When most people think about storage unit auctions, they think about the popular television show Storage Wars. While this show is entertaining, it can also be misleading. Storage unit auctions are not like the scenes in the show. There is no excitement or fighting over items. The reality is that it is a lot like a garage sale.
There are many misconceptions about auctions at storage facilities. Below are some things you may not know:
What is a Storage Unit Auction
Storage unit auctions are a recent trend in the United States, and they're exactly what they sound like: an auction of storage units. The storage units are opened, and the bidders can look at everything that's inside before placing a bid. Individuals or businesses who have failed to pay their rent or abandoned their possessions will often have the contents sold at auction.
Most storage auctions are handled by a third-party company. This company does the auction, takes payment for the units, and handles all of the paperwork for you.
Why Are Belongings Left Abandoned?
There are a few possible reasons why items are often left abandoned. Some are as follows:
- The tenant never bothered to move their belongings out, even after the rental agreement expired.
- The tenant may have passed away, and their family never claimed the belongings.
- The tenant may have simply abandoned the unit and moved on without their possessions.
Whatever the reason, it's not uncommon to find abandoned storage units littered with old furniture, boxes, and other random items.
What Can You Find in Storage Auctions
Storage auctions are a great place to find a variety of items at a low price. The most common type of item you will find at an auction in a storage facility is furniture, but you can also find appliances, tools, and other household items.
Note though that not everything you find here is valuable.
People often attend these kinds of auctions because they are looking for a good deal on items. However, it is important to remember that not everything in the unit being auctioned will be worth buying.
In fact, most of the time there will be very few valuable items in the unit. It is important to really take the time to look at the items before making a bid.
Moreover, it's also important to remember that you can't always trust what you see.
In fact, you must always remember the inherent risk of bidding at an auction. There are simply many things that you can be unaware of - from hidden damage to missing parts - that you cannot always trust what you see.
So before you go bidding on that locker full of "treasures," take a moment to consider the risks involved and whether or not it's really worth taking the chance.
Know Your Storage Auction Rules
There are no specific rules or guidelines in an auction, and things can quickly get out of control if you do not know what you are doing. Make sure you know what you are doing when you attend an auction. Always seek to clarify the rules of the event and if you have questions or uncertainties, never be afraid to seek help.
It is open to the public
Auctions are open to the public so that anyone can bid on the units. However, be aware that you may not get the best deal possible if you're not familiar with how the bidding process works.
The best way to maximize your chances of getting a good deal is to attend an auction or two and watch how the process works. This will give you a better understanding of when to bid and how much to bid. Keep in mind that most units are auctioned off in bulk, so don't expect to get a lot of high-end items for cheap prices.
But if you're looking for some good deals on basic household items, storage auctions are definitely worth checking out.
It often takes place on weekends
Weekends are when most people have free time to attend. The units are usually auctioned off in the order that they were rented, so the earliest units to be rented are usually auctioned first.
The auctions usually last for a few hours, and there is a lot of bidding for the best units. Sometimes people will even start bidding before the auction begins in order to get a good unit.
People often get very excited at auctions because there is the potential to find some great treasures.
You do not need to be present to win
You can still win an auction without being there. Yet, there are a few things that you will need to do in order to participate in an auction without being there. First, you will need to find a reputable auction company. Next, you will need to register for the auction and provide a method of payment. Finally, you will need to make sure that you have read and understood the terms and conditions of the auction.
Once you have taken care of these things, you can relax and wait for the results of the auction.
You have to be prepared to make a quick decision
When you go to an auction, there is a minimum bid that you have to put in if you want to participate in the auction. However, at some auctions, there is no minimum bid, so you can bid as little as you want. This can be helpful if you're looking for a bargain or if you're not sure how much something is worth. It also means that someone could potentially win an auction with a very low bid, so it's important to know what you're bidding on and be prepared to pay what the item is worth.
When you go to an auction, the bidding typically starts at 50% of the total. This is referred to as the opening price. Keep in mind that this is just the starting point, and the price can go up from there. In order to get an idea of what the final price might be, you need to take into account how much inventory is being auctioned off. If there are a lot of items for sale, then the price will likely go up. Conversely, if there are not many items being auctioned off, then the price could potentially go down.
The bidding increments at an auction are typically $5 or $10. This means that when someone bids, the next bid must be at least $5 higher than the previous bid or $10 higher than the previous bid. This system keeps the bidding going and prevents people from just bidding a dollar amount and walking away with the unit. It also ensures that people are serious about buying the unit.
It can be unpredictable
Storage auctions can be unpredictable. For example, one person might bid on a unit with the intention of finding valuable items to sell, while another person might bid on the same unit with the intention of finding furniture or other household items they can use in their home. This means that the final price of a storage unit can vary drastically depending on who is bidding and how much they are willing to pay. This is all part of the fun!
You've Won Your Storage Unit, Now What?
The highest bidder wins the unit and many times is responsible for paying all of the fees, including the auctioneer's commission and any storage charges that have accrued since the unit was last paid for.
In addition, bidders are typically required to put down a deposit in order to participate in an auction, which is often refundable if they do not win the property. Finally, it's important to be aware of the closing costs, which can include transfer taxes, title insurance, and other fees.
Final Thoughts
If you wish to know more about storage auctions, don't hesitate to contact South Rock Storage, a reliable storage facility in Wichita, KS. At South Rock Storage, auctions may be hosted once a month if there are units that have been abandoned.
