Buy Self Storage Units at Public Auctions
Storage facilities occasionally hold public auctions to sell the contents of storage units which have been abandoned or unpaid, and the contents of these units can sometimes provide a profitable turn around for a savvy buyer who is able to purchase self storage units at auction and then resell the contents of the unit.
How to Find Auction Buy Self Storage Units
Storage facilities may take out a newspaper add to announce an upcoming auction, and you may also find local buy self storage auction schedules on Internet websites. Auction newsletters can also be a good resource for locating storage auctions, and you may also want to periodically call local storage facilities in your area to ask them about any upcoming auctions.
Buy Self Storage Rules and Regulations
To avoid wasting your time at an auction, make sure that you are aware of all the rules and regulations at a buy self storage unit auction. For example, many auctions require a registration time before the auction for interested participates, they may also provide a viewing of the contents of the unit before the auction begins, and some auctions only accept cash along with specific forms of identification to validate the sale.
Most self storage facilities also require that the buyer removes all of the contents of the unit within a specific period of time – some set content removal rules for the day of the auction; buyers should be prepared with moving transport vehicles and gear to remove all of the contents of the unit within a timely manner.
Storage Auction Bidding Tips
All bidders will usually have the opportunity to view the storage units for sale, but the exact contents of these units often remain under question; you will be able to take a quick look around the unit, but most of the unit’s contents will probably remain out of sight, hidden in boxes and storage bins.
It is best to take a quick assessment of the overall impression of the unit in order to set a limit on the price you will pay for the unit, to avoid getting caught up in a bidding war for a unit which holds low value contents. For example, a unit which contains quality furniture, organized and labeled boxes and sorted electronics may yield a much higher resale value than a unit which contains poorly packed and uncared for contents.
If you have had some successes with resale storage items, don’t be afraid to take a small gamble with some of your profits. Consider purchasing a unit at a buy self storage auction which is going for a low price or which has escaped the notice of the other bidders – there’s always a risk, but sometimes the payout can be worth it.