unit, and you discover that your belongings have been harmed through flooding or intruders have taken them, and you haven’t gotten rent or house owners insurance coverage to cover your products. You will not, therefore, be able to claim insurance coverage for any of your products, and sadly this often happens.

Sometimes people lease Rental storage units as a form of insurance to cover their products and personal valuables. Nevertheless, this type of insurance coverage is supplied by the storage unit itself; insurance cover differs depending on the unit supplier.

So my guidance would be to make sure that if you take out insurance with a facility, make sure that they cover what it is you require cover for. Many individuals merely don’t check what they are and are not included for and if/when something does take place to their saved items, they discover that they are not covered. So save yourself the potential upset!

Summary

Self-storage systems have fast ended up being famous for businesses and property owners due to needing extra space when moving home or storing products for different factors. Nevertheless, don’t always work with the first storage unit you see, as numerous a time you might perhaps get more for your loan and make sure you are clear if you are getting insurance, that it covers you for what you want your items to be included for.

Creative Storage Solutions

 

When the things in your home start crowding in around you and you’re short on cash, it’s time to come up with some creative storage solutions. Don’t be afraid to think “out of the box”. You’re the only one who has to know where everything is stored.

– A cedar chest can be used for blanket storage. I don’t have enough cupboard space for blankets, and they all fit nicely in the chest. The chest also doubles as a coffee table in the living room. The blankets are easily accessible and can easily be folded up and put away at a moment’s notice.

– My daughter and I found an old apple crate (fruit labels still attached) with a shelf built into it at a yard sale for about $5. The crate is a great storage area for books and doubles as a nightstand.

– An old china cupboard displays dishes I didn’t want to hide away in the kitchen cupboards and also provides extra storage space for linens and silverware. This cabinet was found neglected in grandma’s basement and was brought back to life with a little sanding and new paint. It is now a beautiful addition to our dining room.

– Large plastic containers are great for organizing kids’ rooms. My daughter had a lot of “stuff” stashed all over her room, and we gathered it all up and put all her arts and crafts supplies in one big container, and her writing materials in another. Homework is organized in a plastic container set up as a file organizer, organized by subject.

– Look outside for creative storage ideas. We had to clean out our spare bedroom and had no idea where to put our camping equipment. We don’t have a garage or a shed, so an old camper shell turned out to be the perfect solution. All our camping gear fit into it with room to spare, freeing up more room in the house.

– Organize seasonal decorations in large plastic containers. Plastic wears better than cardboard and if you buy similarly sized containers, they will stack easily and be easy to store.

– A long flat underbed-type plastic storage container is great for organizing holiday gift wrap. With the wrapping paper I store scissors, tape, gift bags, ribbon, bows, and extra cards. This container fits perfectly under one of our living room couches and all my gift-giving supplies are together in one place!

– Shop for furniture that doubles as extra storage space. We bought a cabinet for my husband’s 55 gallon aquarium and the entire bottom part of the cabinet is open for approximately six feet of additional storage space.

Mini Storage Owners: Why and How to Hold an Auction

 

Are you a mini storage or a self-storage owner? If so, do you have a number of nonpaying clients? If so, you may be wondering what your options are. After all, the longer a storage bay is unpaid for, but still in use, the more money you lose.

Although you are urged to first check your state’s laws, you should be able to host a mini storage auction. Most states do allow these auctions, but you may face some rules and restrictions. You may have to wait a set period of time before hosting an unpaid storage auction. Or, you may have to make multiple attempts to contact the default renters.

It is also recommended that you closely examine your rental contracts. Do you state what happens if payment is not made? If not, you can still hold an auction, but only after making multiple attempts to contact the renter. After a certain period of time, it is considered that they abandoned their property.

In keeping with contracts, if you do not have public storage auctions listed as a consequence for unpaid bills, redo your contracts. Add this important fact. Sometimes it will be enough to get your customers to pay their bills on time. Plus, there are always those who are upset and try to protest these auctions, especially if they weren’t written in their contract.

If your state does not have specific laws on the abandonment of property, 90 days is a good date to decide on. This is about three months that your renters had to pay their bill, but opted not to. Starting at the second month, make multiple attempts to contact the current renters. Start sending out warning letters and try to place multiple phone calls. Leave messages when possible. When doing so, be friendly. Spin it as if you are trying to help your clients save their belongings.

If you do opt to host a mini storage auction, decide how you want to sell. Should you auction off individual sealed bins or whole storage units? Since many units may have large furniture inside, it may be best to host an auction where bidders buy all the contents inside a bay. They are more popular and may draw a larger crowd, as bidders see this approach as getting a better deal.

Next, decide how you want the auction run. Will you handle the bidding yourself or hire a third-party auction house? Will you take live or sealed bids? It is recommended that you only accept cash, as it is quick, easy, and convenient.

It is also important to set a deadline for buyers. Give them a specific amount of time to remove their newly purchased merchandise from your property. Remember the quicker your unpaid storage units are emptied, the sooner you can start renting them to paying customers. On average, most storage companies give their bidders 24 hours.

Although optional, you may want to rent a dumpster. This is a good idea if you have multiple storage bays to auction off. There will always be junk that people do not want to take home or try to resell. Advertising that you have a dumpster onsite will generate interest. Many will see it as a quick and easy way to get rid of junk. Just make sure that you charge a small fee for use to help recoup the costs.

Make it known before the start of the auction that all personal documents need to be turned into you or discarded immediately. This is important, as some people store their personal and financial documents in mini storage units. Do not take the risk of being held liable if someone becomes the victim of identity theft.

Finally, market your auctions to the general public. Put signage in front of your business, use the internet, post fliers on community message boards, or take out a newspaper classified ad. Once your public storage auction is announced to the general public, you just have to sit back and wait. When the auction arrives and if everything goes as plans, you should not only recoup your losses, but make a profit too.