When someone fails to pay rent for a certain amount of time, storage facilities often choose to auction off the unit to help pay for the rent owed. Once a unit goes up for auction, bargain hunters bid on the storage space in hopes of finding unique items. From learning about the bidding process to finding local auctions, here are some important things to know about storage auctions!
To draw a crowd, storage companies will advertise upcoming unit auctions in advance. For those interested in an in-person auction, browse local listings or contact nearby facilities. If you’re looking to attend an online auction, auction websites are a great resource. Or consider joining social media groups and online forums for the latest information about storage auctions!
To attend a storage unit auction, you need to register online or in person. This helps the facility know who is actively bidding on storage units. Once you have registered, the storage facility will assign you a bidding number. Don’t forget to check the auction details for important information like auction time, unit size, how long you have to empty the unit, and payment options.
It’s good to learn auction rules before you go. You don’t want to go into the auction without knowing the dos and don’ts. Here are some common storage auction rules:
There are also rules about a unit’s contents:
Before you start bidding, it’s important to have a price limit in mind. When building your storage auction budget, think about additional costs like cleaning deposits and sales tax as this will affect how much you can spend. Consider practicing with an online auction to gain an understanding of how fast the bids go—and to avoid overpaying for a storage unit.
Attending an auction is nothing like what you see on storage auction TV shows. Be aware of storage auction myths. Instead of assuming you’re going to buy a unit full of treasures, it’s better to lower your expectations. Keep in mind that not every storage unit will be full of high-value belongings, and you can’t always keep everything you find in the unit.
Before attending, take the time to research how the auction bidding process works. When the lock is broken, you aren’t allowed inside the space because this is viewed as trespassing. Instead, you can glance inside the unit from a distance. For online auctions, a picture of the unit is provided. Once you place a bid, you are allowed to retract it until the sale is complete. At the end of the auction, be ready to pay right away or by the end of the day.
When an auction starts, you only have a few minutes to scout the unit out, so get there early and try to look for valuable items. If you attend an online auction (which lasts longer), you may have more time to look. Remember, not everyone will see what you see, and if the items are of extreme value, it’s better to keep this to yourself—you don’t want the bidding to get too high!
Once you pay, it’s time to get to work! Self storage facilities typically require the winning buyer to clear out the unit’s contents within 24-48 hours. Everything in the unit must go, even trash left behind. When unloading the storage space, here are a few things to consider:
Self storage facilities auction storage units off when tenants default on payments or abandon their units. The storage facility tries to reach the renter, and if they can’t contact them, then the unit goes to auction. The money made during the auction is used to compensate for lost rental fees.
Paying rent on time helps prevent your items from going to auction. In order to have access to your belongings, you will need to pay the facility all of the back rent and fees owed in full.
Storage auctions are open to the public. No auctions take place behind closed doors. The best way to find an auction in your area is to check local listings and auction websites or give a nearby storage facility a call.
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