Reality shows have become hype and one of them is about storage unit auctions, which has increased the interest of almost every television viewer in America. You might not know it, but auctioning self-storage units are not really a new thing as they have existed for quite some time but only recently has it been a way for potential profit.
Why do storage unit auctions happen?
I know that many people are wondering why big companies held auctions of their storage space. There's actually no big fuss about it because these auctions wouldn't happen anyway if the renters were only good payers. Storage management companies will only result to auctioning foreclosures in order to recoup their losses from unpaid rent.
When a storage company finally decides to hold an auction of self-storage units, a public announcement is made which is usually through local newspapers. Once the announcement is made, this will surely capture the interest of both first time and seasoned auction hunters in search for bargains.
However, some auctions don't continue when the renters come hours before the auction starts to pay their dues. When this is the case, the companies will have to cancel and the auctioneers will have to bid for the other storage units for auction.
What to expect:
Storage unit auctions are different from estate auctions because they are not very formal compared as the people are usually standing around the unit for auction and bid verbally. The person that makes the highest bid will of course win the contents of the unit. The winning bidder will then have to pay for the storage space that he has won to the unit manager.
When you win the contents of a unit for auction, the company will give you two days to get all the contents of the unit so it is best if you bring a van or truck to have a space for the items that you purchased. Usually a self-storage unit is around 5 feet by 5 feet which is 25 square feet. This small space can be packed with numerous items.
In a live auction, the unit for auction will be opened for a while and the contents will be revealed to the auction hunters. This usually lasts only for a few seconds before the bidding of the unit starts. Make sure to make the most of the time and browse through all the contents of the unit.
Be sure to look out for items that can be of potential profit like appliances, gadgets and things that can be sold easily whether at yard sales or online. And during the auction, make sure to keep your options open and not bid all your money on the first unit being auctioned. You can only do this if you're sure that the contents are valuable and you'll get your money's worth.
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