There is a tremendous surge of popularity in the storage unit auctions information business today, especially because of the high ratings seen from the reality cable television shows that specialize in it. Shows such as Storage Wars spark the public interest in finding hidden treasures in unclaimed storage units at auctions around the country. Most people have at least some type of experience with second hand goods or items, and knowing the resale value at a thrift shop or among collectors.
The high rate of home foreclosures in the last several years has created an expansion in the storage unit management company industry because the things that people have collected through the years cannot fit into the smaller home or apartment they are now living in. They need a place to store it all, and storage units are the best option. However, if they end up becoming more financially stressed and cannot pay their storage unit monthly fees, then they can have their possessions that were in the unit auctioned off to the public to the highest bidder.
This may seem harsh or unnecessary, but the storage unit company is actually trying to reclaim lost rental fees due them in a legal method provided to them through the law. Otherwise that unit would be lost to them as an income producer every month because it was filled with non-paying renters belongings. This way, they can hopefully receive enough money with the auction to pay back rent, and also they can clear out the unit so that current renters can move in.
The storage unit management company is legally obligated to provide notice through the media using newspapers, magazines, or broadsheets so that the renter will know of the upcoming auction in advance. They have up to the time of the actual auction to get their account up to date or current, or the auction will proceed. Last minute cancellations happen all the time, so the potential bidder should call the rental company the day of the auction to check whether it will still be held.
Storage unit auctions information can sometimes be hard to find, but the diligent and resourceful bidder can find this information if he knows where to look. First of all, specify a certain area that you are willing to travel for an auction, and map out the surrounding zone. Driving many miles to a storage unit auction may not be a productive way to spend your time, especially if you are bringing a trailer or truck to haul away the contents of a storage unit if you are successful with your bidding.
Check the white pages of your local phone book to find the phone numbers of nearby storage unit rental companies. The yellow unique silent auction ideas pages are also a great way to double check to see if you missed anything. Having a phone number is essential because of what was mentioned earlier about checking for last minute auction cancellations. Usually though, there are several units up for auction at the same time and the auction will still proceed even if one or two renters pay up. There will just be fewer storage units at the auction.
To be a successful storage unit auction bidder, a person needs to be able to size up quickly what the resale value of any goods inside the unit is. At an auction, the lock is cut off at the commencement time and the potential bidders are allowed to walk by to look into the unit so they can judge for themselves whether or not to bid on it. They are only allowed a minute or two to look in to size things up before the auction begins. So a person needs to be able to judge the resale value and how much they are willing to pay during the bidding process. It can be easy to get caught up in the bidding and win the unit, but only realize later that you paid way too much for it. The idea is to make a profit here, and many bidders are owners of a brick and mortar thrift store retail business or they intend to resell the items online. This can be very profitable for them, and they tend to have a very good idea on the resell value at their store.
The winning bidder must pay in cash at the end of the storage unit auctions and then they are usually given up to two days to clear out the unit. This is why some people will bring a truck or trailer with them and a pocketful of cash just in case. The storage unit auctions information is out there for those people who would like to give this a try, and it can be a very lucrative business also. Make sure to learn the industry first before throwing your hard earned money into the bidding process. There are some great storage unit auctions online courses and eBooks out there that are very helpful and can help to reduce losses. As with any business, you can either pay for your education up front, or in the end… Learning by trial and error is also effective, but a good course is advised so that you will know everything the other bidders know during the bidding process. This can even the playing field considerably and give you a great chance at success!