With the popularity of our blog post, Storage Auctions 101, we felt the need to elaborate a bit more on the storage auction process and answer some general questions we get asked a lot about our auctions. If you are new to auction hunting, listed below are some helpful tips to help you get started.
- Call the property before you head to the auction to confirm that it is still going on. You don’t want to waste your time driving to a cancelled auction. The storage facility will cancel an auction if the owner shows up and pays the storage bill up to five minutes before the scheduled start time.
- Wear clothes that you don’t mind getting dusty and dirty. If you win the auction for a unit you will need to clean out all the contents within 24 hours for most auctions. You should be prepared for cleaning out the unit by bringing a truck or trailer and moving gear to remove all contents of the unit in a timely fashion.
- Bring a high-power flashlight so that you can see all the way to the back of the unit you are bidding on. All bidders will have the opportunity to view the storage units for sale, but the exact contents of the units will probably remain out of sight, hidden and packed away in boxes and storage bins.
- Set your investment budget ahead of time and bring cash. Storage auctions will only accept cash as payment for the storage unit you have won. Setting a budget helps you stay on track and avoids getting caught up in a bidding war for a unit that may hold low value content. For example, a unit containing furniture, electronics, and labeled boxes may bring in a higher resale value than a unit that contains poorly organized or haphazard contents.