Stop N Stor will be having a storage auction on June 29, 2013 at our Savannah and Port Wentworth locations. The auction starts at 10am at the Savannah facility at 5725 Ogeechee Road. Once bidding is completed at that location, the auction will proceed to the Port Wentworth facility at 315 Highway 30. There are 18 units in total that will be auctioned off that day. You can find more information about the auction in the Savannah Morning News.
The purpose of the storage auction is for self storage operators to recoup some, if not all, of the lost rent when a renter defaults on their payments. There is a multi-month process to contact the renter, but if contact cannot be made, then the storage unit will go up for auction.
The auction is a closed bidding process, which means that attendees can take a brief look at the contents of the storage unit before the bidding begins. Once the actual bidding starts, the door is closed on the storage unit until the winner of the auction is decided. There are a few “must-have” items when you attend a storage unit:
1. Cash-Stop N Stor will only accept cash payments at storage auctions.
2. Flashlight-This will be needed so you can get a better look at the contents of the storage unit.
3. Gloves-To protect your hands when you are sorting through the items in the storage unit that you just purchased.
4. A Lock-This is needed to put on the storage unit that was just purchased.
5. A way to remove the items that you just bought in the storage unit as well as a way to clean out the storage unit of the items that you don’t want to keep. Once you “win” the storage unit, you have 24-48 hours to remove the items from the storage unit.
Because of the continued popularity of “Storage Wars”, there still continues to be an increase in the attendance at storage unit auctions. People are coming to see if they can find any treasures or just get a good buy on items in a storage unit. If you are new to storage auctions, then you can read our recent blog post, for tips on how to look for possible treasures in a storage auction.
Attending storage auctions continues to be a popular past time for many people across the country. There are quite a few experts in the field who have made good profits on items that they have bid on at storage auctions. For the majority of auction goers, the fun is trying to find the next “big” storage treasure. It is important to be fully prepared with a plan when bidding at a storage auction in your town.
When attending storage auctions, there are a few must-haves that need to be properly prepared:
1. Cash-Most storage auctions do not take a check or a credit card
2. Flashlight-A flashlight will help you see inside a dark storage unit.
3. Gloves-When sorting or disposing the items in the storage unit, it is good to wear gloves to protect your hands.
4. Way to remove the items from the storage unit. Most storage operators will allow 24-48 hours to remove the items after a storage auction.
There is a website, Storage Treasures that gives some great hints about the storage auction process as well as how to turn a profit with items that have been purchased at an auction. One of their tips is not to overbid on a storage unit, especially when you are just beginning to attend storage auctions. If it is your first time bidding at a storage auction, wait to see how others are bidding and then when you feel comfortable enough without going over your set budget, then you can place your bid. The attendees of a storage auction are given a short time to view the contents of the storage unit that is up for auction before an auctioneer starts the bidding process. Once the bidding is complete on the storage unit, then the auction moves on to the next storage unit that is up for auction until all of the units have been auctioned off.
There are certain clues to look for when looking at items in a storage auction to see if they could be valuable. Since there is such a short time to view the contents of the storage unit, you will need to have a keen eye to possible valuable items. Antiques, collectible items, cars and sometimes even money can be found in storage unit auctions, but you have to be able to train your eye to look for clues that could signal higher value items:]
1. Climate controlled storage units usually contain electronics or antiques to protect the items from extreme temperatures while in storage.
2. If the storage unit has a lot of dust or dirt covering the items, then they could have been stored for some time and there could be valuable items hidden in the boxes.
3. Look for electronic brand name boxes, because it means that there could be higher value items in the storage unit.
4. The shape and type of boxes could indicate what the item is inside. If a box is leaning or stacked “heavily” on another, it could mean that there are a lot of items in the box.
5. Look for obvious items such as musical instrument cases, safes or cash registers.
6. For those that are reselling items, larger storage units will usually contain more items, which can turn a better profit.
For a storage unit to be put up for auction, a facility manager or operator will have to have exhausted every possible way to contact the renter of the storage unit before it goes to auction. The storage operators can only recoup up to the lost rent amount during the storage auction. In most cases, the bidding comes well below that amount and the storage operators actually lose money. Keep an eye on this blog and Stop N Stor’s social media pages: Facebook and Twitter for the latest information on upcoming storage auctions at our Hinesville, Port Wentworth or Savannah locations.
The summer months are the busiest time for the self store industry. In fact, one of the busiest days of the year for self storage operators is the Tuesday after Memorial Day. Some storage companies have coined the term, “Crazy Tuesday”, to describe the large increase in calls and reservations on the day. Sparefoot recently declared the day after Memorial Day as “National Moving Day” because the majority of Americans start their moving process right after Memorial Day. This is also a busy time for people moving to purchase packing and moving supplies.
The busy season for self storage coincides with the busiest time of year for moving companies. According to the U.S. Census Bureau, the summer is the height of moving season with over 11% of people moving in June alone. Summer is the time that families, recent college graduates and young professionals move to new destinations and opportunities. As the housing market and the economy continues to recover, people are beginning to be on the move again with the majority of people moving within a 25 mile radius of their current home. Most people are moving due to jobs or new opportunities. If a family is moving, it is better to complete the move before the beginning of the new school year. Moving is a stressful time, but if you can properly prep for the move, then the process can be much smoother. Since it is a very busy time for moving companies, it is important to make appointments with moving companies at least 3-6 weeks in advance of your move.
Also, as the weather warms up, the rentals of storage units grows. There are many reasons for this including: people have finished their spring cleaning projects and need storage space for the items that they couldn’t throw away, life events such as graduating from college or getting married and moving for new jobs or if you are near a military base, deployments. Stop N Stor has 5 locations in Hinesville, Port Wentworth and Savannah for all of your storage needs. Stop N Stor knows that renting a self storage unit can be stressful for many different reasons. Our friendly and knowledgeable staff can help you choose the best storage option for your needs. If you are student, member of the military or a member of one of our communities, we welcome you to tour our facilities to see how we are different form the other storage operators. Our facilities have state-of-the-art surveillance systems and 24 gate access to give you added security for your stored belongings. Stop N Stor offers discounts to active military personnel and current college students and faculty. Just show your school or military identification when you rent your storage unit. Thanks for choosing Stop N Stor and good luck to everyone who is moving this summer!