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.