The following article is a guest column.
Are you one of those people who thoroughly enjoy treasure hunting? Well, you are definitely going to love the newest trend in making money: storage locker auctions. This new fad has sparked numerous reality TV shows and is spreading throughout the United States like you wouldn’t believe.
On one reality show the storage locker contained a collector’s all-chrome 1976 Harley Davidson Liberty Edition motorcycle, along with several boxes of never before opened Sarah Coventry jewelry, and an assortment of Avon products including jewelry, perfume and brand new make-up. So, needless to say, the buyer had a great day after paying a mere $130.00 for everything in that unit. Most of the “treasures” sold immediately at a flea market and on E-bay. Result: $55,000 from an investment of just over a hundred bucks.
Another success story was of first time buyer who knew very little about storage auctions, but decided to try it out. After shelling out $800 for two units ($300 for one and $500 for the other) she was ecstatic to find a camera with four different lenses and all of its accessories, an antique pistol, and a 1950s-style Coca Cola vending machine, and a pair of Italian leather boots, all of which were not visible until entering the units after the bidding. Result: $7,500.
Featured on other episodes, buyers have found a Superman comic book collection (that totaled a $1 million value), collectable cars, baseball cards, Fender Stratocaster guitars, gold watches, antique coins, vintage furniture and expensive jewelry…just to name a few.
So who leaves this stuff in storage units?
Many people living in apartments or who have downsized from a large home to an apartment find it necessary to get a storage unit to house the things that won’t fit in the limited space. Sometimes, for reasons unspecified, these storage units go unnoticed and left for years. Explanations may vary: maybe they couldn’t pay the rent; maybe they move frequently like military personnel and have no way to transport the items; maybe the owner passed away or is serving time in prison; or maybe they just forgot. But many times, the content owners have rented the units to store large items while they find an apartment.
Storage unit auctions are growing more and more popular every day. Whether you attend an auction held by the owner or try your luck online, there are hundreds—maybe even thousands—of unclaimed units just waiting for the highest bid. But with the online auctions, you may not always hit as big as if you attend in person; before the bidding begins you may take a few minutes to assess what’s inside without actually entering the unit. You’ll want to bring flashlights since most of these units have little or no light. Once all bidders have glanced into the unit, the bidding wars begin. Afterward, experts of this trade usually divide the contents of their units into piles for trash, items to donate, items to keep and items to sell.
It's a Business
Storage unit auctions have taken off with reality TV and people are getting interested, forming strategies for how to approach the units. For example, the ones who found the Harley—they were first-time bidders, no less—have since traveled to suburban storage auctions in search of tractors, snowmobiles and saddles; they’ve learned to line up certain items for interested buyers and then hold their own auctions. Pretty innovative, right?
No matter where you live or what kind of business you’re in, this ever-growing new hobby is a great way to make money. If you choose to begin attending storage auctions, make sure to do your homework first to learn as much as possible before you jump in with both feet. Know the laws and rules as they apply to the auctions. Make a list of the items you are interested in and stay organized, because before you know it, you could be swimming in a river of rags or enjoying your new found riches