Everything You Need To Know About Storage Unit Auctions

When a storage unit company has a renter that cannot pay their bills anymore, the company can auction off the belongings in the unit to make up for the lost income. While storage unit auctions have become more popular recently due to several reality television shows, they do not paint the whole picture of what really happens at the auctions. If you are thinking about attending a storage unit auction, here is what you need to know.

The First View

Before an auction begins, potential buyers are allowed to see the contents of the unit at the surface level only. They can only look, but cannot enter the unit since it technically not their property yet. This means that you cannot move items to see what may be hidden underneath, or look inside boxes.

The Bidding

Once the potential buyers have a chance to see the storage unit, the bidding begin. Storage unit auctions can start as low as a dollar, but can escalate based on a variety of factors. If there is a valuable item clearly visible in the storage unit, it can cause the bidding to go up in price very quickly.

The Mystery

It is possible to get lucky by paying a lower price for a storage unit that has many valuables inside it. Storage unit auctions are essentially a gamble, as you never know what is inside them. Many storage units are packed appropriately, with items in stacked boxes, and valuable items protected with furniture pads. This can make it difficult to see exactly what you could be buying.

Many potential buyers like the idea that there is an element of surprise involved with bidding on a storage unit. It can help keep the price of the unit low, with a potential of a valuable item hidden inside it.

The Typical Rewards

It is very common to find clothing, furniture, and old toys in a storage unit. The goal of the auction winner would be to sell enough of the stuff to make a profit off the purchase of the unit. While they hope to find antiques, jewelry, or artwork inside the storage unit, it is not always the case like what you see on TV.

By understanding how storage unit auctions are run, you will have a better idea about what you can expect when attending one. Bidding on a storage unit can be very exciting, as you never know what you will find inside.