The storage auction business has changed, it is not what it used to be. You can thank the cast of Storage Wars and Auction Hunters for making our business what it is today. With lots of new competition and storage units selling for record prices, you have to be patient and wait for the right unit to come along at the right price.
A lot of newcomers are just eager to get their feet wet. This enthusiasm, inspired by the incredible finds displayed on the storage auction reality shows, can cause an inexperienced bidder to overpay. For those of you who are new in the business, allow me to be blunt. You have to buy a lot of units in order to find one really good one. Now, I'm not saying you can't make money on every unit you buy. I'm just saying that the "dream units" where you turn a 1000 percent profit or more are extremely uncommon. You may have to buy 20 or more units before one of these comes along. You may have to buy hundreds of units before a windfall gain occurs. This being said, if you want to be in this business for the long haul, don't overspend and don't be in a hurry. There are still ways to outsmart your competition and get a good deal without gambling on a unit.
On a really good day, you might have the opportunity to view 100 or more storage units up for auction. A lot of people are determined to buy a unit at any cost; they will overpay on the hope that the hidden items inside the unit will justify their frivolous spending. Some of these people would be better off going to a casino and betting all their money on black.
Consider this fact: Over half of the people who attend storage auctions have less that $1,000 in their pocket. At the prices units have been selling for recently, that's 1-2 units they could purchase. Once these people spend their money, they are finished for the day. If you are just patient, the crowds will dwindle at the following auctions. Once these people leave, you will have a better chance of buying a unit at a price you can make money on. This way, you will be better prepared when the right unit comes along, since you will have all of your money in your pocket.