🔨 Auction Sourcing
Reseller Guide
Types of Auctions
- Estate auctions: Entire household contents, usually on-site
- Consignment auctions: Multiple consignors, regular schedule
- Storage unit auctions: Abandoned units sold blind or with preview
- Government/Police auctions: Seized/surplus items
- Business liquidation: Closing businesses sell everything
- Online auctions: Bid from home, pickup or shipping
Online Auction Sites
- AuctionZip: Directory of local live auctions
- Hibid: Major online auction platform
- Proxibid: Live auctions with online bidding
- MaxSold: Estate sales with online bidding
- K-BID: Upper midwest focus
- GovPlanet/GovDeals: Government surplus
- PropertyRoom: Police auctions
Bidding Strategy
- Set max bid BEFORE auction: Emotion kills profit
- Factor buyer's premium: Usually 10-20% added to hammer price
- Preview everything: Never bid on what you haven't inspected
- Know your numbers: What can you sell it for? What's max buy price?
- Bid late: In timed online auctions, last-minute bids avoid bid wars
- Odd numbers: Bid $127 instead of $125—beats round number bidders
💡 Pro Tip: Preview hours before auction, not right before. Research values, set max bids, then stick to them.
Hidden Value Spots
- Box lots: Random boxes often have treasures buried inside
- End of auction: People leave, less competition
- Poor photos: Online auctions with bad pics get fewer bidders
- Misidentified items: "Old jewelry" might be gold
- Bad weather days: Fewer attendees at live auctions
- Weekday auctions: Less competition than weekends
Watch Out For
- Buyer's premium: 10-25% added on top of winning bid
- Sales tax: Some auctions charge it
- Payment terms: Cash only, same-day payment often required
- Pickup deadlines: Miss it and you forfeit items
- No returns: Auctions are AS-IS, no refunds
- Shill bidding: Fake bids to drive up prices (illegal but happens)
⚠️ Total Cost: If you bid $100 with 15% buyer's premium + 8% tax, you're paying $124. Always factor this in BEFORE bidding.
Logistics
- Truck/trailer: Needed for furniture, bulk lots
- Blankets/straps: Protect purchases during transport
- Helper: Some items need two people to move
- Cash on hand: Many require immediate payment
- Storage space: Know where inventory goes before buying
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