Our Auction Company
We have auctions on the first Thursday of the month at 12:00 (noon). Kildow Auction Company, LLC handles our auctions and you can visit their website at www.kildow.com.
2008 Auction Schedule:
April 3rd, June 5th, August 7th, October 2nd, December 4th
About Storage Auctions
In the United States, most self storage facilities hold storage auctions or lien sales to vacate non-paying tenants according to their enforcement rights that are outlined within the laws of each state. In Colorado there are 2900 plus self storage facilities, out of these 2900 plus self storage facilities there are an average 800 facilities that will hold a storage auction or lien sale in any given month. Each site will have a different amount of units or lots to offer for auction. We estimate that over $3,000,000.00 changes hands at these 9,000 plus auctions a year. These auctions are opened to the general public with most bidders’ buying for the purpose of reselling for profit. Storage auctions are a great way to buy secondhand merchandise for pennies on the wholesale dollar. If you are someone who sells at flea markets, garage sales or on e-Bay, you will probably find storage auctions to be one of your best sources for merchandise.
What Can I Expect To Find?
You really never know what you will find. Most items are general household goods, furniture, electronics, clothing and personal records. Bidders do find money, jewelry, antiques and collectibles at these auctions. It is not uncommon to find someone's whole household or business in a unit, with that in mind, you never know when you might stumble on someone's life collection of who knows what! Remember you are usually viewing the property from an open entrance into a storage unit or container; this means that boxes and plastics storage containers can yield anything. Some units are packed so tight that you won't have the luxury of getting a view of the items that are behind what is blocking the entrance area.
What Information Will Help Me Become Successful?
1. Plan one day ahead. All auctions are subject to cancellation in the event of settlement between the landlord and obligated parties! Many delinquent tenants will wait to the very last moment to satisfy their obligation. When you phone the site to confirm that the auction is still going as scheduled, inquire about how many potential lots or units might be going up for auction, don't forget that it is still subject to change! If you subscribe to Colorado Storage Auction News you will see days where there are 10, 20, 30 or 40 sites holding auctions within a close drive of a geographical area. These are good days to go out because it tends to thin out the crowds and potential bidder competition.
2. Consistency - If you are planning to earn good money with the storage auction game, you need to be consistent! The more storage auctions you attend, the better your percentages get with purchasing units. With the amount of auctions listed in Colorado Storage Auction News you can sometimes view up to 70 units or lots a day, your percentages of finding a good purchase gets much higher if you have a chance to view more units! It's the old numbers game!
3. Tools - For less than twenty cents a day Colorado Storage Auction News will be your best investment for information needed in finding storage auctions. There are no other required tools except if you purchase a unit, most sites require the high bidder to use their own padlock to secure the unit they purchased. Your second best investment besides Colorado Storage Auction News would be a strong flashlight. Viewing the units or lots from the entrance area is almost impossible to do without good strong flashlight.
4. Solve the Puzzles - The way a lot or a unit looks can clue you into potential value. Add up the total scenario; Is there name brand merchandise? Are the boxes sealed and taped? Are the boxes sealed and re-taped? Do the boxes appear to be purchased for storage or does it look like they came from the back of your local grocery store? Are the boxes carefully marked with content information? Do the boxes have a moving company's name on them (professional movers can be expensive)? Are there any addresses visible on any of the boxes or suitcases that appear through out the unit (A Beverly Hills Address would be interesting)? How is the condition and quality of the furnishings? Does the furniture appear to be a complete household? Can you see any ornate or antique looking furniture table legs? Is there a lot of dust settled high on the contents of the unit, this could mean someone has paid rent on the storage space for a several years. Have a patent number chart to check ages if patent numbers are visible. You can find a link to a Patent number date chart in the blue section on the left side of this page. Add up in your mind the total dollar amount that you can see. Think like an investigator!
5. Marketing and Sales - When you start purchasing units it is a good idea to have a solid marketing plan. We honestly believe that e-Bay is one the best ways of selling your higher valued merchandise providing that it is cost effective for shipping. Small classified newspaper ads will be your best source for larger items such as couches, entertainment centers, refrigerators, washer and dryers and household electronics. Consider starting a rental business with the used appliances that you find. If you DO NOT like to hold garage sales or sell at flea markets, sale off the "flea market" property in bulk. If you spend some time at the flea markets you can build a vendor list of potential re-sellers. Knowing how to price used merchandise, antiques or collectibles is very important. Analyze the inventory thoroughly when you purchase a unit, it is easy to sell a used vase for $5.00 that is worth $500.00. Web-site auctions like e-Bay and Yahoo often have current auction prices on items that are exact or similar, these prices really do establish a current market value and should help you establish a solid asking price for your merchandise. If you cannot find an item at either of those two auction sites, try using a Webferret. A Webferret provides a handy and efficient way to find information on the Web by searching a multitude of search engines all at one time. You can find a link to a free Webferret in the blue section on the left side of this page.
