Storage Wars recently launched their 3rd season of shows. This “reality” show depicts a group of different business owners who go to storage auctions to either find the “big treasure” or to purchase items for their businesses. The bidding can get quite competitive between the stars of the show. However, there have been some rumblings online that this show and others like it are not really showing what happens at a storage auction. The show’s producers films hours of material at different storage auctions in order to edit it down to 22 or 48 minutes for a television show. The material is edited down to be “TV ready”, which means that they make it exciting for the viewers. This might not show all of the aspects of a typical storage unit auction. Even though most storage units that are up for auction might not have any hidden treasures or big finds in them, there are still quite a few storage auction participants who still want to take the chance to find rare coins, rare comic books or other valuable items. Most of the storage auctions reality shows focus on the people looking for the big treasures. Big surprises and finds can happen during a storage auction! Just last November, a pirate’s treasure worth over $500,000 was found in a storage unit.
A self storage facility has storage auctions to recoup some of the lost revenue when a tenant becomes past due on their rent. According to state laws, the management of the storage facility attempts to contact the defaulted customer multiple times before the unit actually goes up for auction. In most cases, the renter can even pay their rent in full up until the time of the auction. Auction participants can only bid up to the amount owed on the storage unit. The storage owners, per state laws, cannot make a profit on the auction. If the bids are lower than the actual amount owed on the storage unit, the storage facility loses money.
Stop N Stor participates in storage auctions for their Georgia locations. On Saturday, August 4th, Stop N Stor will be having a storage auction at our Port Wentworth and Savannah locations. The festivities kick off at 9am at our Savannah location at 5725 Ogeechee Rd . Once the units have been auctioned at this facility, the auction moves to our Port Wentworth location at 315 Georgia Hwy. Our auctioneer, Terry will be there to facilitate the auction proceedings. Stop N Stor’s management team will also be present to help with the event and to answer questions. Just as a reminder, the auction is an open bid process. The participants will receive a few minutes to see the contents of the storage unit before the actual bidding starts. The auction is cash only. It is important to bring a few items with you when you attend a storage unit auction: cash, gloves, a flashlight and a way to transport the items in the storage unit that you just bought. The storage unit needs to be cleaned out 48 hours after the storage auction.