Storage Unit Auctions a Good Bid for Sellers
Winners Keep the Goods or Sell at Markets, Yard Sales, and Online
Apr 11, 2009
American citizens have figured out another way to make money in these desperate times. Storage unit auctions are happening all over the country from small towns to big cities. The self storage clear-out events are a bit like treasure hunts, but without the footwork. Storage building owners close delinquent accounts and clear the contents from the storage rental units by hosting free auctions to the public.
How Do Storage Unit Auctions Work?
All one has to do is show up at the auction with enough money in hand to buy a delinquent unit–maybe a few hundred dollars to start–and the means to haul the winnings away. A pickup truck, van, or even a car towing a trailer will do nicely. It's a good idea to have a helper along too, in case there is any heavy lifting to do.
The person in charge of the auction cuts the lock on the storage unit and then gives the audience five minutes to see what's behind the door. The worker opens boxes and moves things as much as possible to allow the viewers to see what's inside. It's a good idea to take notes on what's inside the unit before the bidding begins, so one does not bid a small fortune for a few dollars worth of merchandise that won't easily sell later on. Bidders are not permitted to handle items or search through boxes.
Once the auction gets underway, the highest bidder wins the entire contents of the unit. Some people score big with camera equipment, coin collections, and appliances. Others end up with worthless items like broken toys, bags of fertilizer, or old books. Either way, the winner is responsible for clearing out everything in the unit.
The Upside of Winning Storage Unit Auctions
- The winner takes all that is inside the unit he's won.
- Valuables hidden deep inside dresser drawers or boxes belong to the winner to do with as he pleases.
- Some winners are able to sell items immediately after the auction has ended, making money on the spot.
- Unwanted items can be sold at a reasonable markup at flea markets, garage sales, or on online auction sites such as Ebay.
- Some appliances and electronics may need only minimal repairs. These are good deals only if the buyer is handy at fixing things.
- Furniture can be refinished if one is willing to spend a little more money and time fixing it. The resulting profit might be well worth the effort.
The Downside of Winning Storage Unit Auctions
- All items may not be visible to viewers before the auction if the unit is crammed. One does not really know what he's getting until after the bidding is over.
- There is no way to know if visible electronics or appliances are in working condition.
- Winners have only a day or two to clear out the storage unit and sweep it clean. The task is time-consuming, especially if one has to make a trip to the dump.
- It takes money to bid. Sometimes the thrill of winning overcomes new bidders. The result is a negative bank balance and a garage full of junk.
- Living in a small town may be a disadvantage if a neighbor who has lost his home and job sees his belongings being sold at the local flea market.
If the idea of walking away with someone's belongings seems cold, then buyers can turn over worthless personal items such as family photo albums to the storage unit facility owner. There is always an outside chance a former renter will return for these. The buyer gets to keep the valuables though, and the delinquent client is not given any information as to who bought his items at auction.
A new idea for self-employment, more and more avid auction participants are making a living by winning–and then selling–auctioned goods. It's possible to win tools, appliances, furniture, and even vehicles at storage center auctions. The potential for profit is good, especially if one can travel to participate in out-of-town events. On the down side, amateur winners may end up with worthless junk. Participants get a glimpse of what's behind the door before the auction begins, but what remains unseen in the back of the unit is anyone's guess. It's a wise idea to consider all the steps involved before bidding at storage unit auctions.
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