How to Locate Abandoned Self-Storage Unit Auctions

Self-storage facilities are located everywhere! In business districts, rural areas, and even residential zones. There's a good chance you pass one every day on your way to work or school. More self-storage units are being built every day in locations all over the country to serve our self-storage needs.

Check the Yellow Page listings of your phone directory, or online, for self-storage facilities in your area. Contact each one by phone or email, and ask whether they currently have an auction scheduled. You may be informed that they don't currently have an auction scheduled, but that they can add your name to a contact list for future auctions. Some self-storage companies advertise their abandoned self-storage unit auctions in the classified ads of the local newspaper, or they may have a web site that will keep you up-to-date on their auction schedule.

Some self-storage facilities may only schedule auctions once or twice a year; they may have them monthly, or they may have no schedule at all, holding auctions whenever several units have been foreclosed.

Occasionally, self-storage facilities may choose to sell their foreclosed units directly to any interested party who is willing to pay the arrears, or an amount that is agreed upon by the facility owner and the buyer. Ask if they will add you to their list of contacts if this is how they prefer to dispose of abandoned units.

You won't want to limit yourself to self-storage auctions only in your immediate area. To build a profitable secondhand business you will need to attend several auctions a month to have a continuous supply of unique merchandise to offer your customers.

　

Auction Methods Used By Self-Storage Facilities

A storage unit auction is usually a "live" auction where the contents of the unit are sold in traditional auction style to the highest bidder. Some companies will have "silent" auctions in which bids are written down and submitted by prospective buyers, with the sale of the unit being awarded to the highest bid. The sale will allow the storage facility to recoup some of their losses. Any profit over the actual amount owed on the unit is paid to the renter, but the winning bid seldom covers the past due rent.

You may never have participated in a live auction of any sort, or may be intimidated by the speed at which auctioneers move. Relax! Storage unit auctions aren't usually as fast-paced as other types of auctions. In my experience, the auctioneer is seldom a professional, but usually the owner or manager of the facility. The pace is much slower, allowing you to keep your wits about you and giving you time to consider whether to raise your bid. There's little chance of accidentally making a bid you don't mean to. It's quite an informal affair, and nothing to fear!

During a silent auction, you are given the opportunity to view the units before giving the facility a sealed, written bid on one unit, or as many as you wish. Some facilities will have all bidders present at the time of the silent auction, and may award the units to the highest bidders as soon as all the bids are scrutinized. Other facility owners may ask you to make an appointment to view the abandoned self-storage units, or have a certain day (or number of days) that you may ask to be shown the units.

In most instances, the buyers are not allowed to enter the unit being auctioned, but must stand at the opened doorway and base their bids on what they can see from that vantage point. Occasionally, the facility owner or manager will give the buyers time to view all the units before the bidding starts, but most will open the door just before each individual unit is auctioned and give the prospective bidders a few minutes to evaluate the contents.

It is definitely to your advantage to be able to see inside all the units before the auction starts so you can decide which units you want to bid on, and how much you might be willing to pay for them. Ask the facility owner/manager which method they use, and be sure to arrive extra early if all the units are opened before the auction starts.

When you win a self-storage unit auction, you are buying the entire contents of the unit. You must pay for any units you have won immediately after the auction is over, before you are allowed to clean out the contents. The self-storage facility will expect you to remove everything contained in the unit, haul away the trash (not to the facility's dumpster-you have to find somewhere else to take it), and sweep the floor clean when you are done.

You may be required to pay a refundable "cleaning deposit" in addition to your winning bid to assure the facility that you keep your part of the bargain. Your deposit will be returned to you when the facility is satisfied that you have cleaned out the unit. Some may not reimburse you immediately, but may send the refund as a check in the mail.

　

What Treasures Might I Find?

The short answer is, anything and everything! Antiques, collectibles, appliances, kitchenware, linens, baby furniture, sofas, chairs, dressers, dining room sets, home decor, clothing, toys, games, bicycles, motorcycles, power tools, lawn mowers, barbecue grills, hobby supplies, hunting supplies, camping gear, sports equipment, seasonal decorations, books, DVD's and CD's, jewelry, electronics, business inventories, patio furniture, cameras, musical instruments....I could go on, but you get the idea! There are no limits to what treasures you might find!

More info on buying abandoned self-storage units at public auctions:

Buying Abandoned Self-Storage Units: "One Man's Trash Is Another Man's Treasure"

Tips For Placing Bids At Abandoned Self-Storage Unit Auctions

More Tips For Buying Abandoned Self-Storage Units At Public Auctions