If you’re used to seeing the storage auction TV shows and that’s the only exposure you’ve had to storage auctions, you may not realize this, but it’s not really a competitive environment.
Yes, it is an auction and yes, you are bidding against other bidders, but in the TV shows, they really play up the dramatic aspect of the competition more than it really is.
In reality, most people are not really playing head games and are not trying to “drive a room up”.
They’re not trying to “drop a room on you” or that kind of thing.
In reality, everybody pretty much acts as a business person and that’s what you need to do.
So, if your only exposure to storage auctions so far has been from watching the storage auction TV shows, (which I love, by the way) then I want to give you a different view of the storage auction world – a more realistic view.
Here’s the realistic view…
This is a business; it’s not a competition.
So, you are not out there competing with the different bidders.
You’re not there to try to win the unit “at all costs”.
You’re there to make a good buying decision – a wise investment in merchandise.
What I mean by this is that you’ve got to mentally set your bidding limit at about 50% of what you can get for the items that are visible to you during your preview of the unit.
When you’re previewing the unit, add up the items that you can see and then cut that dollar figure in half. This should be your maximum bidding limit for that unit.
Now, you might give allowances for additional cool things that you see in there, additional collectible items or things that hint at a possibility of maybe better stuff in there.
You may give allowances and maybe raise your bidding limit a little for that. (Each unit has its own “vibe” that tells you there may be better items lurking inside) But in general you want to stick to that maximum bidding limit.
If somebody wants to be ridiculous and go much higher than what your bidding limit is, let them, because they’re in it as a competition. They may not be in it to make money.
If they’re bidding recklessly, then they’re technically in it to lose money!
So be sure that you stick to your principles.
I teach you all about these kinds of principles in my new video course.
I show you how to develop a maximum bidding limit and a solid bidding strategy, how to bid on only the right storage units and how to profile the profitable units.
You can learn more about my new video course and also get a copy of my FREE eBook: “Storage Auction Secrets” by visiting the link