Storage spaces are precious for auctioneers and as well for many users. If you’re interested in the business of bidding and getting a reasonable price on your storage unit, you’ve come to the right place. Since the process is complicated and you want the bidders to look in your direction, you need to put a suitable strategy. The best way to incentivize them is through advertisements. Highlight your storage unit and add anticipation on what lies behind it. Bidders usually consult websites and match them with their zip codes to find the storage unit for themselves. To get you started, we will help you with what you need. First, make sure your storage unit is listed. After this, here’s what you need to do to make sure you get the highest bidder:
1. Find the Right Platform
You want to be in spaces where potential bidders can find you. It would be useless to spend your time and money on newspapers or ads since rarely do people refer to them now. What you need is far more sophisticated and far better, such as online auction bidding websites that help you connect with bidders immediately. Such online storage auctions are the hub of potential buyers, where most bidders choose to use these websites to find the storage units they want. All you need to do is work on your profile and let these platforms take care of the rest.
2. Learn the Process
If you’re new to auctions, you should try and learn the process first. You may want to participate in the process from the sidelines. Watch the way bidders bid, how the auctioneer holds their interest, and how they get them to bid higher. You may even ask the bidders what they will do with the items they win.
3. Pay Attention to Bidders
Pay attention to the way bidders bid. How do they raise the unit price high, and how does that discourage new bidders from bidding? It will give you an idea of how you should set the benchmark for your auctioning process. You want to ensure the maximum number of bidders bid on your storage unit. A power play can inform you how you need to strategize selling your storage unit. So, no one is discouraged from bidding, and the unit price can go high.
4. Have a Plan
How are you planning to sell your unit? What should be inside your storage unit? How much do you want to earn out of your storage unit? All of these aspects are important to consider since you need to advertise your storage unit properly. You want to capture the bidders’ interest, so that you need to entice them a little. You want to make sure that the sneak peeks of the items include products of a high value. You also need to plan the best time to go for an auction. What time of the year is suitable and when should you put up a competitive price.
5. Research the Value of Your Products
Suppose your storage unit contains collectibles. You may have limited edition baseball cards or figurines. You may want to know how much your products are worth. If you could get $4,000 out of your entire collection, why would you settle for less? It would help if you went online and researched their value. Go on websites such as craigslist and eBay to get a general idea. Once you know their worth, you can mention collectible items as part of your advertisement plan. You can even entice bidders by saying how high your collectibles can sell for. The same goes for antique and vintage items. After all, as much as you want to sell these products, bidders also want to profit off your stuff.
6. Don’t Mislead Bidders
It is not uncommon for some storage units to be vacant and left with junk. When auctioneers come around to auction off such units, it can often mislead bidders. Unless you didn’t voluntarily give your storage unit for auction, you have no reason to mislead your bidders. It will reflect poorly on you and your future auctions. You don’t want to be in a position where bidders doubt future auctions when it comes to you. So everything you advertise must be authentic and worth its price, mainly because misleading bidders means false documentation. Most websites review all the information you provide them for bidding purposes, but in case they let it slip. It could spell trouble for you.
7. Be Clear About the Bidder Policy
Storage units have a code of conduct for bidders. If bidders come across any personal item that you have kept in your storage unit and forgot to clear out, they must return it to you. Under no circumstances can they sell or dump these items without authorization. It can also become a criminal offense if choosing to keep a thing that might be a legal document. So, it is a good idea to make it clear from the start how you want the bidders to approach your storage unit and what you would consider a criminal offense.
8. Write Clear Descriptions
It is on you to provide precise descriptions for the available auction platforms. Please don’t be vague about the information you provide so that it doesn’t cause any confusion. It would help if you answered some questions that bidders might have without giving too much away.
How Do Storage Unit Auctions Work?
Storage units automatically move to auction when the tenant no longer keeps up with the monthly rent. There are numerous reasons why a renter chooses not to pay. But the most common cause is the renter passing away with no next of kin notified. So, whatever is inside the storage unit is up for grabs. However, if you want to auction your storage unit, you need to advertise the contents of the storage unit for two weeks. When the day of the auction rolls around, give bidders a peek at what to expect without letting them explore the contents. Once the auction is up and running, the auctioneer on-site manage the bidding process. There are no limitations to the price, and a storage unit can sell for any price between $1 to $1,000. Suppose your unit gets sold for $1,000 now the contents of the storage unit go to the bidder. They have time between 24 to 48 hours to clean it all out. Bidders need to make a series of payments, including the unit’s price, sales tax, and cleaning deposit.
Storage units make for good business. They have become increasingly popular in the auctioning industry. However, if that’s the case, that means you’re up against several storage unitholders to attract the highest bidder. Therefore you need to be smart about how you should display your products. Make sure you have the right platform in mind for an online bidding session. Don’t mislead bidders, have clear descriptions, and know the value of every product that you wish to bid. Once you get the hang of the process, you will have no trouble getting bidders to look your way.