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Ways to Make Money with Surplus Auctions
Do you enjoy participating in online auctions and finding deals? Would you like to start a side gig to make extra money?
Have you considered making money doing something you love?
The idea of purchasing items at wholesale or discounted prices and then turning around to resell them for a profit is nothing new. Retailers and entrepreneurs have been doing this for decades. What many people don’t think about is using surplus auctions as a source to discover items to resell.
What is a surplus auction?
When organizations or institutions (government organizations, large companies, police departments, city offices, schools, etc.) buy new machinery, equipment, or supplies, they usually get rid of their old inventory via auctions.
It’s amazing what you’ll find at surplus auctions – computers, office supplies and furniture, electronics, vehicles, tools, and much more. You can buy just about anything through these auctions. Some of the auctions are live in person but nowadays you’ll be able to find many of these items via online auctions.
Purchasing items in surplus auctions
The auctioneer or company hosting the auction will have its own process and terms but it is typically easy to get started as a buyer. Depending on the company you’re doing business with, you may have to create an account and put down a deposit before you can participate and bid on items.
Some auctions require a minimum opening bid amount while other auctions have no minimum. For example, an auction for a forklift may start at $2,000. Here at Yuma Auctions, the minimum bid is only 1 penny for ALL items. These are the types of auctions where you can find real deals!
One thing you should remember when buying items in surplus auctions to make money. If there’s only one thing you take away from this article, it’s this:
Always research any items you want to buy and make sure you’re not paying too much for them. It’s important to know the value of the item or what it’s currently being sold for. Know how much you’re willing to pay for it and how much profit you want to make from it.
How can I resell items and make money?
There are many different places where you can sell the items you’ve purchased in surplus auctions such as online marketplaces (think Etsy or Craiglist). You can also try apps such as OfferUp in which you sell to buyers who live in your area. You could even sell stuff to friends and family by posting on Facebook or Instagram. You’ll have to research where your buyers are to determine where you can make the most money.
If you happen to purchase a huge lot of items such as computer monitors, ink cartridges, or anything that is sold in bulk, you could resell each individual piece in online auctions such as ours.
Ready to get started?