WHAT IS A MINI STORAGE AUCTION?
In order to understand what a mini storage auction is, you have to understand what a mini storage facility is, and what it does.
A mini storage facility or any storage unit facility is going to store a persons belongings under lock and key in the storage facility. It can be a strip of mini storage units, it can be a huge warehouse sectioned off, or a variety of other storage types. The owner of the belongings will then pay a monthly or yearly fee to the management of the units in order to keep their belongings safe and secure.
When the renter of the mini storage space is behind on their rent they will be notified and expected to catch up. If the owners of the belongings do not catch up on the payments, then the management needs to recoup their losses. They will begin the process of reselling the contents. There are several documents that the management of the facility must fill out, and record. Then they must state in a public circulation at least two weeks before the auction day, that they're auctioning off the unit's contents. There is a legal process that they must follow, and usually, it's not if the renter is only one month behind. The whole idea behind auctioning off the contents is to try and recoup the losses from the lost storage rent.
Once the mini storage auction has been duly advertised, the auction day will arrive. People will show up, and register for bidding on the mini storage contents. Then the auction will happen. The highest bidder is the one that's going to take control of the contents after paying the winning auction amount.
There are several different ways a self storage or mini storage auctions can be held. You may have to sign up for a number, or it may be just hand raising bids. You'll want to find out as much as possible about the auction process before you actually did. Many times there are stipulations that the contents need to be moved within 24 to 48 hours after the auction ends.
When it comes to what's inside these mini storage units, it can be various. You may find major appliances, minor appliances, or you may find antiques and heirlooms. You also may find surprises and boxes of jewelry, and other valuable items. In order to make a profit with a mini storage auction, your bid has to be below or at your transportation costs and resale costs. Basically, the idea is to recoup your transportation and auction bid price through the resale of the items, anything higher than those two costs added together, is considered a profit.
Getting into mini storage auctions can be a lot of fun and in most cases you're going to make a profit. Just remember, any auction can be a very exciting time, and you might just wind up paying more than you had planned for your mini storage unit contents.