How to Make Money Buying and Selling at Police Surplus Auctions

How to Make Money Buying and Selling at Police Surplus

Auctions

POLICE SURPLUS AUCTION

• A police surplus auction presents a great opportunity for you to snag a deal on any number of items. Then, you can turn around and sell what you buy for a profit!

• Many people start reselling businesses by buying and selling products at police surplus auctions.

• Because these auctions are conducted on a regular basis, you have an ongoing supply of quality inventory.

• So what can you expect to find at a police surplus auction? Anything you can imagine! Items include vehicles, RVs, sporting goods, household items, art, antiques, jewelry, collectibles, furniture, appliances, electronics, office equipment, computers, tools, machinery and much more.

• Auction items come from a variety of sources. Property may be auctioned after it’s been confiscated in conjunction with criminal activity.


If someone is convicted of a crime, any property used during the crime, or purchased with money gained from a crime, can be confiscated and later auctioned at the discretion of the law enforcement agency.

Unclaimed property is also eligible for auction. If an item has been found,

turned in to police and unclaimed after a certain time period, it can be sold at a police surplus auction.


Making Money in Four Easy Steps

Step One – Get the Auction Schedule. You first need to find a police surplus auction. Your local auctioneer’s website will have updated schedules and locations. The website will provide details of each auction, including the terms regarding participation. You can learn whether any particular auction will be conducted live, online or both.No need to pay a service for this information because it’s free. Just visit the law enforcement agency’s website or get on the mailing list of the local auction house.



Step Two – Review the Items for an Upcoming Auction. Once you decide on a police surplus auction you want to attend, you need to carefully review the items to determine what you may want to bid on. The auctioneer will have provided full descriptions including any pertinent notes on the item’s condition, if available.However, you must not rely solely on the item’s online description and photo.It’s imperative you inspect the item at the scheduled preview times. These times will usually be held a couple days prior to the auction and/or the day of the auction.



Step Three – Bid Carefully. If after inspecting the item you want to place a bid, do so cautiously.Determine the item’s current market value based on its condition. Then, decide how much you’re willing to pay at the top end and don’t exceed this amount. Remember, you’re not buying the item for your personal use, but to resell for a profit! Therefore, you’ll want to be sure you pay below market prices for all items you buy at police surplus auctions. Make sure you know the final price you’ll be paying too. In many cases, this won’t be your ending bid price.



Step Four – Resell Your Items. You can resell your police surplus auction items through a number of venues. Many people use online auctions like eBay. But other sites exist, so check them out too. You can explore additional options besides online auctions too. Examples include selling items at garage sales or thrift stores.


• Reselling items you buy from a police surplus auction is one of the most fun ways to earn some extra cash.

• Just make sure to factor in all your buying and selling costs so you are sure you calculate your true profit.

ABOUT THE AUTHOR

Deb Weidenhamer is President of Auctions Systems Auctioneers & Appraisers, Inc., based in Phoenix,

Arizona. They specialize in auctions and professional appraisals.

Visit us at http://www.AuctionandAppraise.com or call 800-801-8880 for more information about

Police Surplus Auctions.

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How to Make Money Buying and Selling at Police Surplus Auctions