How to Benefit From A Self Storage Auction
Not many consumers know about the auctions that take place in self storage facilities. These auctions occur when a renter fails to pay his monthly dues for three or more consecutive months or when the client abandons his stuff.
Failure to pay the monthly rent means the management has the right to possess the items stored in the rented unit and sell them to interested parties. This activity helps the provider to recover its losses from the renter’s failure to pay his dues.
Across the U.S., most self storage facilities conduct auctions. This activity can take place every month depending on the number of units abandoned by the clients and is open to the general public. It is only when the renter settles his dues that an auction can be cancelled. On the other hand, customers can still reclaim their items by taking part in the auction and giving the highest bids.
But how would you know that a facility will hold an auction soon? Normally, they are advertised through a legal notice in a local newspaper. They can also be posted on community websites and newsletters or an email blast is done to the company’s database.
People who attend these self storage auctions have varied reasons. Some buy items for the purpose of reselling them either at flea markets or even on eBay. The others are hunting for cheap furnishings and appliances that they can use at home.
To attend this activity, registration is normally required before the auction starts. Attendees then receive a number as well as a copy of the rules and conditions such paying the items in cash.
Unlike other types of auction, the one conducted at self storage facilities does not allow bidders to check the items one by one or even test them if they’re working or not. When the event starts, it’s only then when the bidders can view the items inside the unit but from the doorway only. These personal items can be packed in plastic and boxes and not easily visible.
When bidding for the items, here are some tips that will be useful for you.
Firstly, carefully look at the item and estimate its value. If you see signs of damage, it is possible that the other contents in the box may be of the same standard.
A second step you can take is to check the brand of the item. If it is a top quality brand name or the item is an antique, there’s a chance the box may contain other valuables or antiques as well.
You may also check if the boxes are labeled and the way they’re packed. At least, that will give you an idea of the contents and their quality. Specialty boxes from moving companies can indicate the items are of good quality compared to those that used only supermarket cardboard boxes.
Following these steps will ensure that you get the right value for the money you spent in the bidding. And if you’re selling the items, make sure that you have a good marketing strategy to gain profits from them.