What does storage auctions mean? Storage auction happens when one will rent a storage unit in one of the storage units of a storage facility but cannot keep up with the monthly fees and worst, just leave his things behind. When this happens, usually the recourse of the owner is to sell of the belongings left by the delinquent customer. Thus storage auction happens. This is done for them to recoup the loss of the rental fees. This is the usual option of storage facility owners when faced with delinquent clients or renters. Most of the time, the auction will be done live so that every bid will be heard by all bidders. But they will also accept enveloped bids. All they are after is for their bottom line to be met. This can even be done live online to attract more bidders.
If you happen to be one of those who are fond of attending storage auctions, be warned of the most common mistakes others have committed:
- When you don’t bring cash. Note that other mode of payments might not be allowed in this activity. If you are planning to buy something, then you should bring cash with you.
- Don’t bid just for fun or because you want to brag. You must only bid for things you really intend to buy. Note that there is always a chance you end up winning that bid no matter if you are the starting bidder. You might only end up buying things you don’t really need or want for that matter.
- If you won’t bring locks with you. If you plan to buy some of the auctioned things, then there is a chance you really end up buying one. When that happens, the unit will then be temporarily yours. You should lock it with your own lock as buying from the facility can be costly.
- Don’t just bid on anything being auctioned. If you are just trying to bid for business, you should think carefully if there is a demand for the things you are trying to buy. Think smart or you will end up losing money.
- If you have to bring a family member, be sure that your kids will not be part of your plan. Note that auction activities are certainly not for kids. They are kind of boring and sometimes, can even get ugly. Thus just bring someone who is already an adult like your partner.
- Not dressing appropriately is also a big mistake when attending a storage auction. This is not a party like the temperature can get hotter because of many people and even the place might even be kind of dusty already. Thus be sure that you will be comfortable as you might end up going home when the auction is not even concluded yet.
Yes, sometimes, it is really more profitable to buy used things. However, just make sure that you know what you are doing as you might end up losing.