There is no question that the search for extra space has become a thriving business in Australia. Maybe not as much as in other countries, such as the US, but it’s an industry that’s steadily growing according to recent reports.
Credit it perhaps to a surplus in goods that allows people to stock items; or the need for businesses to increase their storage facilities; or to the numerous people who need space for their things while moving between houses. With more demand from consumers, the number of self storage facilities will continue to grow.
An offshoot of the self storage industry has also risen to the fore: self storage auctions. Some people approach these auctions as if they’re gambling, but it’s actually a business in its purest form. The less you rely on luck, the better your chances of striking it rich.
Here are some tips on being an ace at self storage auctions:
Use common sense
That sounds really simple, right? You should be aware that greed can drive your common sense away while bidding during an auction. Due to the popularity of those bidding programs on TV, you could be tempted to spend a lot of money in hopes of finding treasures like valuable antiques.
While finding high-value things will surely give you a fortune, know that there are very slim chances that you’ll ever get to find one. Instead of wasting time keeping an eye on antiques, you may be better off looking for items that are easy to sell like furniture and appliances. More often than not, these will give you a better ROI.
Luck favours the prepared
Like a soldier always ready for battle, you should come to the auction prepared. For instance, don’t forget to bring a flashlight so you may inspect a storage unit well. You should also have your paper and pen ready. Remember that you will not be given forever to check.
Keep to your budget
Do not be carried away by the bidding frenzy. Instead, think about the price that you are comfortable paying and stick to it. This way, you don’t end up losing an arm and a leg.
Maximise your profit by making smart decisions at auctions. Keep in mind to stick to a budget and go for items that are in demand.