A storage unit auction is an opportunity to score new items at a bargain. But you should know what to expect before you attend one. You cannot look at or review any units’ contents before or during the auction. Once the lock is cut and the units open, you will begin to bid on their contents.
Storage auctions can be fun, thrilling, and lucrative. However, they require research, planning, and knowledge to participate. A professional auctioneer can handle crowds and help participants find the best items to buy. A professional in storage unit auctions Prescott AZ, can also catch items that can’t be sold or thrown away, such as cremated remains and firearms.
On the day of the auction, bidders are given a quick peek inside the unit and must decide how much to bid based on what they can see. The unit then goes to the highest bidder. The facility keeps only the amount of overdue rent and any fees to clean out the team, and the rest of the items are returned to the original owner.
Attending a storage auction is an exciting way to find treasures and make some cash. But there are a few things to keep in mind. For example, the winning bidder must pay in cash and often pays for a cleaning deposit. By law, a facility can only keep the amount a delinquent tenant owes plus enough to cover auction fees. The rest goes to the tenant. Many auctioneers and fellow bidders frown upon bringing children to auctions, as they can disrupt the proceedings and distract from the search for bargains. But with careful planning, a knowledgeable auctioneer, and the right mindset, it is possible to turn storage unit auctions into a profitable side business or full-time career.
For facility owners, the main purpose of an auction is to recoup expenses they have accumulated from delinquent tenants. They can legally keep only the amount in overdue rent, and additional costs such as lock-cutting fees, and the rest of the profit goes back to the tenant. Tenants are given one last chance to pay their rent within a set time frame before an auction. They receive a notification letter and a warning that their items might be sold at the auction. Then, the property is sold to the highest bidder. The winner must take ownership of the unit and empty it within a specific period.
Storage unit auctions are an often overlooked aspect of the self-storage industry. While these auctions have been around for years, addictive television series like Storage Wars have brought new attention to the practice. When tenants do not pay their rent for a storage unit, the facility may sell its contents through an on-site or online auction. This is typically the facility’s last legal remedy before allowing the customer to return the unit for regular rental.
While some bidders are professionals, many attendees are first-timers who attend these auctions to find bargains and resell items for profit. Bidders must bring a valid ID, cash, and tools to inventory & clean units (such as a flashlight, gloves & lock cutter). They are also encouraged to bring a vehicle to transport purchases to their homes or businesses. A professional auctioneer knows how to manage this process efficiently & effectively.