Going Once, Going Twice: A Look at Storage Auctions [Infographic]

GuestBlogger | Feb 04, 2015 @ 03:31 PM

Have you ever wanted to understand storage auctions? Take a deeper look at this infographic to learn some tips and tricks!

Storage Auctions

Auctions Speak Louder Than Words

155,000 storage auctions a year

Average auction price of storage unit: $425

A self storage business will hold an auction when a tenant fails to pay their monthly storage rent or leaves items behind.

Money earned from the auction goes towards recouping the unpaid rental fees.

Companies can place liens on units 30 days after a missed payment.

How It Works

  1. Live auctions are open to the public and advertised through the local paper.
  2. An auctioneer takes bids, starting as low as $1.
  3. The auctioneer asks for a bid higher than the previous bidder.
  4. When the bids stop, the lot goes to the highest bidder.
  5. Some storage companies will accept sealed bids, wherein bids are placed through sealed envelopes.

Auction Rules

  • Bidders can only bid on the entire contents of a unit.
  • All items are sold “as is.”
  • Bidders are not allowed to enter units or handle the merchandise prior to winning the bid.
  • Some companies will apply a sales tax.
  • Cash is the preferred method of payment.

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What You May Find

Common items:

  • Furniture
  • Appliances
  • High-end electronics
  • Tools
  • Automobiles

Strangest things found in a storage unit:

  • Old space equipment, including a NASA rocket and a countdown clock
  • Gold and silver ingots
  • Michael Jackson’s unreleased songs
  • Aretha Franklin’s clothes

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Auction Tips

Find auctions through:

  • Legal notice postings in state and local papers
  • Community websites
  • Newsletters

Call the storage facility a day before the auction to determine how many units will be auctioned.

Estimate the value of a unit based on the items you can see.

  • If things look outdated or broken upfront, you can expect the same deeper within the unit.
  • Check labels for clues.
  • Items in supermarket cardboard boxes tend to be of lesser value.
  • Use flashlight to get a better look at a unit’s contents.

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Resources:

- http://www.selfstorage.org/ssa/Content/NavigationMenu/AboutSSA/FactSheet/default.htm

- http://www.statisticbrain.com/self-storage-industry-statistics/

- http://www.storagetreasures.com/auction-bidder/what-leads-to-storage-auction/why-people-let-their-mini-storage-units-go-to-auction

- http://www.storageauctions.com/3.htm

- http://smallbusiness.chron.com/storage-unit-auction-work-12985.html

- https://www.storagefront.com/storagetips/self-storage-auctions/about-self-storage-auctions

- http://auctions.storage.com/faq.aspx

- http://imperfectwomen.com/10-of-the-strangest-things-found-in-storage-spaces/

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Brought to you by Storage Front | storagefront.com