What is a Storage Unit Auction?
Ever wonder what would happen if you stopped paying rent on your storage unit? After two months of unpaid rent the unit enters into a “Lien Status.” Once the unit has been in lien, the storage operator then must advertise the unit “For Auction” in the local paper. The operator is attempting to regain the unit to rent to a customer that will pay his or her rent. The storage unit is auctioned off to the highest bidder. By law, the storage facility must conduct a live auction where many bidders can place bids on the liened property.
How Storage Unit Auctions Work
The bidders are allowed to stand at the entrance of the unit being auctioned off and look inside to determine their bidding amounts. Many people bring flash lights to better view the items inside the storage unit. There are many techniques within the storage auction culture to determine unit value. After the bidders have inspected the unit, the auction begins! The units are then sold to the highest bidder. A big difference between storage auctions and most auctions is that a bidder must bid for all items within a unit. They may not bid for certain items only. It’s all or nothing in storage auctions! All of those items must be removed from the property in a timely fashion, and a refundable deposit is required to ensure all items are removed. Most facilities give their bidders 48 hours, but some require immediate removal.
You Are a Bidder, how to make the most out of your newly acquired auction items?
The most common items collected during these storage auctions are typical household items such as clothes, books, furniture, televisions, computers, appliances, etc. The most lucrative process for selling these items is using the websites eBay and Craigslist to quickly unload the auction items. With the exception of some electronics and antiques, the items purchased from storage auctions are likely not very valuable. Many people also sell the auction items at local flea markets and swap meets to turn small profits.
Our next auction at North Melrose Self Storage is Wednesday, November 13, 2013 at 11:00AM, we hope to see you there.