For those of you who plan on attending storage auctions on a regular basis, it is important to know as much as possible about your competition. There are several types of buyers you will run into at storage auctions. Although there are usually a lot of first timers at an auction, you will consistently see the same faces time & time again. There are some buyers that will be at the auctions every day and you will have an opportunity to get to know these people through casual conversation. It works to your advantage if you know what their motives are, what type of units they like to buy and what their budget is. Here are some important things to know about your competition which may work to your advantage in the long run.
Their Motives
- Are they buying for resale purposes?
- Are they just shopping for themselves?
- Are they collectors or antique hunters?
- Is this a business for them or do they buy storage units for a hobby?
What types of units do they like to buy?
- Are they looking for larger units with lots of volume?
- Are they looking for smaller units that are easy to move?
- What contents are they looking for...furniture, household items, electronics, appliances, tools, business equipment, etc.?
- Are they looking for units with collectible items?
What is their budget? This can be a little tricky without being rude.
- Are they full time storage auction buyers or are they in another line of work?
- Are they retired?
- Do they usually buy smaller units under $300?
- Do they bid on larger units over $1000?
- How many units do they buy in a typical week?
- Do they attend several auctions per week?
What does your competition do or not do when interested in a unit?
- Are they bidding near the storage unit door or are they in the back of the crowd?
- Do they start bidding from the beginning or do they wait until right before the auction is about to end to place a bid?
- Has their bidding style changed - Are they using their voice or hand signals?
- Are they bidding quickly or letting the auction almost end before calling out their next bid?
- Are their any changes in body language?
- Do they try to talk negatively about a unit to discourage others from buying it, only to try and buy it themselves?
All in all, the more you know about your competition the better prepared you will be when you have to go heads up with them. You won't learn everything overnight, but if you take some time and observe the other bidders at the auctions you attend, you will get to know their habits over time.