Silent auctions are another way to sell storage units. It’s far different from having a live auction, which makes it quite a controversial topic when selling units.
If you’re planning to participate in one of the silent auctions near you, it’s best you know a few things first. This can be quite handy if you’re a first timer too.
1. Research the auction beforehand.
If it’s just your first time doing a silent auction, it’s best to do a bit of research first. Learn more about how it goes, where it’s commonly done in your area and what other people have to say about it.
2. Bid only what you can afford.
The big difference between live auctions and silent ones is that you take a bigger risk bidding. You may end up getting all 5 units in the end so start right: Conserve your money and invest only on what you can.
3. Be wise on bidding.
You only get one shot at bidding because once the facilitator determines the highest bidder, you can’t counter against it. Therefore, think carefully and bid wisely. The last thing you want is bidding such a low amount because you feel like you’re going in blind.
4. Learn from others.
Silent auctions are very tricky and most of the time deemed as ineffective. If you’re still one who wants to participate in such type of auction, you need to learn from others. See how they play it out and how exactly they bid.
It takes a lot of learning experience and good instinct to know whether you overspent or not. So learn from others to hone your skills further.
As a bidder in this kind of auction, it’s best to be careful, courteous and considerate. Understand that you can’t be too obnoxious and fast since this is not your typical bidding wars.