After seeing storage auctions on reality shows, it can seem fairly easy to go to storage auctions and get the same types of deals and income that the stars of the shows are receiving. However, while it is possible to make a good income from storage auctions, it may not be cost effective to jump right in and expect it to make as much income as a full-time job. These guidelines are important for those considering getting into the storage auction business.
- Have significant start-up cash. And just like gambling, only take cash that you are prepared to lose. Do not take out any loans to have enough cash to buy a storage unit or locker. Starting in the red is a not a good way to be successful.
- Keep emotions in check. If a lockers looks good or you spot a treasure, keep calm. Getting excited will alert others and they will bid on the unit, thus causing you more money.
- Understand the rules. Pay attention to the auctioneer (and other bidders) during the auction. Each self storage property may have a different way of completing an auction or sale, and not following the rules may lead in fees or the loss of a won storage unit.
These are just some of the rules that come with being successful and earning a good side income with storage unit auctions.
