Is 2014 the year you are going to make some extra cash? Maybe you plan to start trading? If you have seen Storage Wars and Storage Hunters then maybe a storage auction is a good place for you to get your trading business started.
First Thing’s First
You need some capital to invest. The idea being you buy stock at a good price, sell it at a higher price, and plough the profits into buying more stock. Each time you sell on you increase the value of funds you have to invest so you can either purchase more goods or higher value goods.
Why Do Storage Units Go to Auction?
When a container or storage unit’s rent is unpaid, and all attempts to get hold of the owners and secure payment have failed then there comes a point at which a self storage facility is entitled to recoup bad debts through the sale of items in the unit. This is the point at which an auction is held to move on the contents of the unit or to find a new tenant to take over that unit including its contents.
How Do Storage Auctions Work?
Bidders are invited to bid on a storage container but there is an element of risk because the contents of the container or unit are usually unknown. Bidders are allowed to look inside the unit from the outside but are not permitted to enter the storage unit or to touch things inside the storage unit.
If you have been watching Storage Wars you will know the types of things that can be found in a unit and in the UK it’s equally as diverse. Possible contents recoverd in a storage auction range from a sports car or a container load of televisions, right down to piles of stuffed toys so there is an element of measured risk involved, like in any auction. The lot will be allocated to the highest bidder.
The Facility Manager is in Charge
Remember that by the time auction day arrives the Facility Manager has probably spent too many hours on this particular unit tracking down owners, chasing payment, and sorting out paperwork so they will want the auction to go as quickly and smoothly as possible so stay on their right side and you will remain a welcome bidder.
What is Storage Auction Etiquette?
If you plan to attend a storage auction then following the industry rules of etiquette will stand you in good stead for success.
At Space Station we expect our bidders to:
- Complete bidder registration sheets.
- Respect the final decision of the facility manager.
- Not touch the contents of the units as these are considered private until the final bid is placed and accepted.
- Accept that once the bidding is closed full access of the unit will be given only to the winning bidder.
- Enter a sealed bit for the complete unit only. It is not possible for us to split up the unit into smaller lots.
- Clear out new units or transfer the units to their name within 48 hours of winning the bid.
- Return any personal items found in the unit such as photographs, legal documents, tax records and identification should all be returned to Space Station to be sent back to the original tenant.
If you would like to be added to our list of bidders or to be kept up to date with details of upcoming auctions please drop us an email