Preparing for Bidding CHAPTER 6

CHAPTER 6

Preparing for Bidding

Follow your instincts.

Bidding on auctions is exciting–much like gambling. How much should I bid?… It is important you keep a realistic value and not get drawn into a situation of trying to outbid your competition–a common emotion. But as with everything, there are exceptions.

You will recognize intriguing sheds much like your competitor. Conversely, you must keep to your budget as does your competitor. In some cities there is competition that will attend and win units, often overspending making it seem like you will never win a unit in your price range. Don’t quit. –Keep going to the auctions and keep bidding in your price range…Continue bidding in multiple auctions and eventually you will win. Chances are your competition won’t be in two places at one time as many auctions occur at different places at the same time.

Set your bid limit before the auction starts.

After evaluating the contents of the storage unit, ahead of time, reference your Pre-Auction Worksheet (see page 25 for worksheet)

1. Come up with a number that is the highest you will spend on the unit.

2. Don’t seem too eager–Competitive Bidders will notice.

3. Don’t get caught up in the bidding.

I like to wait until there are a few people bidding. Let’s say up to around $100-- then jump in when the auctioneer says going once going twice ... jump in just before he sells the unit. That rattles the regular bidders and shows them you mean business.

4. Don’t Be Afraid to Bid on Cheap Units–

I have made a profit on every auction I’ve won from $5 to $1000. You will too if you follow the guidelines in this manual.