Evaluating a Unit’s Contents for Bidding Chapter 9

Chapter 9

Evaluating a Unit’s Contents for Bidding

How much should I bid on a unit? Is it trash, or is it treasure? Our method removes much of the guesswork from bidding allowing you to evaluate a bid based on an individual item’s bottom line and resale value. We’ll show you how to examine variables which can dramatically affect the concluded bid price and compile a bid based on a no-nonsense approach to successful bidding.

Don’t know what’s in those boxes?….

Let’s say you’re interested in an auction unit jamb-packed to the back and six feet high with many typical household items and lots of storage boxes–A sign of possible collector’s treasure. But, you see a bunch of clothes hangers (without clothes)–Where are the clothes? In the boxes? This could dramatically affect your profit. In such a case, you must first evaluate the items you can see, then factor in whether you want to risk your bid on the unknown or go for it.

The outline on the following page gives you a reasonable bid price analysis for common public storage auction items based on minimal value and reasonable resale at double cost price – low to maximum bid. We’ll show you how to subtract items of value negative to your profit.

FIRST! Check your PRE-AUCTION WORKSHEET–PAGE 25. How did you rate this unit. Was it owned by a male or female.

Figures below represent an approximate value depending on age, condition or other variables of items that will be more or less based on bidder judgment.

1. Estimate your bid–(Based on Lowest Value)

Kitchen table & chairs (above average quality) +$100

Entertainment Center (above average quality) +$100

Microwave in box (new) +$5

Old 19” television +$5

*At least 20 boxes (buried in the back) +$250

Open box of china/glassware

(individually wrapped in newspaper) +$20

Large jewelry box (lower quality) (+)BONUS

Minimum Value TOTAL +$480

2. Subtract negative value items –(Cost of Disposal)

Mattress (Single) –$20

Computer/ TV monitor –$20

Subtract Negative Value TOTAL $440

3. Factor in variable adjustment value items

*NOTICE clothes hangers falling out of unit when door was opened -could indicate 20 boxes may contain clothes……… (+)(–)GAMBLE

Old toaster(Giveaway or donate) - No Value $0

Factor Adjustment Value $NONE

Minimum Value TOTAL $440

Minimal Bid on this unit=$440 Plus Additional $100 Slush

Maximum Bid $540

If you get it for less ….That is a bonus. If you bid higher you are taking a risk! If others bid higher they are taking a risk!