Prepare yourself: Read the following tips below.
Have you ever attended a Live Storage Auction?
Get ready for some excitement and potential profit.
Not knowing what to expect in those storage units is like being on the "Price is Right" Game Show. You never know what you will get behind that door!
TIP#1: Before you bid: Attend some practice auctions to learn about storage auctions.
Who Attends Storage Auctions
Storage auctions are popular, expect plenty of competitive buyers. We have found that approximately 50% of the attendees resell these items they buy. Many types of people attend auctions, like treasure hunters and collectors. Come check out our next Storage Auction!
How much you'll spendPeople who attend storage auctions may spend as little as $5 to $10 or as much as $5,000 or more on a single unit. Storage auctions have a wide range of prices and can fit anyone's budget.
Busiest days of the week for auctionsOn Mondays, professional auction buyers try to restock after weekend sales. Due to more competition, you can expect to pay more for units for an auction on a Monday. Friday or Saturday are typically the better days to have less professional competition. Always call before auction day to ensure the unit is still up for auction. Cancellations occur at the last minute due the customer paying the outstanding bill.
Win a Storage UnitCongratulations, you won! Once you have paid for the storage unit you may not realize that you MUST CLEAN OUT THE UNIT. Even if you do not want to keep the contents within the unit, you must ensure that when you leave the storage unit is ready to rent to a new customer. If you leave the unit messy, you may not be welcome back to the next auction.
More Storage Tips Before you Bid- CASH IS KING. You may have the option to pay with a credit card, but many auctions are cash only.
- Ensure items you win can be moved in the requested time frame required by the storage facility. Typical time frame is two days or less.
- Start cleaning out your unit the day you win. May be helpful to attend the auction with a truck, trailer or van and a partner to help. Rope and blankets are always a good idea.
- Items to bring to Auction: Gloves, bottled water, snacks, and a flashlight. Also wear comfortable shoes.
- Cleaning out a storage unit is hard work. Plan on donating, selling or disposing of the unwanted items you've won.