Online storage auctions are convenient and less stressful, as you can see the units before bidding. You also have more time to think about your bid. However, it’s important to note that storage auctions in person can be much more stressful than online auctions. Because you can’t see the units in person, you may not know the condition of your belongings.
If you plan to attend an auction for a storage unit, make sure you have a legal ID. You should also be at least 18 years old in order to bid. Most auction units do not accept sealed bids. You can see the prices of other bidders and your own. Be prepared to spend a bit of cash, as the prices at auctions fluctuate based on how much people are willing to gamble with.
Auction units will be open for inspection for a short time before the bidding process starts. Then, you must make payment between the time the lock is cut and the auction date. The auction ends when the last person bids for the unit. You can also preview the unit before the auction begins by checking the photos uploaded to the website.
Auctioneers and self-storage operators typically hold auctions on a monthly basis. To help you determine the best time to hold your auction, consider asking other facilities for tips. Ask about the time that they hold their sales, and try to be as accommodating as possible. Having more staff at an auction will help the auction run smoothly. Also, make sure to let the bidders know how long they have to clean their auction units.
After the auction, the contents of a storage unit are sold to the highest bidder. Each participant begins the auction by placing a minimum bid, and then increases their bids until there is no one higher than the one they’ve placed their bid. The winning bidder must pay the auction price in cash, and has 48 hours to remove the contents.
The winning bidder can use this time to organize the items into piles, which they can later sell at a garage sale, scrap yard, or online. Some of the winning bidders can even keep the items that don’t have a high resale value. If you’re looking for a temporary storage solution, a storage unit might be the best option for you.
Auctioning storage units is a great way to make money. You can sell your old stuff or participate in bidding wars and flip them for a profit. This method was first introduced in the U.S. during the rise of capitalism. People’s purchasing power grew and they needed more space to store their excess possessions. The auctions were created to meet this need.
The auction process can be frustrating for tenants who have fallen behind on their dues. Many storage companies have different policies for non-payment, but in general, if you’re over 30 days behind on your payments, your unit can be put up for auction. This gives the winning bidder up to 90 days to settle.