Today our friends at bluemound287selfstorage.com were kind enough to share their experiences and expertise on the exciting world of storage auctions, in a post titled:
“The World of Storage Auctions”
Storage unit auctions could hold numerous hidden treasures…or not
Storage unit auctions are definitely nothing new but they are being brought to the public eye because of the success of different storage auction television shows. The shows are actually fairly accurate in their portrayal of what happens at a self storage auction. Everyone participating in the auction will arrive early so the auctioneer or storage facility employee can go over all of the rules, terms, and conditions of the auction. It is important to show up early and hear these rules because different rules may apply to different storage places. Most auctions will be live and very few of them will be silent but it’s important to pay attention to the rules since the facility can decide what they want to do at their own discretion.
Once the auction is over the high bidder must remove all contents from the storage unit within the given time that was specified by the self storage facility. Most of the self storage facilities won’t allow you to use their dumpsters or garbage cans and they expect you to clear out the entire facility and have it look as good as new by the time you’re done with it.
It’s important to note that participants at the auction are not allowed to go inside the self storage unit because it is not yet their property. Everyone is allowed to look inside the storage space and that is how they base their bids at the auction. This basically means that you could find something hidden away from plain site that is extremely rare and valuable, or you could find nothing of any real value. It really is a gamble but the more auctions you participate in the better chance you have of finding something that is valuable.
The more prepared you are the better off you’ll be at a self storage center auction
Even though you truly have no idea what you’ll find at an auction it would help to know what you can expect to find at a storage auction. Just think about what people like to store away for awhile. For the most part you’ll come across household goods like furniture, electronics, and clothing. However you’ll know you found a good storage rental if you find some jewelry, antiques or collectibles, and a fair amount of trash too!
So now you know what to expect when you attend an auction at a self storage center but the question still remains, where can I find an auction? These auctions aren’t widely publicized but if you know where to look you can stay caught up in the game. Always check the storage places websites for any updates and from there you can even get the storage facilities phone number and call directly. Our own Site (www.bluemound287selfstorage.com) publishes this info in our RSS feed.
This should be able to help you find some storage auctions on your own in your area and now that you know where to go you need to know how to spend your money.
So how can storage facilities just get rid of someone’s personal belongings? When you agree to store your goods at their facility you sign paperwork and in that paperwork you agree to their enforcement rights to vacate non-paying tenants. It is very important to get familiar with these because they vary from state to state and are also known as lien laws. That is why often times the management of the facility will hold the auction instead of paying an outsider to do it. These auctions are open to the public but the tenant in lien still has the right to pay for the contents of their storage space up until the moment the auction begins.
Make some profit off of your recent auction winnings
Since you can’t go inside the self storage unit before you purchase it the only real tool you need is a bright flashlight. Most storage spaces aren’t lit so it is very hard to see all of the visible goods without a flashlight. Since this is one of the few investments you need to make the rest should be your profit. A lot of self storage auction participants tend to sell what they purchased in garage sales or online, such as eBay.
The day before the scheduled auction it is very important to be sure to double check with the storage companies to see if the auction is still on. Ask any seasoned auction goers why this is and they will tell you that so many renters tend to wait until the very last possible moment before they settle with the landlord, or storage facility. If they decided to settle and pay off their debt then the auction is off. So if you can call the facility the day before the auction takes place then you can find out if it is still on or not.
Most importantly use your better judgment when bidding on storage units. If what you see looks worn and weathered and rusted then odds are you don’t want to mess with it. If you see some boxes that are taped and sealed and the boxes look nice then there is a good chance the goods inside that box is going to be somewhat valuable. If a box appears to be opened then maybe something was taken out for a reason.
There is treasure out there to be had so good luck and happy hunting!
Blue Mound 287 Self Storage