Buying Guide For Self Storage Auctions
This month Simply Storage will take you through the buying process for if you go to a self storage auction. We will also supply you with a few tips to help you along your way, so even if you’re new to this, you won’t be lacking the skills. Lastly, we will cover the common misconceptions and myths that can be heard within the self-storage auction scene.
The process & tips
Register, this can be done online.
Check conditions of sale – things change, so it’s important that you do your checks before going straight into the auction.
Go to the auction on the day, it’s better to go there yourself instead of having someone there bidding for you. Although you may trust this person, it’s extremely possible that they have a different view of what they think is ‘valuable’.
Give yourself a maximum spend, so you don’t get caught up in the excitement. Don’t buy every unit you see, don’t always buy the first or last. Don’t get too drawn into the competition because when you go over your budget, you can make a loss.
Keep quiet with what you see in the unit – if you have someone with you then talk subtly together, you both may see something that others haven’t. Don’t give the game away, you don’t want to pay more than you have to.
Have ideal buyers at the ready – scope out pawn shops and collectors to ensure you aren’t just lumbered with the excess from your winnings.
Go through your goods thoroughly, it’s not uncommon for storage companies to want the goods out on the same day. Although this puts pressure on you to get rid of the goods and ship them elsewhere, you need to make sure you don’t miss those little treasures that can be hidden in small boxes or antiques that just need a good polish.
Myths about self storage auctions
It’s impossible to know what’s inside a unit
This is not the case, although you’re not allowed to walk around the unit, you can get out a torch and look from the outside in. You may also want to look out for warning signs such as strong smells, food could have been left in here and gone rotten which could have ruined some of the goods. Storage drums is another thing you may want to avoid, as this could contain waste.
Storage operators remove valuables
This is not the case, it is the last resort for a storage company to auction off someone’s goods. It’s the law that companies must abide by, to ensure that tenants pay their rent for the unit space. Failure to do so by not getting in contact for an unnecessary period of time or ignoring reminders can result in these auctions. The operators open the units for the first time when the auctions take place.
Storage companies make a large profit
The only money that a storage company will make is enough to cover the overdue rent costs and the auction fees (which is why it takes place to start with). It’s not in the company’s interest to make profit from selling people’s goods – it’s in their interests to keep the business running with tenants that adhere to prompt payments.
Simply Storage are based in New Malden by Kingston upon Thames, providing all solutions for home and commercial business with a no minimum contract period and at a low price. If you would like more information about Simply Storage or wish to book our services, please get in touch with one of our professionals today!