Self Storage Auctions
About Storage Auctions
In the United States, most self storage facilities hold self storage auctions or lien sales to vacate non-paying tenants according to their enforcement rights that are outlined within the laws of each state. In California there are 2900 plus self storage facilities, out of these 2900 plus self storage facilities there are an average 800 facilities that will hold a storage auction or lien sale in any given month. Each site will have a different amount of units or lots to offer for auction. We estimate that over $3,000,000.00 changes hands at these 9,000 plus auctions a year. These auctions are opened to the general public with most bidders? buying for the purpose of reselling for profit. Storage auctions are a great way to buy secondhand merchandise for pennies on the wholesale dollar. If you are someone who sells at flea markets, garage sales or on e-Bay, you will probably find storage auctions to be one of your best sources for merchandise.
How Does The Auction Work?
Be sure to arrive 10-15 minutes prior to a scheduled auction. Before the self storage auction starts, the self storage auction or auctioneer will have a sign in sheet and a set of their company’s rules going over the terms and conditions of the self storage auction. Terms and conditions will vary with each site. Most self storage auctions are “live” or “verbal”, very few are silent (sealed bids). Cash is the acceptable form of payment and sales tax will be charged if the buyer cannot show a valid resale license and proper identification. Self storage auctions are very different then most types of auctions. Usually you are bidding on the entire contents of a unit or lot. Units or lots are usually viewed 1 by 1 with the viewing limited to the doorway entrance of the storage unit or container. The bidding starts after all bidders have had a viewing of the property. Bids sometimes start out as low as $1.00 and can proceed upwards with the property being sold to the highest bidder. Based on our experience average lots or units seem to sale for under $300.00. Don’t forget, the high bidder must remove all contents of the unit purchased within the time specified by the self storage facility. Facilities do not allow the use of their garbage cans or dumpsters and units are expected to be broom swept clean.
Self Storage Information
More and more people today are finding it hard to manage the space they rent, own or lease and are turning to self storage information as a solution to cluttered personal and business lives.