Storage Auctions: Dos and Don’ts for Auction-Goers

Storage auctions can be really fun… and you may also make a decent profit out of them. If you have ever tuned into reality TV shows about storage locker auctions, you’ve likely seen a few buyers bid big on locked units only to uncover rare antiques, valuable collectibles, vintage cars, or treasures of different sorts. But we want to burst this bubble right from the start and debunk this myth associated with storage auctions: That’s not what (always) happens in real life!

Genuine self storage auctions don’t look like Hollywood drama; they are full of excitement and fun, nevertheless. If you’re into Storage Treasures, you might be seeking hidden riches; you’re probably looking into reselling the items you’ve bought for a modest profit. You may even simply be curious about what lies hidden in these storage facilities. We’ll guide you through this quest.

This blog will give you the essential dos and don’ts of storage facility auctions. Follow these tips to moderate your expectations and learn how to actually find hidden wealth in these units…

The Dos of Storage Locker Auctions

Do Your Research Before Bidding

There are cases in which storage units are auctioned off mistakenly without the owner’s prior consent… or somebody’s actual wealth gets sold off illegally. Just because you bought a unit with gold hidden inside doesn’t mean you are now its rightful owner; you have to do your 100% & proper research into storage auctions to figure out what becomes your property legally and what needs to be returned to the person who rented this storage facility in the first place.

Do Bring the Right Gear and Supplies

Winning a unit doesn’t mean you own that storage space; the managers will usually give you a very short window (24 to 72 hours) to take whatever you want from the unit you’ve won. That’s why you should come prepared at these events; grab your work gloves, flashlights, heavy-duty trash bags, moving boxes, packing tape, a reliable truck/trailer, moving van, and a new padlock for securing the unit once you’re gone (the manager might reclaim the original padlock).

Do Inspect the Unit Carefully from the Threshold

You obviously can’t step inside the unit or open boxes before winning. But you can still inspect the space from the doorway to assess the situation and make an educated guess about what might be hidden here. Use a flashlight to look for major brand names, solid wood furniture, sealed containers, and high-value power tools.

Do Set a Strict Budget

Getting caught up in the thrill of a bidding war is easy. But this is a trap set up by auctioneers to encourage attendees to bid an obscene amount on something worthless. That’s why you must always have a budget in mind so you won’t get distracted by the intensity of bidding.

The Don’ts of Storage Auctions

Don’t Assume Every Box Holds Gold

Since you buy the contents of a storage unit as-is, while you may get your hands on valuable electronics or vintage items, you may also find boxes filled with paperwork or broken furniture. In fact, most storage units contain worthless items; finding gold in them is a rarity. Only in rare cases do people spend $500 on storage units that contain millions of dollars.

Don’t Overlook Clean-Out Rules

After winning the bidding war, it’s your job to remove the contents of that storage unit. Even if you find dead raccoons stashed in the unit or other monstrosities, you’re supposed to clean it well and make it available for renting again. Leaving unwanted items behind is a big no-no, so always leave your newly-won storage locker swept clean and ready for the next customer.

Don’t Forget About Cash and Payment Rules

In-person storage auctions usually require cash payments. That’s why you should look into how you’re supposed to pay for the storage unit you have just won.

Don’t Keep Personal Items or Legal Documents

If you end up finding somebody’s personal items (like family photo albums or tax documents) or identifying documents (passports, for example), you should turn them in. Give them back to the facility management. These personal keepsakes should be returned to the original owner if it’s possible.

Just like there are many different ways to find reliable vehicle storage, there are also different ways to spot hidden treasures in a dilapidated storage facility. Storage auctions are a unique way to hunt for hidden gems and resale inventory. Just remember the dos and don’ts of these auctions. If you end up winning something, rent our storage facility to dump your newfound stuff for safekeeping. Contact our friendly local team today to reserve your ideal storage unit!