The Storage Unit Auction Defined
Storage unit facilities are everywhere and more and more of them are being built! We are a nation of shoppers, collectors and savers. At some point we look at our stuff and wonder what we are going to do with it all! We have the occasional garage sale and even attempt to sell a few things online with ebay, etsy, letitgo.com and craigslist to bring the amount of stuff into more controllable amounts. But, we still always seem to have lots and lots of things left over. That’s when we move the “extras” into a storage unit. Sometimes people use a unit to store extra belongings when they relocate and can’t fit everything into their new home. Or sometime, they don’t want to part with their old things, but just don’t have room for them. Some areas of the country have houses without basements and no room to store the extra things Then there people who use the storage units as an extension of their homes when they grow out of their closets and attic space. Divorces, deaths or job losses can cause people to downsize their living quarters and need additional storage. College students move out with a suitcase and return with a truckload of new furnishings. And then there is the need to use a storage unit as a warehouse if you are working from home and inventory is better controlled off site. And, some storage units are used as garage space to store lawn equipment, jet skis, snowmobiles, motorcycles, even boats and RV’s when they aren’t being used.
Sometimes, things happen in a person’s life and a storage unit becomes low on the priority scale. The rent for the unit is neglected and then goes into arrears. The facility sends a series of letters or phone calls to try to help the renter to catch up. But, just like a landlord of an apartment building, they have to have the payment for the space. When this doesn’t happen within the timeline, then past rent is collected through the process of an auction. The facility just wants the space emptied and to recoup any lost fees or rent. They don’t hold auctions to make a profit.
The United States has over 50,000 self-storage facilities covering 2,300,000,000 square feet. Thousands of auctions occur each month across the country.All of these auctions are opened to the general public and most of the bidders are buying a unit for the purpose of reselling for profit. Secondhand merchandise can be bought for pennies creating a huge profit margin. And then the auctions are a great source of merchandise to resell at garage sales, at flea markets or on eBay and Craigslist.
Having background information on Storage Unit auctions can give you a bit of a sense of purpose. Behind each of the garage doors is someone’s life. Jewels and treasures are extremely rare finds. You need to understand that winning an auction also requires hard work and a measure of timing. The most common type of storage auction is the live auction where people bid against each other on the premises of the unit. Once the storage unit door is opened, the auctioneer starts the bidding by asking for a dollar amount. The auction ends when there is no one willing to bid further and the highest bidder wins. Occasionally, you’ll run into a sealed bid or “silent” auction. In this case, the door is opened and all bidders simultaneously write down their sealed bids so that no participant knows the bid of any others. Then, the highest bidder wins and is notified on the spot or sometimes at a later date. The disadvantage of a sealed bid is that you only get one shot to name your price and you can’t adjust your bid according to what the other participants are bidding. If you win the bid, you may have to pay a buyer’s charge to the auctioneer on top of your bid. It is a charge to do business with that auction company. Income from any type of auction and consignment sales is taxable.
Just because you win an auction, doesn’t mean that your job is done. Actually, it now means that the real work begins. And that work begins with a plan. This plan needs to include removing the items in your winning unit and cleaning it out, but it needs to include what you are going to do with the “junk” portion. The majority of what you get will be junk and it needs to be thrown away. Are you going to throw it away on site? You may have an extra charge for that practice. Are you going to have a hauler take it away? Your plan should include equipment to haul the junk and the keeper items away such as a truck, van or trailer. You will also need labor to help you move all of the items as well as dollies and tie-downs to secure it. Make sure you have a really big space like a garage, basement or storage shed to store and sort through your items. And then, you will need a good place to hold garage or yard sales. This gives you a venue to unload the extra odds and ends that can’t be sold in lots or on eBay.
Winning at Storage Unit auctions is fun and it is a very lucrative business. You simply need the right tools, time, place and energy to make it a success! StorageUnitAuctionList.com already offers subscribers the largest database of storage auctions across the country, providing information on auctions in all fifty states and over 51,000 facilities.
Established as the leading provider of storage auctions online, with over 10,000 each month and information on over 250,000 auctions, StorageUnitAuctionList.com is on the way to providing the same results and information for you on all auctions across the country.
We are a reliable industry standard for seasoned auction hunters and newcomers alike. Our trusted reputation has allowed us to partner with related businesses in the industry to provide our subscribers with further industry training and additional auctions.