Storage unit auctions and everything you need to know


Self-storage auctions are held to recoup lost income. Here are a few things you need to know before you put your belongings in self-storage.


Self-storage auctions are essentially held to recoup lost income if the tenant is unable to pay or abandons a storage unit. This is covered in the contract and the laws regarding this practice may differ depending on the country and state bylaws. 
Here are a few things you need to know about such auctions before you put your belongings in self-storage.

Why do self-storage facilities require auctions?


 The self -storage industry has grown rapidly over the past decade and there are so many people opting for outsourced storage facilities. Like any growing industry, the challenges that the storage industry is facing is more and more people abandoning storage facilities and misusing the facilities. The measure must be taken to protect business interests and ensuring that the services provided to customers do not become redundant. 

How are the auctions held? 


When the tenant leasing the storage unit fails to pay and or abandon the unit, a public notice is issued to inform the tenant about the outstanding amount as well the to give them a chance to reclaim their possessions until the auction begins. 

The profit generated from the auction is intended to balance out due amount. Excess amount owed is returned to the tenant; if so the law states. The storage facility will not earn profits from the auction of the tenant’s belongings for the most part. 

This is to not damage any sentiments and the sale of tenant’s belongings are considered the last resort for storage facility owners and items may include family photographs, personal documents and the like. 

Who can attend these auctions?


 Auctions usually held to attract wealthy and competitive people and in the case of storage unit auctions, the general public is invited. The attendants usually include thrift stores, eBay owners, Craigslist sellers, variety of collectors and more. There are certain standards set by law such as all the attendees must be 18 years of age and they are all required to fill out forms and provide identification. 

How to find self-storage auctions near me and why you should attend?


As we already know, the auctions are announced publicly, and anyone can attend you’d have no trouble finding out about them. Following relevant social media is a great way to stay updated on the latest events going on at a local storage facility. If you are already leasing self storage units, it is highly likely that you will get a notification if your storage facility is holding an auction. 
Other places where you can find local storage facility auction are the newspaper where it is most likely going to be advertised; online forums are very helpful and checking out specialized auctions forums where you can find updates on any auctions being held in the area. 
We recommend attending the auctions as it a great way to discounted prices on a variety of objects. Whether you are looking for a laptop, or a paintings, etc., buying them at an auction guarantees that you get a much better price on them than you may even get at thrift stores and that is because storage facilities are not interested in getting profit on the sale, they just want to recoup the lost revenue and balance their accounts. 

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