Chapter 2: Location, Location, Location!

When it comes to storage locker auctions, where the auctions are held can make all the difference between finding nothing and finding forgotten riches. Taking the time to scout out the neighbourhoods around the auctions can get you a step ahead of your competition. If you are unfamiliar with a neighbourhood, drive around the area. Are there business nearby? Industrial area? Are there any residential areas? If so, what kind of condition are the properties in? Is it a wealthy area? A family area? Vacation homes? These are just some of the questions you can answer.

There can be a lot of auctions occurring at the same time in different locations. To decide which auction to attend, take the time to scout ahead. When driving through the neighbourhood, take this chapter along with you to help you decide if this auction is your forgotten riches.

Treasure Hunter

Look for:

  • Art galleries
  • Antique stores
  • High property values
  • Well maintained homes
  • Antiquarian bookstores
  • Vintage clothing stores
  • Boutiques
  • Older neighbourhood
  • Older population
  • Wealth
  • Artsy areasIf an area has a lot of these things, or even just one, chances are higher you might find your treasure! Take the time to browse in the stores and galleries. The items you see for sale will be a good sign of what you could find in the storage lockers. Don’t be afraid to talk to the store owners. They might be able to answer questions about what kind of people are in the area, which can give you a leg up over your competition. Remember that store and gallery owners are great connections to make. They often do free appraisals and might be a place to unload your locker contents.

What to avoid:

  • Industrial areas
  • Family homes
  • Low property values
  • Suburban neighbourhoodsStorage auctions in these areas might still have something special. However, chances are higher that you will run into lockers with contents that are not up your alley. Tools, appliances, children’s items, and household goods are worth money, but you need to be able to transport them and sell them fast to make a profit. You will also be bidding against people who are able to do exactly that. For them, the locker might be profitable. For you, it might take all your money. This is when knowing what kind of storage locker buyer you are gives you the edge over your competition.ResellerLook for:
  • Medium-high property values
  • Well kept suburban neighbourhoods
  • Family areas
  • Antique stores
  • Galleries
  • Thriving businesses
  • Clean neighbourhood

As a reseller, you need to find lockers whose contents are in great condition, well-cared for, and easy to turn around for a profit. Well kept properties and thriving businesses are often a good sign that the people living in the area have money. Take a look at the type of stores around. This can give you an idea of what quality of contents the lockers might have. Galleries, antique stores, and higher end businesses usually indicate that similar items will be found in the lockers. Suburban and family areas with high property values and well kept homes signal lockers with ready-to-sell furniture and household

goods. Keep an eye out for second-hand stores and swap meets. You might be able to sell your items there before you even get home!

What to avoid:

  • Industrial areas
  • Lower property values
  • Older population
  • Transitioning neighbourhoodsThese areas are more likely to have lockers with items you won’t be able to easily resell for a high profit. You can’t afford to store a large quantity of items, waiting for someone to buy your contents for a few dollars more than you paid for them. Of course, that does not mean you won’t ever make a profit on a locker in these areas. Just remember what you need and don’t get swept away bidding on a locker.Store OwnerLook for:
  • Industrial areas
  • Military bases
  • Family Neighbourhoods
  • Younger populations
  • Schools and playgrounds
  • Rental properties
  • ForeclosuresStore owners need a high amount of inventory to get the most bang for their buck. Industrial areas are a good sign there might be construction equipment or other machinery and tools that you can sell for a good profit. Since you have the ability to move and store large amounts of items, you have an advantage when bidding on these lockers over your competition. Places like a military base, where employees are required to transfer to new locations often, and foreclosures mean a higher chance that you’ll find a locker with a ready-to-go house inside! Perfect for filling your shelves. Family

neighbourhoods and a younger population indicate children’s items which resell easily. Don’t be afraid of an area that looks a little run down. Chances are greater that the lockers will hold items you can sell, and that you won’t have as much competition.

What to avoid:

  • Higher property values
  • Older populations
  • Older homesYou don’t want to waste your time attending an auction where lockers are being crazily bid up on the chance of an antique or rare expensive item. You need to focus your attention on auctions and lockers that will keep your store well stocked at a low dollar value. Keeping overhead costs down and walking away from an auction with lots of items is the ticket to your forgotten riches.

Digging through dirty storage lockers? You’ll want a nice pair of gloves:

 

Custom Leathercraft 125M Handyman Flex Grip Work Gloves, Medium

Questions