Storage auctions are becoming very popular with bargain hunters looking for good deals on storage units. However, it can be hard to know where to start when looking for the best storage auction place. There are a lot of options out there, and it’s tough to know which one is right for you.
The common options when it comes to storage auction places are online storage auction places and in-person storage auctions. These options have their pros and cons and you must keep that in mind when choosing. It’s also important to learn how to choose a storage auction place as well as how to place your bid.
When looking for the best storage auction place, there are a few things to keep in mind. This article sheds light on everything you need to understand.
What is a Storage Auction?
A storage auction is when you buy the contents of a storage unit at an auction. Storage units can be quite large, so there is often a lot of stuff inside. The items that are sold in these auctions vary greatly, and it’s possible to find all kinds of treasures or valuable items.
Storage units are often left to auction when a customer defaults on paying their bills. While every effort is made to come to an agreement with a customer, if this doesn’t work, storage units are often offered to the highest bidder at an auction to make up for the debt.
Types of Storage Auctions Available
There are two types of storage auctions available. These include:
Online Storage Auctions
These auctions are available worldwide and anyone interested in participating can enter. Online storage auctions are often the easiest to find and participate in, as they are listed on various auction websites and platforms.
In-Person Storage Auctions
In-person storage auctions are only open to those who are present at the actual location. While these can be harder to find, they often have more items available for auction. This is because there is no online bidding platform to prevent people from entering their units early and removing their belongings before the event begins. In some cases, the winning bidder must bring a cashier’s check to the location immediately following the auction.
How to Find a Storage Auction
The internet has made it easy to find storage auctions in your area. A quick Google search will reveal a number of websites and platforms that list storage auction information. Some of the most popular include eBay and iBidOnStorage to sell units and will often give some details as to their size and contents.
Some companies will also conduct their own private auctions with closed bids, while others will employ auction houses on their behalf. If you’re interested in finding upcoming storage unit auctions, then get in touch with any storage auction companies in your local area. Many will have a list or will notify you when new units become available.
If you want to participate in a storage auction, you’ll need to register with the company or auctioneer conducting the sale. You may be required to provide some personal information and will likely need to put down a deposit. Once you’re registered, you can start bidding on units.
How Does a Storage Auction Work?
Depending on which type of storage auction you choose, both have their own benefits.
With online storage unit auctions, bidders can usually see a photograph of the storage unit being auctioned before bidding goes live, which is usually taken from the doorway. Potential buyers can bid on individual items within the unit and can also bid to buy storage units as a whole.
If you’re looking for a convenient and stress-free way to bid on abandoned units, then online storage auctions are a great option. When bidding online, you can make more educated bids as you’re likely to have more information on the items inside the unit and longer to consider how much they’ll sell for. However, if you’re looking for the chance to bid on units in person, then traditional storage auctions might be better suited to your needs.
On the other hand, attending storage auctions in-house allows you to see the unit you’ll be bidding for yourself. Although it has similar rules to an online auction, bidders can’t access the unit or take a closer look at the contents before making an offer.
Even though you’re able to see what is inside the unit, you’re not able to enter. Once the auction has ended, the winner will have a certain amount of time to pay and will have to go directly to the unit and clear the content themselves. Some companies require successful buyers to pay in cash, while others might accept credit cards.
Some companies may require you to clear the storage units right away, while some will give buyers 24-48 hours before you’re charged rent or interest for the unit.
Tips for First Time Bidders
When it comes to bidding on storage auctions, it can be easy to get carried away with the possibility of uncovering a hidden treasure. However, it’s important to remember that you’re not the only bidder at these storage auctions. Here are a few things to keep in mind before attending your first auction:
Set Yourself a Price Unit Limit
The most important thing to do before bidding on a storage unit is to set a price limit for each individual unit. This will help you avoid overspending on a unit, especially if it contains items that are not worth as much as you initially thought.
Before bidding opens on a storage unit, set yourself a maximum price or number of units you’re going to purchase, and don’t exceed it. This will also prevent you from making last-minute decisions or bidding on too many units at once and becoming overwhelmed.
Pay Attention to the Contents
When the contents of a storage unit are revealed, take a close look at what is inside and make an estimate of how much it is worth. If you see items that are valuable, such as antique furniture or electronics, you may be willing to pay more for the unit. On the other hand, if the contents seem mostly junk, you may want to pay less.
Also, if everything is packaged securely or in matching or sealed boxes, then it means the items have been taken good care of and may be of a higher value, while anything large and valuable can easily be sold.
Only Bid on Units that are Conveniently Located
If you are the successful bidder on a unit, then you will be responsible for clearing it out and removing all of the contents. This can be a daunting task, especially if the unit is large or packed with heavy furniture. For this reason, you should only bid on storage units that are conveniently located. If the unit is too far away, you should avoid purchasing it.
What to Do When You Visit Your Storage Facility
If you’ve won a storage unit auction, you’ll only have a certain amount of time to clear out the contents. For this reason, it’s important to have a plan before you even visit the facility. Here is what you need to remember:
Check the Rules
Not all storage units are created equal. Some facilities, for instance, require that you have a truck in order to remove the contents. If you don’t have access to the necessary equipment, you’ll need to rent it first. So, before you go anywhere, make sure you check the rules before visiting the storage facility.
This is very important, especially for online auctions. While some companies will require payments to be done online, some private auctions may also accept cash. Make sure you know what you need before showing up to collect your new storage unit.
Consider a Lock
If you’re worried about protecting your belongings in the storage unit, consider investing in a high-quality lock. This can help keep your items safe from thieves and give you peace of mind while they are stored away. Look for locks that are made from durable materials and have tamper-resistant features to ensure the highest level of security.
Boxes and Bags
If you’re storing fragile items, you can protect them further by using boxes and bags to store the belongings. This will keep everything secure and in one place, making it easier for you to locate your possessions when you are ready to use them again. This will also make it easy to move your things around if you need to access them frequently.
You can also get the right storage containers so that you can transport your items securely. Consider boxes made with robust materials, as they will offer better protection while you are taking them from one place to another.
Storage auctions are indeed a great place to get good quality, affordable items for your home or business. Whether you’re looking to find unique antiques and collectables or simply looking for reliable furniture and appliances, storage auctions are definitely a great place to start. So if you’re looking to get the best bang for your buck, be sure to keep an eye out for upcoming storage unit auctions in your local area.