Self Storage Auctions: Modern Treasure Hunts

When anyone stores their items at a self storage facility, they run the risk of having their stuff auctioned OFF if you get way behind on your rent. For the specific terms and conditions, check your contract when you move your stuff in.

While these auctions are very unfortunate for people who do not keep up with their self storage bill, self storage facilities have to pay their bills as well. The self storage facility industry is a huge business, so occasionally people bail on their stuff. For those who go to self storage auctions can possibly when a storage unit filled with misc. stuff.

People who goes to these auctions usually are in the business of reselling things. They may have different methods, sometimes the sell the stuff at flea markets, a garage sale or an ebay store. They purchase items for pennies then make a substantial sale. If you ever wondered how things at flea markets are so cheap, now you know one of the ways they facilitate bargains for the public.  

There are a lot more self storage auctions then one might think. In California it is estimated that there are 9,000 self storage auctions annually, and usually at these auction there is more than one unit being emptied.  There are a lot of self storage units in the United States, and given the economic downturn there is no surprise that some people have to choose between paying the self storage bill or eating, paying the mortgage, etc.

What are self storage auctions like? 

Usually when you bid, you are bidding on a whole storage unit or lot. The only view you get of the storage unit is from the door, and will not get a close viewing of the contents of the storage unit. So essentially you will be seeing something like this:

After individual bidders have had a viewing of the entire property, the bidding begins. Sometimes the bid starts as low as 1.00. The average winner is usually below $300 dollars.  The winner is responsible for removing all the content of the unit within the time the storage facility offers. You cannot use the garbage cans or dumpsters of facilities, so you will need to bring a trash bag if you win. Also, the units are expected to be swept clean after it is empty.
Before all of the bidding and exploring starts there will be a sign in sheet. If you have a reselling company you will present your licensing. If you don't you will need to pay sales taxes on your winnings.


What Sort of Items are Found at the Self Storage Auctions? 

When you buy the unit, you will not know what lies inside all those boxes. Most of the time storage units are filled with regular household items like furniture, clothing, personal records, books, movies, etc. Every purchase is a mystery! You may stumble upon someone's valuable collections, but I wouldn't bet too much on it.
There are some ways to guess when you are bidding if their may be valuables in the unit or not. Look at the boxes. If the boxes look like they've been rummaged through or if they are sealed and taped may be an indicator of what may be inside of the boxes. Also, look to see if you can spot any name brands on boxes. Ultimately it is a guessing game.

Good luck!