Mini storage facilities are a convenient and popular way to store a wide range of items, ranging from family photographs to furniture and other household goods. Many look at self-storage units and wonder “why I didn’t I think of that?” Yes, it is a profitable business, but like with any other business, there are customers who don’t pay. This is when a mini storage auction is held.
If you are unfamiliar with self-storage auctions, you may want to learn more. You may have a ton of questions. How are auctions held? Can you participate? What types of items are sold? If these are questions that you have, please continue reading on to get your answers.
Storage Unit Auctions – Defined
As previously stated, mini storage auctions occur when a unit renter does not pay their bill. These auctions aren’t the result of one missed payment. They are the result of multiple missed payments. The storage auction company in question will, in most cases, do everything in their power to get the renter to pay. However, there comes a point in time when they need to recoup their losses.
As for how self-storage auctions are held. It varies, depending on a number of different factors. Some states have strict rules, while others are more laidback. Many times, it depends on the storage unit company or the third-party hosting the auction. Most auction off whole units, including all of its contents. There are, however, auctions where you bid on one or two sealed bins at a time.
As for what items are sold that these auctions, you can find and buy just about anything. Items can include family photographs, financial documents, jewelry, clothing, home décor, furniture, and so forth. The only problem is that you rarely get to inspect the items. Most boxes and bins are left sealed. You may be able to quickly peek inside, but not physically inspect everything. That is why these auctions are referred to as being risky.
As for who can participate in storage unit auctions, anyone can. Depending on the state in question, you may be required to pay a small fee if you don’t have a reseller’s certificate. This fee, if it is charged, is small. To actively participate in a mini storage auction, you will need to have cash. The more the better.
As nice as it is to hear that you can participate in a mini storage auction, you may be wondering why you should. There are a number of different reasons. Are you looking for affordable merchandise to own? Do you like shopping at yard sales? If so, you may like attending and bidding at a public storage auction.
In addition to stocking your home full of affordable items, you can also profit from mini storage auctions. You do so by reselling what you buy. If you bid low enough, you may be able to make a substantial profit, provided you walk away with items that can be resold. When it comes to reselling these items, selling on eBay or hosting a yard sale is recommended. Go here for Tips to Know What You Can Get at a storage auction to make a profit.
As a recap, mini storage auctions are the result of unpaid rental fees. If you would like to bid at an auction or just see what one is like, look in your newspaper classified section. This is where you will find information on local auctions, including dates, times, and any necessary requirements.