2012 was another strong year for self storage unit auctions. With the popularity of Storage Wars and Auction Hunters, people continue to attend storage auctions to have a chance to find “treasures”. There are auction attendees who will resell the items that they bought in the storage unit at resale shops and others who are looking for high value collectible items. For some attendees, it takes months of going to storage auctions to actually turn a profit on the items that they have purchased in the auction. The values of the storage auction finds will vary depending on what the buyer is using the stored items for. The majority of items found in a storage unit auction are everyday items such as electronics, appliances or clothing. Most “big finds” at storage auctions are not reported to the public until the items have been verified, valued and then later sold.
Remember, the storage auction happens when a renter has defaulted on the rent of their storage unit. The storage unit operator contacts the renter many times before auctioning off the storage unit. According to most state laws, the storage unit operators can only raise enough money to cover the rent owed for the storage unit. In most cases, the amount paid for the storage unit during auction does not cover the actual rent owed on the unit.
There have been a few interesting and valuable items found in storage unit auctions over the past few years. Some of these items have appeared on the storage reality shows while most are at non-recorded auctions.
1. In April, 2012, the Auction Hunters won an auction on a storage unit with a classic 1969 Chevelle in pristine condition. They sold the car for $9,000 making a very big profit on the storage unit. The Auction Hunters have also come across items from NASA and antique guns in different storage units they have purchased.
2. In Late 2011, a storage unit auction auctioned off by the auctioneers of Storage Wars, Don and Laura Dotson, contained a chest full of gold and silver coins and bars valued at over $500,000. The attendee bid on two units totaling $1700.
3. Two storage units were purchased in Virginia which contained historical documents dating back to the Civil War, military memorabilia and presidential memorable. The unit’s contents were valued at over $100,000.
4. A near perfect condition Action Comics Number 1 was found in a storage unit auction in April 2011. This copy was allegedly stolen from Nicolas Cage’s home in 2000. The comic book was sold on a collector’s site for over $2,000,000!
5. A storage auction attended found rare and unreleased Michael Jackson songs in a storage unit. These were songs that were recorded in a time when Michael Jackson was not under a record company contract.
6. Celebrity chef and TV host, Guy Fieri’s stolen Lamborghini, valued at over $250,000 was found in a storage unit. This unit was not auctioned off and the car was returned to the chef.
7. There have been storage auctions that contained Aretha Franklin clothes and Burt Reynolds movie collectibles.
Storage unit auctions continue to be a popular hobby. Thanks to the popularity of Storage Wars and Auction Hunters, the crowds at storage auctions across the country have grown. The participants are looking for that “treasure in the trash”. It is important to keep in mind that storage unit auctions happen because renters default on the rent payment for the storage unit. The facility owners notify the renters far in advance (as well as multiple times) that their unit is going up for auction. The facility management is trying to recoup the lost rent on the unit by putting it up for auction. In most states, the highest amount bid on the unit is the total amount owed on the storage unit. In the majority of cases, the amount that is bid on the storage unit in auction is lower than the amount that is owned on the storage unit.
If you are new to going to storage auctions, there are some good tips to follow when attending and bidding on storage unit auctions. We have mentioned before that you will need to bring cash, a flashlight and a way to remove the items in the unit you have purchased. If you are bidding on other units at the storage facility, you will also need to bring locks to lock up your new possessions. You will have 24-48 hours to remove the items from your storage unit. When attending storage units it is important to have a strategy and a set budget in mind. Don’t over bid on units your first time out. Do your research on the neighborhood of the facility and the possible value of items in a storage unit. Also, have a plan in mind about what you are going to do with the items that you just bought. Are you planning on reselling them to make a profit? Then, you will need to figure out where to sell them and how much value they have.
There are some things that you can look for when you get your brief glance at a storage unit during the auction process. Following some of these guidelines will help you in making the correct bids.
1. Look at the organization of the storage unit. If the boxes are stacked nicely in similar sized boxes, it means that someone took the time and care with their items. If the items are in trash bags and flimsy boxes, then they might not contain valuable items.
2. Are the boxes in the storage unit labeled with the contents? If there are contents written on the boxes, that could give a hint to what is inside the boxes.
3. Spot the most identifiable object in the storage unit when you are getting your brief glance at the unit. This would include electronics boxes, tools, construction equipment or even musical instrument cases. Units that have a lot of commercial business items could be very good for resale value.
4. If there is a general layer of dust and dirt covering the items in the unit, it could mean that the items have been there for a while and could be valuable.
5. Watch the other bidders for their reactions to the items in the storage unit. Hopefully, they will not be “bluffing” in their reaction to raise the bidding amount. Don’t fall for that type of games. Stick to your set budget!
Stop N Stor held a storage auction this past Saturday, August 4, 2012 at our Savannah and Port Wentworth locations. The weather turned out to be great for a storage auction! The event started at 9am at our Savannah location. Once bidding was done on the 12 units at this location, the proceedings moved to our Port Wentworth facility. There were 9 units auctioned off at this location. Our auctioneer, Terry, led the bidding festivities. Thanks to everyone that come out to place bids on the storage units that were up for auction. We had a good crowd for this auction with lots of people interested to see what storage auctions are all about! Thanks also to the staff at our facilities that were there to answer questions and help with the auction.
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.
It was a gorgeous day for a storage auction this past Saturday, June 16th. This is a good thing, because our last storage auction in the beginning of March in Hinesville was held during thunderstorms and tornado warnings! Thankfully, the weather was perfect for this auction day! There was a good turn-out of auction participants and folk curious about storage auctions. Our auction regulars, such as Richard were also there to see what treasures they could find during the auction.
The auction started off at 9am at the Stop N Stor 245 W. General Screven Way location. Our professional auctioneer, Terry, explained the auction rules to the participants. Once the rules were explained and any paperwork filed out, it was time to start the bidding process. Each participant was given a brief look at the contents of the storage unit up for auction. Once everyone had a look, the bidding process started. There were 31 storage units that were up for bid in our 4 Hinesville locations. The auction ended in the early afternoon at our 1049 Kacey Dr. location.
Stop N Stor would like to thank our facility managers, Lisa, our regional manager, Terry, our auctioneer and all of the auction participants for making the auction day quick paced and fun. Lisa mentioned that you can tell that people are watching the storage auctions reality shows, because some folks in the crowd were making comments just like the “characters” from shows such as Storage Wars, Auction Hunters or Storage Hunters ! Keep an eye out for future auction information for all of our locations on our Facebook page, Twitter page and our recently redesigned website!
The popularity of storage unit auctions is still growing. Storage Wars just launched its third season of shows a week ago. You can follow the shows and appearances by the “stars” of the show when they are doing their Lockbuster Tour via their Facebook page. The basic premise of the show is that teams battle to bid on items in storage units that are in foreclosure. Some of the stars of the show own resale and consignment shops, while others are looking for the elusive “treasure”. You could say that this show encourages people to be modern treasure hunters.
Stop N Stor will be hosting a storage auction at our Hinesville locations this Saturday, June 16, 2012 starting at 9am. Our last storage unit auction was at the beginning of March during a heavy rain storm. The bidding for the last storage units took place between booms of thunder and tornado sirens going off! The storms did not keep the crowds and the regular bidders away though. They still were happy to take part in the auction. Let’s hope that this weekend’s weather will be much better than the weather in March!
Stop N Stor’s auction will stop at our four Hinesville locations . The bidding will start at 9am at the 245 W. General Screven Way location. Once the units have been auctioned at this location, the bidding moves to the 746 EG Miles Parkway (Highway 196) location. The bidding then moves to our 1018 West Oglethorpe Hwy (Hwy 84) location and the auction ends at our 1049 Kacey Dr. facility.
The auction will be an open bidding system led by our auctioneer, Terry. Stop N Stor’s regional manager, Lisa and the facility managers will also be on hand to answer any questions. Cash is the required payment for our storage auctions. The auction will be on the entire contents of the storage unit. The bidders will be allowed to get a brief look at the contents of the storage unit before the bidding starts. Once the bid is received on the storage unit, the new owner has 24-48 hours to remove the items from the storage unit.
If you are new to the storage unit auction process, it is important to bring cash, a flashlight, gloves and a way to remove the items that you have purchased from the storage unit. Come out and see what storage auctions are all about this Saturday, June 16th. Keep up-to-date on any future auction information via our Facebook and Twitter page .
Rain, lightning, thunder and a tornado warning were all a part of the storage auction experience at Stop n Stor’s recent storage unit auction! The auction was held at our Hinesville locations on Saturday, March 3, 2012. The weather was ominous with rain being predicted all day. These were the storms that caused such tragedy and damage in the Midwest all day Friday. The crazy weather didn’t deter some of our hearty and dedicated auction participants! They came prepared for the inclement weather wearing boots, raincoats and carrying umbrellas!
Stop N Stor auctioned off a total of 37 storage units during Saturday’s event. The proceedings started at 9am at our General Screven location. Our auctioneer, Terry, kicked off the auction by telling the attendees the rules to the day’s event. Once the attendees got a peek at the contents of the storage units, the bidding process began. After the nearly 20 storage units at this location were bid on, the auction moved to our Highway 84 location. The weather started to turn for the worse during bidding for the last few units at this location. By the time that the auction moved to our Kacey Drive location, there was a tornado warning! The tornado sirens were going off in nearby Fort Stewart! There were just a few units to bid on at the Kacey Drive location, but the bidders continued to take part until the last unit was bid on at 1pm.
Stop N Stor would like to thank the participants, including our regional manager, Lisa, facility managers and our auctioneer, Terry who stayed through the end of the auction through the terrible weather! These people are truly dedicated to storage auctions! We are already making plans for the next auction for our Hinesville locations. This would be at the beginning of May. We are also planning a storage auction for our Savannah and Port Wentworth locations in mid-May. Keep up with the latest auction information for Stop N Stor via this blog, our Facebook page and our Twitter page.
The popularity of storage unit auctions has increased tremendously in the past few years with the popularity of Storage Wars , Auction Hunters and the new Storage Hunters. Storage Wars just finished their second season of shows at the end of January and are starting to film their third season. This show is so popular that Facebook launched a game in November 2011 called: “Storage Wars: The Game” A player can bid on storage units hoping to find some great treasures. It is just like the reality show with the same auction rules. In October, 2011, Stop N Stor hosted it’s most current storage auction at our Hinesville locations. The attendance to this auction doubled what it has been in the past. This is happening at storage unit facilities all over the country! Auction attendees are hoping to find buried treasure inside a storage unit! There were some major finds in storage auctions this past year, including a multi-million dollar comic book collection, a chest full of gold and silver coins and bars and US historical documents dating back to the Civil War!
Stop N Stor Hinesville locations are getting prepped for their next storage unit auction on Saturday, March 3, 2012. The auction will start at 9am at the 245 W. General Screven Way location. The next stop of the auction will be at the 746 EG Miles Parkway (on Highway 196) location. Once bidding has been completed at this facility, the final stops will be at the 1049 Kacey Dr. locations. There will be approximately 45 units up for auction at the 4 locations.
The auction will be cash only under an open bidding system. The offer will be on the contents of the entire storage unit. The auction participants will get a brief look at the contents of the storage unit before bidding commences. Our professional auctioneer, Terry, will be in charge of the auctioning process. Stop N Stor’s regional manager and facility management will also be on hand for any questions. Once the bidders win their storage unit auctions, they will have 48 hours to clean out the storage unit.
Did you know that there is an entire industry building around self-storage unit auctions? These auctions have become a popular hobby and even livelihoods for people. There are two reality shows, Storage Wars on A&E and Auction Hunters on Spike. Each of these shows depicts the gamble and high risk that is involved in self-storage unit auctions. In fact, these shows have become so popular that have both been renewed for new seasons. What is the story behind an actual storage unit auction? Why do the belongings in a storage unit go up for auction? What are the different types of bidding in this type of auction and how does it make money for the buyers?
A self-storage unit can go up for auction if the renter has not paid the rent of the unit in a specified time. Each state has different laws about the auctioning of personal belongings stored in a storage unit. Information about the possible auction of the items in a unit should be written in the rental contract. Make sure that this contract is read and understood when you are renting a storage unit. Auctions can be advertised in local newspapers, online or on special websites such as storagetreasures.com , if you live in California on storageauctions.com or storageauctions.net to just name a few.
There are three different types of storage unit bidding: live, blind and sealed bid. The live bidding will be on the site of the unit (s). The bidders will get anywhere from 1 to 5 minutes to look at the contents of the unit before an auctioneer will start the bidding process. A blind bid is where the buyers do not see the content of the unit at all. They make general bids and the highest bid wins. The winner is the only person to see the contents of the storage unit after they win it. Obviously, this type of bidding is extremely risky. The last type of bidding is the sealed bid. The facility manager will allow a buyer a limited time to see the contents of the unit and then take bids in a sealed envelope. The highest bid wins the contents of the unit. Once the winner of the bidding is announced, they have a limited time (usually up to 48 hours) to remove items from the storage unit. You can read more information about the entire process here.
As show on Storage Wars or Auction Hunters bidding on storage units can be quite the gamble. You never know what can be found in a storage unit! It could be a treasure or it could be junk. If you think that and item could be of worth, make sure that it professionally appraised. The buyers on Storage Wars are either collectors or owners of thrift or second-hand stores, so they are looking for value and future profit.
Stop N Stor does participate in self-storage unit auctions. The auctions would take place on one day for all of the Hinesville locations up to 40 units could be auctioned in one day. Stop N Stor uses the live bidding process with cash only payments. There are also auctions for the Port Wentworth and Savannah locations, but they are less frequent. Keep an eye out on our twitter page and Facebook page for announcement of future auctions.