More Tips for Buying Abandoned Self-Storage Units at Public Auctions

You can make the most of your self-storage auction efforts when you know the tips and tricks involved. I've already published tips (linked at the end of this article) on how to locate self-storage unit auctions and how to decide what to bid, but that's just the beginning. From the benefit of my experience, here are a few more things to consider before participating in abandoned self-storage unit auctions:

Retail/Sales Tax License
If you are a registered merchant, be sure to bring your license certificate with you to the sale to avoid paying sales tax on the purchase price. You don't need to have a license to participate, but it will save you money if the facility charges sales tax.

Call Ahead
Call the storage unit facility on the day of the auction and ask how many units are still up for auction. Renters have until the last minute to make good on their arrears, though, so there may be fewer units to bid on at the time the auction begins. When only a few units are on the schedule you may arrive to find they've all been reclaimed and there is no auction at all! There's no way to be sure, so if you're traveling very far to attend an abandoned self-storage unit auction you'll need to consider whether the amount of time and gas you'll use is worth the risk of coming home empty-handed.

Arrive Early
You will need to register your contact information with the facility staff before participating in the auction. Introduce yourself to the other prospective bidders. As a regular auction attendee you can build relationships with other buyers and learn from them. Keep in mind that not everyone will be friendly (but most will). Some may view your presence as competition.

Light Up
Bring a bright flashlight to the auction with you. The individual storage units are usually lit by a single overhead light bulb, but the lights don't always work. Since most facilities only allow you to look from outside the door it will be difficult to see into the back of a dark unit without a flashlight.

Wear Old, Comfy Clothing
You may be moving furniture and lifting dusty boxes. You may need to get down on the ground while sizing up the unit, to look under the legs of furniture sitting in front, blocking your view. Wear comfortable work clothes that you don't mind getting dirty. You should bring along a dust mask and work gloves, and wear them if you discover signs of rodent infestation or other nastiness.

Know What Payment Methods Are Accepted
Payment is typically required immediately after the auction, before the buyer is allowed to remove the contents. Some storage unit companies require cash payment at the close of the sale. Others may accept checks, credit cards or debit cards, but call ahead to ask about their preferred payment method so you'll be able to pay for the units you purchased.

Bring Tools and Moving Equipment
Bring a few basic tools like screwdrivers, wrenches, pliers, and hammers. There may be large pieces of furniture, shelving or entertainment centers that will be easier to move (and take up less space in the truck) when they are disassembled. Hand trucks will make moving heavy boxes, appliances, and furniture easier. Bungee cords or rope for securing the load may be necessary, and old blankets and rugs are useful for cushioning items you don't want to risk breaking or damaging.

Lock It Up
When you win a bid, the unit immediately belongs to you. The company will already have removed the previous renter's lock as well as their own (placed there when the unit went into foreclosure). If you leave the unit unlocked, the facility won't be responsible for theft. Bring heavy-duty padlocks with you if you won't be emptying your units immediately after the auction. Most facilities will expect you to remove the contents within a day or two, but some will give you more time if they already have plenty of empty units.

Have Adequate Transportation Available
Expect most units to have at least a few large pieces of furniture or major appliances which will require at least a pick-up truck to move them. If you don't own a truck, try to borrow one from a friend or family member. Some self-storage facilities have rental trucks available, and may even allow renters (and buyers) free use of them. Be prepared; don't bid on a unit with large items and then wonder how you're going to move them!

Get Help!
Emptying a large unit can involve a lot of physical labor, especially if there are large pieces of furniture and many heavy boxes. Enlist the help of friends and family members to load up and transport your treasures, and help unload when you get back home. Fortunately, I have some willing helpers who don't expect payment, although I let them choose a few treasures if they see something they want.

Get Organized
Look at all those boxes and bags! It can be a bit overwhelming. I find the mess easiest to deal with by going through one box at a time and organizing the contents as I go. Sort your treasures into groups of similar items (baby needs, kitchenware, knick-knacks, clothing sizes, home decor, sporting goods, etc.). Large plastic storage tubs come in handy for sorting and organizing your treasures.

Keep a box handy for "what is that?" items because the rest may appear in another box and solve the mystery. Fill a box with the small stuff that usually goes into a "junk drawer." Yard sale and flea market customers love to rummage through boxes of small, miscellaneous items and those dimes and quarters quickly add up.

As you rummage through, set aside anything that might be an antique or vintage collectible, and research their value before selling them. There are collectors for almost anything vintage, and you don't need to be an expert to recognize a desirable and potentially valuable collectible item.

Know How You'll Dispose of the Trash You'd be surprised what people put in storage units that should have been thrown away! And worse, you're expected to take it home with you when you clean out the unit. Storage facilities don't typically let buyers use their dumpsters, so you'll need some way to dispose of junky items that are too worn or damaged to be usable. Smaller amounts of junk can go out with the household garbage, but you may find that renting a dumpster or making a trip to the landfill is occasionally necessary.

More info on abandoned self-storage unit auctions:

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

How To Locate Abandoned Self-Storage Unit Auctions

Tips For Placing Bids At Abandoned Self-Storage Unit Auctions