Lately we've been tackling your most common questions about storage auctions so you know what to expect on auction day & can have every advantage possible. So let's dive back in!
Q: What happens before the auction starts?
A: Bidders must register before the auction starts, so be sure to arrive early to sign in. While you sign in, chat the manager up to find gems of information about the units.
Q: Will I be able to see what's in the unit before I bid?
A: Before the bidding starts, the unit door is rolled open for the bidder's to get a quick look. Position yourself so that you can get a peak & bring a flashlight - all the serious bidders do. You won't be able to go into the unit or touch things, but you may be able to spot certain items or at least get a general feel for the type of unit you're dealing with.
Q: How much should I bid on a unit?
A: Everyone has a different philosophy. Some professionals will tell you to focus on the high quality units, which can break the $1,000 barrier. The "It Takes Money To Make Money" Approach. The idea is that you can sell higher quality items for more so you'll make more money. Other seasoned buyers will tell you to get the units as cheap as possible because you know you can make a profit if you get a unit for $10. The "Turn and Burn" Approach. With this approach you can move a lot of volume at low prices so you'll profit quickly. Find the approach that works for your personality & budget.
Q: If I win a unit how do I pay for it?
A: If you win a unit you can put a padlock on it & continue on with the rest of the auction. At the end of the auction everyone pays up. Remember to factor in sales tax if the facility collects it, a buyer's premium if charged, and the facility's cleaning deposit (all good details to flush out when you're schmoozing with the manager). Bear in mind that most facilities only accept cashola.
Q: If I win a unit what happens after the auction?
A: After you've paid for a unit you can enter your unit & begin to remove items. If you see anything particularly valuable you best get the unit unloaded and off the facility's property as quickly as possible. But typically, you will have up to 48 hours to empty the unit. The unit must be completely emptied to get your deposit back & you will not be able to use the facility's dumpster. However, most managers are willing to work with you so if there are heavy items or you've got a busy afternoon, don't be afraid to ask for more time. Your auctioneer can advocate for you as well. Or if you're tight on space negotiate a discounted rental rate.
We'll continue filling you in on tips every auction hunter should know. If there's a question burning in your mind let me know & I'll give you my Voice of Reason.
And for what happens after the auction...Get resale tips from our Pros (click their pretty mugs).