Over the past year a reality tv show called Storage Wars has taken off and created quite a stir in the delinquent storage locker buying business. If you’ve somehow managed to stay unaware of Storage Wars and it’s spinoffs, the show is about what happens when the person who rents a storage locker does not pay his or her rent. The contents of these lockers are then auctioned off in what is the storage facility’s legal method of regaining their locker unit to re-rent.
This particular show (there are several different ones), follows the antics of a handful of regular characters and their experience bidding on and purchasing these units.
While the show may be based on reality and some of what you see is in fact the method in which things are done, there are a couple glaring problems I have with this show and it’s influence on the general public. First of all, when you go to these auctions it will not be the same 5 people purchasing every single locker, there is a lot of competition and it’s anyone’s game to win. This show is clearly staged for entertainment purposes and the stars of the show are paid to go after these units so they are not being as judicious with their money as you or I would have to be.
Once the show shows the lockers won, they go back to each unit and show the characters opening the locker and going through the contents. I always get a nice chuckle when every single unit seems to produce some sort of valuable treasure that needs to go be checked out by an expert. For the most part what you are going to get is a lot of household goods, kitchen stuff, toys, electronics and clothes. Storage Lockers are perfect for those who love to resell at yard sales, flea markets, swap meets and on eBay, or as the show depicts those that own a thrift store and have a venue in place for just such a thing.
Now that’s not to say there will be treasures in lockers, because if you read my article from last week on buying delinquent storage lockers, you’ll recall that I recounted two such treasure finds. They do happen! But the show makes it seem as if every locker contains gold, guns or antiques, and of course, this simply is not the case.
Next they go through and toss out numbers of the value of things as they are unloading them from the locker. Now anyone who does resale knows these numbers are usually inflated and sometimes I must confess I laugh out loud. For instance a recent episode showed Dave Hester, the Yuuuup man, valuing some contemporary art that looked like it was out of a model home at $500. Good luck on that, Dave! Another show priced an old 70′s round table with no chairs at $150-200 – quite unrealistic in today’s market.
Which brings me to my most important observation and what the show truly does not touch on at all. The value of time! I can tell you from experience these lockers are not emptied in a matter of minutes, and depending on the size of the locker and how much is in it, going through it can be an all day process. If you have hired any help or rented a truck for the day, this has to factor into your expenses as well. There is a lot to sort and usually a large amount has to be disposed of, so if you make a trip to the dump, that is more time and money. Then you must resell the items, which you know also takes more time and money. Time truly needs to be taken into consideration when determining how much you will bid on a unit. I see these characters stating that doubling their money on the contents or even breaking even makes them happy, but in reality that is losing money when you add in the time factor.
You don’t have to take my word for it, hear it from Jarrod and Brandi (two characters on the show) themselves!!
Time is money, it can never be regained once spent, so utilize it wisely!
About the Author
Danni Ackerman is the founder of The Danni App where she’s putting the fun back in eCommerce. She is also the author of Storage Lockers for Fun and Profit and organizer of the Las Vegas Online Sellers Meetup Group . Known as Udderly Good Stuff online, she’s been on eBay since 1998 and has grown up in the world of antiques and collectibles and reselling “stuff.” She regularly appears on radio, podcasts and is a speaker at eBay events and more. She is the mother of 4 including two youngsters she calls her shipping supervisors, and makes a lifestyle out of juggling business and family. Find her on Facebook as Danni Ackerman and twitter as Udderlygoodstuf.