Cutting the Padlock

News & Strategies for Storage Auctions Success

Posted on by Val Doty


sealed bidsAs you might know by now, the staff here at Storage Unit Auction List is intent on being the best. Thus, we’re constantly changing our game plan by updating our website and adding new and exciting things into the fray. Why do we do it? Is it because we’re thrill seekers and we love living on the edge? Is it because we live for delivering exciting news stories all day every day? Is it because we need an excuse to rant and rave about storage auctions?

While all of this might be accurate, at the end of the day, none of that is truly our driving inspiration. No, no…in fact, our driving inspiration is YOU.

That’s why we’re excited to introduce something brand new and never before seen at Storage Unit Auction List: we are now listing sealed bid storage auctions!

...Huh? Why the blank stare? Oh! I’m getting ahead of myself. I got so excited I almost forgot to explain what exactly a sealed bid auction even is. But before we even get into that, we have to understand what an open bid auction is, and how the two compare.

dan and laura dotson of Storage warsOpen bid auctions, also known as English auctions, are the ones that most of us know and love very well. These are the auctions we’ve been listing on our website from the start, and they’re the very same auctions featured on popular TV shows such as Storage Wars and Auction Hunters. You know the deal—you all get to take a peek inside of the unit—not stepping inside or touching anything, though! After a few minutes, the auctioneer starts the bidding at a certain price, or the bidders chime in to set the starting price. From there, the bidding frenzy begins! Those who are interested in the unit will call out their bids, subsequently increasing the price until the final bid is called. The unit goes to the person with the highest bid. Sounds familiar, right?

Now, the sealed bid auction, while fundamentally similar, has some very interesting and obvious differences. First and foremost, sealed bid auctions generally don’t require an auctioneer, since there’s no verbal bidding happening here. Instead, these auctions are usually run by the storage facility owner. Instead of calling out bids, all of the folks who wish to participate will write their highest bid, place it in a sealed envelope, and hand them to the manager or place them in a ballot box—literally; it’s a “sealed bid”. After all of the bids are read, the person who wrote the highest bid is the winner!

Some people really enjoy the no-nonsense feel of sealed bid auctions. You make your bid, and that’s it. Done deal. It’s very possible that you can score a unit for a very low price at these auctions, since newcomers don’t have a chance to drive the bid up ridiculously high. On the other hand, some people really enjoy the thrill of bidding and gambling, and interacting with the auctioneer and their competition. It all depends on personal preference.

Okay, so now that you know what they are…how do you find them on our website? Easy! They're listed right alongside all of the other auctions, which can be viewed in your account area (and, if you're not a subscriber--have you tried our free trial yet?). Just as the caravan auctions are listed in blue, these will be listed in green. It'll look a little something like this:

sealed bid auction

Don't worry if you don't see that many right away...trust me, we'll be listing tons more. In fact, our staff is working on gathering more information as we speak! The great thing is that we’re listing all of these extra auctions at no additional charge to our subscribers. More auctions for the same price? Sounds good to me!

So go out there and give sealed bid auctions a try! We’d love to hear about your experiences and which type of auction you like better. Now’s the time to broaden your horizons and see what else this industry has to offer!

 

Photo Credits:
http://erlacheconmics.blogspot.com/2011/09/why-is-my-house-so-expensive.html
http://www.txssa.org/community/blog/open-for-business/2012/09/07/storage-wars-auctioneers-at-tssa-trade-show-oct-16

Posted on by Val Doty | Posted in Storage Auction News, Storage Auctions, Storage Wars, Updates | Tagged , , , , , , , , , , , ,


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About Val Doty

Val is the content writer at StorageUnitAuctionList.com. She will be keeping subscribers up to date and completely engaged with the world of storage unit auctions.

  • Steven

    Definitely be careful. Companies like SealedOnlineBids.com are breaking the law in some states. Some state’s storage lien laws specifically state that the auction must be held at the storage facility or a reasonably near public place. Even though some states storage lien laws are vague; if you post the auctions online, it opens you and the storage facility up to potential wrongful foreclosure lawsuits.

  • StorageUnitAuctionList

    Hey Steven, thanks for the comment! You’ve definitely got a point there. As with all of the other auctions we list, the only sealed bid auctions we’re listing are ones that are actually held at the facilities themselves. There are definitely a lot of grey areas in storage auction laws, and that happens to be one of them.