The Hidden Treasures of Self Storage
**Understanding Storage Treasure Auctions **
The self-storage world hosts many surprises, full of forgotten belongings. While most people utilize storage units to house their possessions temporarily, there comes a point when some units are left unattended. These instances pave the way for what is known as a "storage treasure auction," a fascinating process made popular in recent years by shows like Storage Wars.
If you were to enter a storage facility, you would see row upon row of storage lockers, each with its own mysterious contents. For some obscure reason, the owners of many of these lockers have stopped paying the rent, and after a time, the contents of the lockers go up for auction. Hence the phrase "storage treasure auction." At these auctions, the high bidder gets not just a mystery box but its entire roomful of goodies.
What to Expect: The Digital Process
Not every auction is conducted by a rapid-fire auctioneer, with prospective buyers honed in on the prize, that you see on television. The typical digital auction isn't all that different in essence; it's just as thrilling and just as closely contested. The real break for auction bidders in a digital setting is the opportunity to partake in the action from anywhere—as long as they're connected—that was previously only afforded to attendees of the most elite auction houses.
This is how it works, broken down into parts:
Payments that are overdue: If someone rents a storage unit but does not make the payment for a long time, the people that run the storage facility start to send notifications and warnings to the storage user. If the user continues not to pay, the facility eventually has the right to auction off the contents of the storage unit.
Web-Based Auction Announcements: Storage businesses post notices of their imminent auctions on their websites or on special online auction portals. These posts include such particulars as the date and time of the auction, where it will take place, a short blurb about the storage unit up for grabs, and the auction's ground rules.
Registration: Prospective bidders must establish accounts on the Web-based auction platform to take part and secure a prized unit.
Unit Previews: Prior to the auction, bidders can view photos and descriptions of the storage units that will be auctioned. This is done to give bidders a better sense of the contents of the units. As a rule, only exterior photos of the units are allowed.
The Auction: When it comes to the auction process, think eBay for storage units. The auction opens at a specific time, and registered bidders can place their bids digitally. Bidding typically lasts for a set period, often a few days. It's crucial to note that bidders have very little information about the unit's contents; they're making educated guesses about what might be in the unit based on the pictures taken outside the doorway.
"Sold to the Highest Bidder": The opportunity to bid is given to the bidders until a certain time. After this time is up, the system determines who the highest bidder is. The system then notifies this person, using either email or an in-platform messaging system, that they have won the auction.
Payment and Collection of the Unit: The successful bidder is required to pay within a set period. Payment methods are typically defined in the auction's terms. Once the payment is confirmed, the winner is given instructions on how to access their unit and items.
Unveiling and Bounty: Here is where the true treasure hunt gets underway; the winning bidder can now finally commence with the exploration and sorting of the items within the storage unit. Some storage units might contain nothing but mundane personal possessions, but a few could hold worth and significance in the form of valuable collectibles or rare antiques. The new owner has the option of keeping those sorts of items (and the line between which is which is often a bit blurry), selling them, or giving them away to charitable organizations.
Clean out: Storage companies allow a cleanout period during which bidders can remove all of the contents from the unit. This period is usually 2-3 days long. The space has to be empty and in a condition acceptable to the company that owns the space. This is imperative because these companies make most of their money from rent. If a space is occupied, then it’s not earning rent. If a space is empty, but it’s in a condition unacceptable to the space’s owner, then it can’t earn rent either.
**Tips for Prospective Bidders ** If you're looking for your next treasure at a storage auction, it helps to know some key tips. Think of these as auction 101. They're not all that complicated, but using them in combination can pay off, quite literally, in the end. . . .
Study Auctions: Keep pace with the local auction scene by checking online platforms such as storagetreasures.com and storageauctions.com for upcoming events. Set alerts, notifications, or old-school reminders to ensure you don't miss that next big chance.
Understand the Regulations: Acquaint yourself with the auction's regulations and provisions. Certain auctions mandate payment exclusively in cash, while others may stipulate particular provisions regarding their cleanout timeframes.
Plan Your Finances: Though it may be tempting to go all out in the thrill of the hunt for rare and valuable items, savvy bidding requires setting a budget and adhering to it. Plan on using Automatic Bidding? You don't have to worry about your excitement causing you to overspend if you set a reasonable maximum bid first. Automatic Bidding does the heavy lifting in terms of staying competitive without stretching your finances beyond the limits you've set.
Control Expectations: Not every storage space contains undiscovered gems. Prepare yourself mentally to deal with the likelihood that the items shown may be damaged or that you'll find little more than trash inside.
Get Arranged: If you are an auction bidding winner, then accept my heartfelt congratulations! Winning means it is time to sort through what is likely hundreds of items in your unit. To assist in the process, I offer the following tips:
Grab a partner: Don't go it alone; this is a two-person job.
Assemble tools: You'll need boxes, tape, scissors, and a few other tools.
Find a staging area: Clear out space somewhere in your home to serve as a temporary holding area for your unit’s items.
Work for time, not speed: This is not a race; take the time needed to sort carefully. Right in the first place is better than fast and wrong.
Use common sense: Think about how you store and use items in your life, then follow that model in the staging area.