Storage units are simple, secure, and safe ways to give yourself a little extra space without breaking the bank, no matter what you may need them for. However, if a renter isn’t a reputable customer, breaks their rental contract, or doesn’t pay their rent for a long time, their storage unit’s contents may end up repossessed and auctioned off by the storage facility.
There are plenty of storage unit auctions every day, and you may be curious as to how to participate, bid, win, and access the contents of repossessed units. It can be an overwhelming experience if you’re not sure how storage auctions work, but we’re here to help you make sense of them and score some solid deals on units’ contents.
In this article, we’ll explain why storage auctions happen, how to find auctions in your area, the difference between bidding in person and online, and some tips for winning auctions once you’re ready to start bidding.
What is a storage auction?
When a person renting a storage unit abandons it for an extended period of time without notice, the storage facility has the right to repossess its contents and auction them off to recover some of their losses. These contents are usually sold off in storage auctions, and can involve individual items being auctioned off or the contents of an entire locked unit.
Any items left behind in the unit, as long as they aren’t illegal or hazardous, are fair game for bidding. Furniture, kitchen items, large appliances, electronics, and more are common finds at these auctions, and while shows like Storage Wars give the impression that units are full of valuable treasures, you’re most likely to find common items at good prices.
Auctions can be held in person or online, depending on how the facility runs things. These two types carry very different processes for participating in them; let’s look at the differences and how to get involved in each.
How do different kinds of storage auctions work?
In-person auctions
In-person storage auctions are held on-site at storage facilities. They often aren’t open to the public and require participants to register and pay a small fee before they can bid on units. However, they’re easy to find online and can yield rewards that make that fee more than worth the investment.
Start by using a search engine to seek out abandoned storage units in your area, then look into the required process for participating in auctions for them. Facilities are required to advertise any auctions online, so you shouldn’t have any trouble finding some. Make a note of the lot numbers of the items or units you want to bid on, travel to the auction site, fill out paperwork and pay the fee, and you’ll be good to go.
If you win an auction in person for an item or unit, you’ll often have to pay in cash. Individual items usually need to be picked up within 72 hours of the sale, and units require a down payment before you can clean them out and discover what’s hidden behind that locked unit door.
Online auctions
Many websites, such as StorageAuctions.com, StorageTreasures.com, and StorageAuctionSolutions.com, offer online auctions for storage units in your area. If online storage bidding sounds like the right move for you, registering to bid only requires you to input contact and credit card information.
Online storage auctions are handled differently from in-person auctions; you’ll be able to see items and units’ contents in much more detail, research the items before you purchase them, and tailor your bids to the specific items you want. Online auctions typically accept bids in specific increments, such as $10, to keep buyers from one-upping each other with tiny dollar amounts. Once time runs out and one of the bidders wins, they receive a receipt that they must bring to the storage facility before they can access the unit.
Some drawbacks to online auctions, however, include websites taking a “convenience fee” that you wouldn’t have to pay for in-person auctions. You may also have to pay sales tax and a deposit for the storage unit if you win.
How can I succeed at storage auctions?
Ready to get bidding? Keep these tips in mind, and you’ll be making winning bids in no time.
- Check storage facility websites for upcoming auctions. Not all auctions are advertised on auction websites, so research facilities near you for the most possible options.
- Research auction timing, legal notices, fees, and timelines for clearing out units before you start bidding.
- Bring cash to live auctions. Many auctioneers and storage facilities don’t accept checks or credit cards.
- Create and stick to a specific budget. Make sure you don’t get caught up in the excitement and overspend!
- Change your username from time to time when bidding online. This will help keep other bidders from recognizing you and learning your bidding habits to use against you.
What issues can arise when participating in storage unit auctions?
Purchasing foreclosed units can sometimes leave you responsible for the previous owner’s debt, so be sure to read all the details before making a bid. You should also be aware that abandoned units are often not kept clean, so you may wind up purchasing a unit with mold, mildew, or pests.
How do I make sure my storage unit doesn’t get auctioned off?
By now, you should understand how storage unit auctions work and how they can be a treasure trove for interested buyers. Keep in mind, however, that these auctions are bad news for renters who default on their payments. If you’re renting a unit, you can avoid having your unit sold off by keeping up with your monthly rent and regularly visiting your unit to make sure you aren’t breaking your lease terms.
Looking for auctions near you? Just want to rent a good storage unit at an affordable price? We can help! Use SelfStorage.com‘s built-in search tool to find storage facilities in your area, visit their websites to seek out auctions, and rent units and compare prices directly from the search page.
