A Beginner’s Guide To Navigating Self Storage Auctions
Craving hidden treasures at bargain prices? Dive into the thrilling world of storage unit auctions with this guide. Uncover the secrets of tracking down these auctions, understand the bidding process, and learn how to score hidden gems without breaking the bank.
At ClearHome Self Storage, we can equip you with essential tips on inspecting units, assessing potential value, and navigating bidding strategies like a seasoned pro. Prepare to unleash your inner treasure hunter and unlock the door to unexpected adventures, all within the exciting realm of self storage auctions.
What Is a Self Storage Auction?
Storage auctions occur when renters fail to pay for their storage unit. The facility then auctions off the unit’s contents to recoup the lost revenue. Each auction is a mystery, with potential treasures hidden within each unit. It’s a chance to acquire valuable items at a fraction of their value.
How To Find Storage Unit Auctions
Traditionally, storage unit auctions were advertised in local newspapers or through direct postings at the self storage facility. Since the digital age, the process has been streamlined. Many websites and auction platforms now list upcoming storage auctions with details, including the date, time, and location.
Sign up for notifications on these sites to stay ahead of the game. Also, you can directly contact the local self storage facility to inquire about their auction schedule.
How Does the Bidding Process Work?
Storage auctions can happen either live or online. Live auctions have the excitement of bidding in person, where bidding wars sometimes occur. Each facility typically has different auction rules, so it’s important to familiarize yourself with the specific facility’s rules before going to the auction.
Generally, though, the highest bidder typically wins the unit’s contents. Setting a budget beforehand can help you avoid getting carried away in the heat of the moment and spending more than you expected.
Understanding Bidding Strategies
When you go to bid at a storage auction, it’s critical to have a strategy. Start by watching other people. If you’re new, watch a few auctions happen before you bid. Notice how experienced bidders will act and react when they win or lose a bid.
When you’re ready to bid, remain calm and ensure you’ve set a firm limit based on your assessment of the storage unit. Avoid getting caught up in a bidding war that’ll leave you bidding more than you should for a unit. Sometimes, the best strategy is to wait for the next opportunity, even if you think the one you want is right before you. Keep your body language concealed during bidding to not give anything away, and speak up and bid confidently.
Inspecting the Storage Units
You can inspect a particular storage unit before you begin bidding on it. These inspections are usually limited in that you can only view the contents from the doorway. To get a better look, bring a flashlight to better assess an item’s potential value from a distance.
When inspecting the storage unit, look for the following.
- Visible brand names
- Condition of the items
- Any indication of high-value goods
The inspection is a crucial part of determining if you want to bid on a storage unit and how much you would spend.
How To Assess the Potential Value
For a successful bid, you need to accurately assess the potential value of the unit. Researching items you commonly encounter could give you an edge in assessing their value. You want to go into the auction knowing the market value of the following.
- Furniture
- Antiques
- Electronics
- Collectibles such as comic books or cards
Knowing the value of any other goods is helpful as well. The goal is to obtain items you can resell for a profit. You could also want to get these items for yourself for a significantly reduced price.
After the Auction
After securing your self storage unit, you’ll need to sort through all its contents. This process can take a lot of time, but it’s important to determine everything you now own. You need to decide what you want to keep, sell, and donate. Cleaning the items you plan to sell can increase their resale value.
Tips For Success When Buying an Auctioned Storage Unit
To succeed in purchasing an auctioned-off storage unit, take away these tips.
- Do your homework. Research the types of items you want to buy. Know the resale value of common items.
- Stay organized. Keep track of when auctions occur, the inventory you have, and your finances.
- Network. Start to build relationships with fellow bidders and auctioneers. You can gain valuable information and advice from them.
The world of self storage auctions can be a profitable venture if you’re willing to spend the time and effort to understand the process. By understanding how to find storage unit auctions, mastering the bidding process, and assessing the value of your items, you can have a profitable business.
For any questions about self storage auctions, contact ClearHome. We can provide the answers you need.