What are storage auctions and how do they work?
You’ve heard the term storage auction but what does that really mean? After a storage unit has been abandoned, some self storage facilities schedule an auction to clear the items. Bidders will then bid on the contents of the entire storage unit, not on individual items within the storage unit. The unit is then sold to the highest bidder who pays in cash upon winning.
Steps of a Storage Auction
- A storage unit becomes available for auction.
- The storage facility will then advertise the auction. You can find these everywhere —online, in the newspaper, or at your local storage facility.
- You must register to participate in the auction through the storage unit company.
- You then attend a storage auction showing. These are usually pictures of the unit if done online or glances into the unit.
- You show up on auction day and bid on the unit.
- If you win, you pay!
What to Expect at a Storage Auction
Competition
Due to the well-known reality TV show Storage Wars, storage unit auctions have grown in popularity and quickly developed a following. Be prepared before you show up at the auction. First, know your budget, and second, show up expecting there to be some competition.
Legal Documents Must Be Returned
Beware of finding personal items and legal documents. Any legal documents found in the storage unit must be returned to the storage facilities, which will then deliver them back to the previous storage unit renter.
Fast Pace—Have a Plan
Congrats, you came out on top and you’ve won a storage unit in an auction! Make sure you have a plan for after you win your unit. Winners usually have 24 to 48 hours to clear out the contents of the storage unit. That is a short amount of time to decide what is trash and what is treasure. Come prepared to a storage unit auction so you can handle your winnings in an organized manner.
We hope our expert storage auction tips help you find great deals and prepare yourself for your next storage auction! Storage auctions are a great opportunity to those who are willing to do the work! Make sure to check back here for storage auctions hosted by Secure Self Storage, the premier self storage provider in the Northeast.