Storage locker auctions have been around for a while now – they’ve served as the goto method for mini storage companies to recoup lost income due to tenants that don’t pay their rent on time. However, lately storage locker auctions are becoming more and more popular thanks to reality shows on Spike and A&E such as Storage Wars and Auction Hunters. These shows essentially made buying up delinquent storage units “sexy” by showing how a couple hundred bucks and a little bit of luck can land you a nice big profit. It especially helps to have some experience buying and selling antiques – knowing what you’re looking at before you even enter your first bid on a repossessed storage locker can definitely help you to turn a profit and avoid some of the common pitfalls that catch new auction buyers. These pitfalls can include grabbing up a bunch of someone else’s junk, for a couple hundred bucks, and not knowing what to do with it or how to convert it into profits.
This is why I always recommend that newcomers to storage locker auctions do a bit of reading, either on this site or any other they like, before entering into their first auction day, eager to throw down their hard-earned money on whatever comes their way. The truth is that some storage locker auctions have high potential for being converted into significant profits, whereas some simply do not. Some storage locker auctions will do little more than get you a whole bunch of someone else’s trash, an irritated feeling at the pit of your stomach, and a lack of inclination to ever try attending another public storage sale. The real secret of making money on this exciting hobby is patience, a willingness to plan ahead, and more patience to observe a few live auctions before actually laying your money down.
Go to storage locker auctions in your area. Talk to the other auction buyers, especially the ones that have been around the block a few times. Strike up a rapport with them before the bidding starts so that you’ll have a chance to peek inside any units they’ve won after the fact or ask them in passing on your way out if they found anything worthwhile. Get a good sense of how much the most worthwhile storage locker auctions run up to, and how the different unit sizes on a given property influence people’s decisions about whether or not something is valuable.