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Storage auctions have become increasingly popular because of television shows like Storage Wars. How do they work, though, and what myths and misconceptions surround them? This post will address some common storage auction myths.

Common Myths About Self-Storage Auctions

While some parts of the television shows are accurate, a few persistent storage auction myths are important to address.

Myth 1: Every unit contains valuable stuff.

Not every self-storage unit has a treasure within: a lot of the time, the contents of a storage unit won't hold any significant value. This is why it's critical to have a plan for selling your new items in mind when you place your bids.

Myth 2: It's impossible to tell what's inside a storage unit.

While it's true that you won't be allowed to set foot inside the storage unit you're bidding on, there are plenty of things you can tell from the outside. Does the unit smell like cigarette smoke? Can you see big-ticket items from outside? (Make sure to bring a flashlight to get into the far corners of the unit.) Is something decaying in the unit, potentially reducing the value of everything else?

Myth 3: You can keep any memorabilia you find.

The winner of a storage unit auction can generally walk away with everything inside the unit. However, some items have greater personal value than resale value, such as photo albums. It's a common courtesy to leave these for their original owners to pick up.

Myth 4: Storage operators make a big profit from auctions.

It's illegal for storage facilities to keep more money from storage auctions than the former tenants owe them. For instance, if a client owes $600 and the storage unit sells for $1000 at auction, the storage operator can claim that $600 amount along with any lock-cutting and auction fees. The remaining $400 will go to the former owner of the items.

Myth 5: You can pick up everything at your convenience.

When it comes to picking up the items you've bought at a storage auction, sooner is better. Most storage units will allow you until the end of business the following day to remove your new items.

Are Storage Unit Auctions Worth It?

The question of whether storage unit auctions are worth it is surprisingly complex. In general, the answer is "Yes, but you have to do everything right." You aren't likely to become a millionaire by frequenting storage auctions. However, visiting these auctions is a great way to find bargains on valuable items and get your hands on one-of-a-kind pieces of history. If you want to make money with storage auctions, you need to be persistent and put a lot of work in. If you aren't careful and patient, you'll just end up with junk you can't sell.

How Do I Find Live Storage Auctions?

Finding one is easy because storage facilities are legally required to advertise when they have auctions. You can get information about storage auctions in your area by contacting storage units, checking your local newspapers, or checking community event flyers. You can also find information about storage auctions online: there are a variety of websites like Storage Treasures that allow you to attend and bid on storage auctions from the comfort of your own home.

What Happens if You Leave Stuff in a Storage Unit?

Storage auctions are a storage unit's last resort for abandoned items. If you leave things in a storage unit and don't pay for them, the unit's owners will contact you in every way they can (via phone, email, and physical mail). After a certain length of time with no contact (that is usually determined in the contract you signed), the unit owner can put your items up for auction to make up the money you owe.

Self Storage in Lansing, MI

If you're looking for self-storage in Lansing, MI, look no farther than MySpace Self Storage. We have a team of trained storage specialists that can help answer any questions you have, as well as being a one-stop-shop for all your moving and storage needs. Contact MySpace Self Storage today for more information.

 

Image Source: LightField Studios / Shutterstock