Everyone pretty much knows what a self storage unit or facility is and most people also know what an auction is. What is not commonly known however is that self storage and auctions actually have more in common than most people think.
Auctions are very popular with people who are either looking to pick things up for a steal or with people who are looking to find items worth of value, such as antiques, jewelry or electronics. The majority of people think about public auctions, auction houses, estate auctions and online auction websites when they are looking to find what they need.
Due to a recent hit television show however, self storage auctions are a growing trend both offline and online. How self storage auctions work is pretty interesting and is outlined below:
- Items that are contained in a self storage unit are put up for auction when the person who owns the belongings have quit paying the storage fee. How long a person has to be in default before the self storage company can put the items up for auction really depends on the state that the storage unit is located in as laws vary.
- Once it is determined that the items within the storage unit are eligible to be put up for auction, a date and time is set for the auction, which is normally open to the public.
- On the date of the auction and at the predetermined time, the door to the self storage unit will be opened and those who are interested in the contents can look into the unit from the outside but they are not allowed to actually go into the unit.
- Viewers and interested buyers are only allowed to try to guess what the contents of the storage shed are worth by peering in and trying to see the stuff that is in plain view.
Self storage auctions are becoming a quick growing business opportunity on many different levels. On one level, storage facilities are realizing that they have a way to re-coup the lost income from the person who rented the unit if they decide to quit paying. Those who are in the business of buying stuff at auction and then turning around and selling the items for profits are also catching into this trend and taking advantage of it.
Another industry however that is also catching on is businesses on the Internet. The self storage auction trend is hitting the radars of those who provide information online in the form of instructions and "how to" guides as well.
Are you looking to use mini storage auctions as a way to make money? If so, will this be your first time attending an auction? If yes, please continue reading on for a few helpful and important tips, which can help you walk away happy.
Public storage auctions are a great way to make money. Depending on the auction in question, you either bid on sealed bins or whole storage bays. You are essentially making a wholesale purchase. You are offering to pay one set amount for a lot of merchandise. This is where you can make money, as some of those items may be valuable or sellable.
Despite the fact that you can make money with mini storage auctions, doing so can be risky. A wide range of items are stored inside these units. These items may include clothing, furniture, books, movies, toys, home décor, household appliances, and jewelry. There are also people who store their old financial documents and family photographs. You don't always get to physically inspect everything, so there is some risk involved.
As previously stated, you may not get to physically inspect all items up for auction, but you can get a close look. For that reason, arrive early. You should arrive no later than ten minutes before a public storage auction is scheduled to start.
When scanning a storage bay that has merchandise available for sale, look for large items that are easy to see, like furniture. What type are they? Are they modern, cheap, or antique looking? This can help you guess as to what else is inside. Cheap furniture, like furniture that looks like it came from Wal-Mart, may be a sign that the rest of the items are cheap as well. Of course, cheap doesn't necessarily mean poor in quality.
If you intend to bid, as opposed to just watching how an auction works, bring cash. Most only accept it. Rarely, will you find an auction where credit cards and checks are accepted. Do not plan on running to the bank real quick, as you may be required to make payment right away. Speaking of attending an auction as a viewer, you may want to do so. This will give you a firsthand look at how these auctions operate.
It is also important to know that public storage auctions can be canceled and sometimes at the last minute. If you are traveling far, like an hour or more, to attend an auction, call ahead. Call right before you leave.
Those with unpaid storage bills are likely to make good on their payment once they realize their belongings really will be sold. This may result in the cancellation of a scheduled auction.
Those with unpaid storage bills are likely to make good on their payment once they realize their belongings really will be sold. This may result in the cancellation of a scheduled auction.
Storage auctions are popular. Many people see them as a cheap way to get stuff for their homes and many more see them as a way to make money. That is why you will want to arrive early. You also need to be prepared to shout out your bids and face some competition. If you are shy or nervous about doing so, bring someone along who isn't. This is key to walking away a winner at a mini storage auction.
Finally, know that not all storage auctions are worth your time. You will want to call ahead and ask questions, like how much is being auctioned off. If only one or two storage bays are up for auction, you can still attend, but you may not want to travel far too do so. Your travel expenses may be too high and not worth it in the end.
As previously stated, public storage auctions are a great way to make money, but there is some risk involved. You will not always drive away with a truck filled with valuables that can be resold for a huge profit. However, the more storage auctions you attend and the more bids you place, the better your chances are for walking away with a profit.
