What happens when a storage unit is auctioned?

Storage operators make a big profit from auctions. By law, storage facilities can keep only the overdue amount of rent, as well as enough to cover the costs of the auction, such as lock-cutting fees. The remainder goes to the tenant. Say a place has a delinquent tenant who owes $500, and a unit of the unit generates $1,000.

Where can I bid on a storage unit for free?

You unit (s) will be uploaded to our unique online bidding app where all the storage auctions happen in real time with our professional live auctioneers. Bidders can sign up to bid entirely for free so your units are ensured to get the upmost exposure when heading to auction.

How can storage facilities streamline the auction process?

Storage facilities can streamline their auction process by listing their inventory in one place for both live auctions and online auctions. Reduce the hassle and list with confidence knowing your unit will be viewed by a much larger bidder base than those few that might show up in person on the live auction day.

Are there any self storage auctions near me?

Princeton Self Storage Johnson City, TN See Details & Start Bidding 10x5Not Climate Controlled $160.00 SouthPark Self Storage Cullman, AL See Details & Start Bidding 10x15Not Climate Controlled $100.00 AAAA Self Storage – WB Waynesboro, VA See Details & Start Bidding 10x10Not Climate Controlled $40.00 Sibco Self Storage Inman Inman, SC

Does anyone go to storage unit auctions?

Basically, anyone can attend a storage unit auction. Children under 16 years of age are discouraged by some auctioneers and facilities due to the liability; although, this is rarely enforced. There are no special licenses needed.

How does a storage unit auction work?

During a storage unit auction, the belongings of a storage unit are auctioned off to the highest bidder to recoup the loss of rental fees. Generally this process is conducted via a live auction where bidders place their bids aloud as the property within each unit is auctioned off.

Where to find storage auctions?

Finding Storage Unit Auctions. Many current and upcoming storage unit auction listings can be found through legal notice postings in state and local newspapers. Another way to find a unit auction is by contacting the storage company directly, either through the company website, or by calling them to inquire of upcoming auctions.

What do you need to know about storage auctions?

Know the lien laws pertaining to storage auctions in your state. Perhaps the most important factor in holding a successful storage auction is understanding how to do it legally.
Make the rules clear.
Give your tenants plenty of notice.
Promote your auction.
Process auction results right away.