Understanding Storage Auctions

Self storage units are often used by people who need a place to store their extra belongings for which they don't have an immediate need. Storage companies provide secure space, and protect these items for a monthly fee. When renters fail to pay their monthly fee over a long period of time, however, all of the items stored in the unit are auctioned off to the public. Storage companies hold auctions to recoup their losses from renters who have failed to pay their rent.

What is a storage auction?

During a storage auction, the entire contents of a storage unit are sold to the highest bidder. A professional auctioneer, or a trained employee of the storage company, will head up the event and be in charge of calling out the bids and announcing the winner. These auctions are generally advertised ahead of time, and held on-site on a predetermined date and time. Some storage companies may charge a nominal entrance fee just to enter the auction and receive a bidding number.

What happens during a storage auction?

Before the auction starts, the company will outline the rules either verbally or in writing. At most auctions, bidders are allowed to visually peruse the contents of the unit from a distance before they place a bid. Participants then place bids for how much they are willing to pay for the contents of the storage unit, trying to win over other bidders. This drives the price up until no other bidder is willing to go higher.

What happens after the auction?

Bid winners are usually required to pay immediately the amount of the bid, or they risk forfeiting their win. The new owner of the contents is required to empty the unit within a specified amount of time, or they can choose to take over the monthly rental payments on the storage rental unit.

Where can you find a local storage auction?

There likely are storage auctions that are taking place right in your city or town. You can find out about local storage auctions via the newspaper, through company websites or by directly calling storage companies in your neighborhood.

Are you ready to participate in a local storage auction at places such as Epic Group Inc? Be sure to bring proper identification, an acceptable form of payment according to the auction rules, and a flash flight to inspect the your new unit if you win. There's no telling what you might win in a storage auction, but it's definitely an adventure waiting to unfold.