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Launching a satellite
The vast majority of successful ventures position themselves as "satellites" to a large, thriving enterprise. On a simple level, this means the local, upscale consignment shop that locates near a new Wal-Mart.
A brief primer on the Storage Auction phenomenon
If you found this article because you were searching for information about Storage Auctions then the next couple of paragraphs may be a little elementary for you. But soldier on through them anyway because they provide a little background on how I work and think as well as setting up the Storage Auction leveraging opportunity.
In a nutshell, the Storage Auction business consists of buying the contents of abandoned mini-warehouses where people and businesses pack their spare stuff. Maybe when they shut down and office or received products that couldn't fit in their warehouse or when a household downsizes or relocates temporarily during a renovation.
Whatever the reason, tens of thousands of storage units are rented and filled up every month. And every month thousands of them go into default for unpaid rent. The renter signs a rental agreement that defines when and how much rent is due and what happens if they default. And there is a contractual and legal process that defines the consequences of non-payment.
Ultimately, the storage facility owner "forecloses" and takes possession of the unit contents with the right (and obligation) to sell them to recover their lost rent. Their legal recourse is to conduct a publicly announced "absolute" auction in which each unit is sold to the highest bidder. These auctions are public and anyone may participate as long as they have full payment in cash.
The buyer is at 100% risk as to whether the contents of the unit are worth the amount they bid. And they receive 100% of the reward if there is valuable business equipment or furniture or artwork or antiques and collectibles hidden in the boxes and containers stacked inside.
Fundamentally, storage unit contents group into three categories: trash, donate and sell. Items that can be sold breakdown further into multiple channels: Ebay and other online auction sites; Craigslist; consignment or dealers; flea market and yard sale. The objective is to sell everything for something and gross double or triple the purchase price. Then do it again the following week.
So where are the Storage Auction Leverage Opportunities?
One answer is NEWBIES. Newbies... folks that have learned about the business from the TV shows. In a world of chronic unemployment, diminished real estate values and euro-centric stock market swings, buying and reselling storage unit contents looks like a simple, direct, well-defined and "sure fire" path to income.
If you follow the industry at all, you know that hundreds of "veterans" are selling advice and "systems" to thousands of Newbies. YouTube is alight with "How To" video series. And the forums and message boards repeat the same mantra:
- The number of auction attendees has exploded with new bidders
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