Are you a small business reseller or a storage auction buyer looking to expand your inventory? If so, you're likely torn between bidding on storage units online or in person. Both options have their pros and cons, and it can be difficult to decide which is the best choice for you.
In this blog post, we'll take a look at the advantages and disadvantages of each and help you make an informed decision.
Advantages of Bidding on Storage Units Online:
- Convenience - One of the most significant benefits of bidding on storage units online is the convenience it provides. You can bid from the comfort of your home or office, without having to physically be at the storage facility. This is particularly helpful if you're bidding on units located in different cities or states.
- Larger Selection - Online storage auction sites typically have a more extensive selection of units than those held in-person. This is because storage facilities from various locations can auction their units on a single online platform, providing buyers with a wider range of options.
- Flexibility - Online storage auctions usually allow for more flexibility when it comes to bidding. You can set a maximum bid and automate your bidding process so that you don't have to constantly monitor the auction.
Disadvantages of Bidding on Storage Units Online:
- Limited Inspection - Bidding online means that you won't be able to physically inspect the unit before placing your bid. You'll only have access to photos and a brief description, which may not provide all of the information you need to make an informed decision.
- Additional Fees - Online storage auction sites may charge additional fees, such as a buyer's premium, that you wouldn't incur if you were bidding in person.
- Shipping Costs - If you win an online auction and the storage unit is located outside of your area, you'll need to factor in shipping costs to get it to your location. This can significantly increase the overall cost of the unit.
Advantages of Bidding on Storage Units in Person:
- Physical Inspection - When you bid in person, you have the opportunity to physically inspect the unit before placing your bid. This can give you a better idea of the unit's contents, condition, and potential resale value.
- No Additional Fees - When you bid in-person at a storage facility, you won't be charged any additional fees. The only cost you'll need to pay is your winning bid price.
- Networking Opportunities - Bidding in person provides networking opportunities with other buyers, sellers, and industry professionals, which can be useful for expanding your contacts and learning about new opportunities.
Disadvantages of Bidding on Storage Units in Person:
- Limited Selection - The storage units available for bidding in person are typically limited to those within your local area. This can be a disadvantage if you're looking for a specific type of unit that isn't available nearby.
- Time-Consuming - In-person auctions can be time-consuming, and you may need to attend several auctions before finding the right unit. This can be a challenge if you're working with a tight schedule.
- Competition - Bidding in person means that you're competing against other buyers who are physically present at the auction. This can lead to higher bids and a lower chance of winning the unit you're interested in.
In conclusion, the decision to bid on storage units online or in person ultimately comes down to personal preference and priorities. If convenience and flexibility are essential, online bidding may be the best choice, while if physical inspection and networking are more important, in-person bidding may be the way to go.
Ultimately, success in the storage auction business requires a combination of knowledge, skills, and experience, so take the time to familiarize yourself with both options and choose the one that aligns best with your goals. Happy bidding!
We hope you have found this post informative and beneficial. This was only a brief overview but it hopefully provides an adequate foundation for further research and exploration. Hopefully the ideas shared here will be helpful for your own endeavors. We encourage you to spend time researching more detailed information or contact us for assistance if you want.
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