Storage Unit Auction Facts

Storage Unit Auction Facts

Self storage auctions are very different from any other type of auction. They are not as formal as other types of auctions such as government auctions or postal auctions, Instead of holding up a sign when you want to bid you will be expected to say aloud your bid amounts until the highest bidder wins out. There are auctions in every town in the US each and every month. When someone rents a storage unit and they default on the payment terms the storage facility will auction off the entire contents of the unit.

A typical auction lasts about an hour that is unless there are multiple storage facilities to travel to. To find these auctions you will want go look at the newspaper or call all of the local self storage facilities. Another option is to go to Google and type in your city and state such as “Jacksonville Fl storage unit auctions.” You will find a list of auctions that are coming up in your area. Various facilities hold auctions on a standard month but most have an auction when they have multiple units that have defaulted.

The second auction I attended I watched a guy win a unit for $300.00 dollars once he got inside he pulled out a lot of boxes. Once he started to go though them he realized that he had a brand new never put together Harley Davidson. This is the moment I realized that you never know what you can find in one of these units. This was over eight years ago but it can still happen now. With all of the new TV shows out now you will need to be careful how high you bid because there are a lot of newbie’s thinking they will get that gold coin collection but even with the TV show newbie’s there is still money to be made. Just do not over bid. When you get to the auction you will need your picture ID or driver license to register to bid. You will also need to sign a list of the rules. The rules may differ from auction to auction. Make sure that when you go to the auction you understand all of the rules that are involved.

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Once the auction begins people will gather around the first unit to be auctioned off. The auctioneer will have someone cut the lock and the door will be opened. You will not be allowed to go inside the unit you can only look inside. When you look inside you will need to think about the items that you see. What is the resell value of the items that you can see? Once you have made a mental list do not bid over the value you came up with. When you find a unit worth buying you will need padlocks so that you can lock up your unit and move on to the next unit to be auctioned off.

Make sure that you are prepared before you go to an auction. It is a good idea to have someone go with you so that you don’t have to load everything up alone. There have been a lot of hidden treasures found in these units so it is very possible the next great treasure that is found will be found by you. If you are a person who loves surprises and you are willing to get your hands dirty then storage auctions can be a lucrative second income! You will find things that you want to keep or collect and sell and make some serious money in the process. Storage auctions are a modern day treasure hunt! Good luck and happy bidding!