Self storage auctions is a great time for customers to snag great deals at a fraction of their original cost. Storage auctions are held when existing customers fail to make prompt payments for a number of month, resulting in the self storage company repossessing the unit, auctioning off the interior contents to hopefully minimise their loss. Self storage are different from normal storage as everything in the unit are personal belongings and can potentially be priceless. Here are some facts about self storage auctions.
See but no touch
To make the most money from the auction and possibly to maintain fairness, there is a see but not touch rule during self storage auctions. Potential customers can only look at the contents and make their own judgement, deciding on the amount to pay for what they think the contents are worth. They may land themselves some great deal if the things are rare. They may also make a loss if the contents are worth nothing.
Information will be published in the media
As required by law, information with regards to the storage auction will need to be published in the media, most commonly in the newspapers. This will allow everyone to know what exactly the auction is about and possibly attracting a large turnout of potential bidders.
Potential bidding war
As the exact contents and valuation of the unit is unknown, expect a number of treasure hunters to turn out for the event to try and snag for something priceless. If they spot something valuable, expect a bidding war amongst each other.
It is completely yours
When you win the auction, everything that is inside the unit is yours. Everything including all the junk and what's not all belong to you now. Before you bid for one, make sure you are prepared for anything that can possibly be inside the unit.
Remember your stack of notes
Do not leave your house without your stack of notes. Storage auctions do not accept cards, they only take cold hard cash. Some will require you to pay on the spot while some allow you to pay at the end of the day.
Possible high returns
There is a possible high return on your "investment". Some storage units may be auctioned off for just $10 but the contents in them could be worth $1000 and you can sell them on eBay. That is a whopping 10000% return on your investment!
Self storage auction is a win-win situation for both the self storage facility owner and you. The owner can recoup some of his losses while you can get a self storage unit for a low price. However, be mentally prepared to clear up the junk left behind by the previous owner but be ready to find some real good treasures in them too.