Storage Auction Tips

A few short years ago, the public at large was clueless about storage auctions. However, popular reality television has brought the entire process into living rooms across the nation. Each episode of Storage Wars highlights buyers who frequent these types of auctions and follows them through the bidding, buying and hopefully selling big-ticket items that allow them to double or even triple their money. Reality is unlike reality television however and if you are considering quitting your day, job and becoming an entrepreneur there are a few things you should know.

Laws
Each state will have its own laws on storage auctions so you will want to research the information carefully. Illinois, for example, requires the owner of the storage facility to attempt contact with the owner of the property and clearly outline the amount owed, time frame for becoming current and the last day to pay if you will. Once notice has been served and the listed dates have come and gone, the owner is then free to sell the contents to recoup past due rent on the unit. In some states, you will be bidding on a closed door, so do your homework. On a side note, if you are in the area, Chicago self storage locker auctions are plentiful.

Buying
Never go into an auction with the mentality that a lost Renoir is among the hidden items! Could there be items within the BIN worth a lot of money? Of course, but keep in mind that these storage bins are in the minority. If you are attending an open door auction, make note of any bigger pieces and mentally calculate what they are worth. This will give you an indication of the likelihood that there is anything in the boxes besides photo albums and paper. By the way, if all you can see is closed boxes with paper hanging out, you may want to pass on the building.

Selling
Once you have purchased your first storage building what you do with all the stuff. You should actually have a few options in mind before you make the first bid, but there are several options if you have not. Online auctions are a good starting place for small and medium objects, but for larger things such as antiques, you will want to consult a dealer or collector.

For more information, visit: http://www.usstorageauctions.com