What is a Storage Unit Auction?
Storage Units are rented to people who require extra space to store their items. There are many instances where people stop paying their storage fees. Rental Companies will try to recoup their lost rental fees by holding a storage nit auction. The auction takes the form of selling the contents to the highest bidder. Storage unit auctions are a great way to find cheap products.
There are number of ways storage unit auctions operate and include:
‘Winner Take All’ Auction: With these types of auctions, the entire contents of the unit are sold to the highest bidder. They can be sold for as little as $ 20.00 or as high as several hundred dollars. It all depends on what kind of items are in the unit. If the auction is for an entire unit the bidders are not usually allowed to inspect the merchandise prior to the auction. You have to inspect from outside of the unit to determine your bid.
One Item Auction: This type of auction involves people bidding on one tem at a time.
Box Auction: This involves bidding on a collection of items that are in a box. The highest bidder will win the entire box of items. You do not always see what is in the box prior to the auction.
The following tips will help you acquire quality auction items: – Storage units are often dark so it is difficult to see the contents. A flashlight will allow you to get a better look at what is inside the unit.
– An individual who pays a moving company to move and store their belongings will likely have quality items. – If you see addresses on the boxes that are from wealthy neighborhoods, there is a good chance there will be quality items in the boxes.
– Look for high quality items. If you see popular brand names, there is a good chance that there are some quality products in the unit.
– Sealed boxes that are arranged in a neat and tidy manner can indicate that the previous owner took the time to carefully pack and secure the items. There is an increased likelihood that they have quality merchandise. You can often find such items as coin and stamp collections, jewelry, expensive tools,etc. Of course, there is always the risk of getting junk items.
– If there is dust on the boxes and items, this may mean there are old items. This may mean that there are antiques or collectables. – If a storage company pays to advertise an auction in the paper, there is a chance that there are quality items.
To find a storage-unit-auction, check the auction classified section in the newspaper, online classified sites for your area, and bulletin boards of local supermarkets and post office. You can also call your local storage companies to find out when they will be holding their next auction.
Self storage auctions are a great way to pick up cheap items. There is a risk of getting junk, but you can always hold your own yard sale to get rid of items you don’t want. It is recommended that you attend a storage unit auction before participating. You will learn what to expect and how the auctions operate. You can assess items that people win to determine quality and if people are getting good value their money. When you do participate in an auction, make sure you bring cash, a truck, something to tie down large items, ID, and gloves and a breathing mask for dust.
Storage unit auctions can be a lot of fun because you never know what treasure you will find.