How to Score Big at a Pods Storage Auction

Introduction to Pods Auctions

Pods auctions have become an intriguing and potentially lucrative opportunity for bargain hunters and resellers alike. Often referred to as "storage auctions," pods auctions enable the public purchase of abandoned storage containers and their mysterious contents.

The concept rose to popularity alongside television shows documenting the phenomenon, such as Storage Wars. However, everyday people can also try their hand at scoring big in a local pods auction.

What Are Pods?

Pods are large portable storage containers often made of weather-resistant materials. Companies offer them as an alternative to fixed-location storage units. Customers fill the pods with their belongings and then have them transported to a secure facility for storage.

Reasons people may use pods over traditional storage include:

• Relocating
• Staging a home for sale
• Temporary overflow storage
• Business storage needs

How Do Pods End Up at Auction?

When customers fail to keep up with payments on their pods storage, the pods may end up slated for auction after an extended grace period. Auctioning them allows the storage company to recoup losses from the delinquent accounts.

The customer is given ample warning before this happens. However, life circumstances or even forgetting about stored pods can lead to auctions.

Attending Your First Pods Auction

Newcomers will want to arrive early and educate themselves on the process before bidding. While rules can vary between auction houses, some key things to expect:

Registration and Deposits

You will need to register as a bidder and provide an refundable deposit, often 10% of the total pods value. This demonstrates you can pay if you win.

Viewing and Inspection

There is usually an opportunity to visually inspect the pods exteriors before bidding starts. However, their contents remain a mystery.

Starting Bids

The storage facility sets opening bids to try recovering their lost fees. Bids typically start quite low though, rarely exceeding a few hundred dollars.

Auction Order and Groupings

Pods often auction together in lots based on size and type. Single pods may go first, followed by pairs and groups.

Winning and Payment

The highest bidder wins when the auctioneer closes bidding. Winners must pay the final bid price plus any applicable taxes and fees. Many auction houses only accept cash or other guaranteed funds.

Keys to Success in Pods Auctions

Venturing into pods auctions brings risks and rewards. Understanding some best practices can help swing luck in your favor.

Research Auction Locations and Inventory

Not all facilities auction pods, and auction schedules vary. Contact your local storage centers to ask when and how often they auction pods. This allows focusing your efforts on upcoming opportunities.

Thoroughly Inspect the Exterior

Look over the physical condition before bidding. Damage could indicate leaks or pests got inside. Ask questions too - some pods sell with locks in place, meaning you cannot access contents until cutting the lock off later.

Set a Bidding Limit

It helps immensely to enter auctions with a firm upper limit based on your available funds and the risks you can take. Stick to this maximum bid rather than get caught up in bidding drama.

Focus on High Value Goods

Word gets around when pods contain expensive items like antiques, jewelry and tools. Listen for clues from facility staff or other bidders hinting at premium goods.

Certain pod traits also suggest higher probabilities of value, like climate controlled units that better preserve delicate items.

Have a Distribution Plan

Do not win more pods than you can handle. Have an immediate plan to transport them offsite and empty their contents. Many facilities charge fees for overstaying your access window.

Ideally, partner with resellers to quickly disperse merchandise to various sales channels, donating or scrapping any leftovers.

What Might Be Inside Abandoned Pods?

This question fuels much of the excitement and risk behind pods auctions. A little luck can net rare finds, while bad luck leaves you dealing with junk.

Some greatest hits from storage wars include:

• Antique furniture
• Vintage guitars and instruments
• Designer clothing with tags still attached
• Jewelry
• Artwork
• Sports memorabilia and collectibles

It is not all treasures though. Bidders must also brace for getting containers filled with:

• Out of season household goods
• General household junk and appliances
• Old business inventory and documents
• Personal items like family photos and tax paperwork

Legality of Contents

Rarely, abandoned pods contain illegal or hazardous materials left behind. This generally does not fall on the buyer though, provided you call the proper authorities to handle the situation.

Selling Pod Auction Items

Successfully profiting on pod buys requires quickly emptying then listing goods for sale across multiple platforms. With the growing popularity of pods auctions, competition gets fierce to extract value. Speed matters!

Sales Channels

Top outlets for pods merchandise include:

• eBay
• Facebook Marketplace
• Craigslist
• Mercari
• Poshmark for clothing and accessories
• Local consignment stores

Item Pricing

Checking completed listings for sold prices helps value items accurately. Common pricing strategies involve doubling cost of goods on higher-end items but blowing out lower-value inventory in bulk wholesale lots.

Consider additional costs too - photography expenses, cleaning costs, transportation fees and selling platform commissions quickly eat into margins if you overpay trying to win pods.

Is Participating in Pods Auctions Profitable?

Pod auctions represent an unpredictable but exciting monetization technique. With the right preparations and expectations, they can prove quite financially rewarding.

However, profits heavily rely on researching locations, setting conservative bidding limits and moving inventory quickly after purchase. Novices face high risks of overpaying then wresting with slow-selling goods minus the inventory costs.

Experienced bidders caution treating pods auctions as a side hobby until you consistently predict values and outcomes accurately. Many enthusiasts get their start partnering with seasoned veterans who share tactics and distribution channels too.

While rewarding, pods auctions function differently than more consistent channels like ecommerce or dropshipping. But the thrill of uncovering surprise scores inside abandoned containers pushes veterans and rookies alike to keep bidding.

FAQs

What are some things I may find inside auctioned pods?

Pods can contain a wide variety of legal and sometimes strange items, including antiques, designer goods, artwork, musical instruments, and sports memorabilia. But they may also contain mundane household goods, old business inventory, or personal documents and photos.

How can I find local pods auctions in my area?

Contact traditional self-storage companies directly to ask if and when they host storage auctions. Many facilities auction pods 1-4 times each year when accounts become delinquent. The auctions are usually hosted on-site.

What fees and deposits should I expect to pay?

There is usually a refundable 10% deposit required based on the total pod value to demonstrate you can pay. Upon winning pods, additional fees depend on the facility but may include charges for overstaying the removal time limit and cleanup costs if you leave behind debris.

What should I look for when inspecting pods exteriors?

Look over the physical pod condition closely for any exterior damage, leaks, holes, or strange smells which could indicate pest infestations got inside. Also confirm accessibility - some pods sell with locks still on them meaning you cannot view contents until cutting the locks off later.

How long do I have to remove pod items from the facility?

Most storage centers provide new pod owners 24-72 hours to move them from the grounds and empty all contents. Some may charge daily overage fees if you exceed the removal time limit so it is important to have an immediate plan for transporting and processing the items.