Self-storage units come in all different sizes, ranging from just 5′ x 5′ to 10′ x 25′ (sometimes even larger). When attending an auction, it’s important that you pay close attention to the size of the unit, as this will play a key role in your success.
So, should you big higher on large storage units as opposed to the smaller ones? Generally speaking, larger units tend to hold more valuables. While there are always exceptions to this rule, you’ll typically find larger units like the 10′ x 25′ size to contain items of higher value. This is due to the fact that larger units cost more to rent, meaning the tenant probably has the funds for valuables items, which are hopefully stored inside the unit and waiting for you to win them. Small units, for instance, may cost just $50 bucks per month to rent, whereas a slightly larger 10′ x 15′ unit may cost $100 or more per month. If a person is willing to pay $100 or more per month to rent a storage unit, he or she probably has some valuables worth storing.
Then again, you have to consider the fact that other bidders are probably willing to pay more for larger storage units. So when a large self-storage unit goes up for auction, don’t assume that you are the only person who is willing to big high. Assuming there are other bidders present (and there usually is), you may have to battle your way through the bidding process by raising your bids. When this happens, you could end up paying more for the unit than what it’s worth.
How do you know what to big on a large storage unit? Forget the size and go back to the basics: when the auctioneer cuts the lock, use this time to look inside and survey its contents. Are there “premium” plastic storage containers present? Do you see name-brand items? What about the cleanliness of the unit? Has it been well-kept or is it a mess? These are just a few things to consider when sizing up the contents of a self-storage unit.
To recap, larger self-storage units tend to hold items of higher value when compared to small units. This doesn’t necessarily mean that each and every large unit is worth bidding on, but you will usually come away with a higher total value of items from larger units.