Top Things to Know About Storage Auctions

By American Self Storage on Mar 11th, 2021


Top Things to Know About Storage Auctions

For the most part, storage auctions are rather simple. You bid on a storage unit, pay for any winning bids, and then become the owner of the contents in the storage unit. You are then free to sell these items to help recoup the cost of the storage unit and to hopefully make a profit on them.

While the simplicity of buying storage units at auction makes it a tempting venture, there are definitely some things you will want to know before you get started.

Know What You Need

First, you will want to look into the things you will need to bring with you on the day of the auction. For example, you will need to bring your id and cash to pay for the units you buy. Usually, you are only allowed to use the money you have on you to buy the units, so come prepared. Also, be prepared to pay sales tax on the unit. It’s a good idea to bring a couple of padlocks and a flashlight to help protect your newfound items after you have purchased a unit.

Play it Cool

When it comes to the bidding process, you will want to keep it cool. Avoid drawing too much attention to yourself before the bidding starts. This technique will help you appear less threatening and in turn, keep the attention off you during the auction while also lessening your chances of getting into an auction war. Also, avoid discussing how much you plan on bidding and which units interest you the most.

Know your Limits

Finally, when you purchase a storage unit, remember that you only have 24 hours to remove the property from the inside. So, you should have a plan for removing the items as quickly as possible. This is one reason people tend to bring large trucks with them to storage auctions.

Before getting involved in a storage auction, make sure you take these factors into account. They will help you be more successful at auctions and help you understand the process a little better. These tips could even help you make more money on your storage auction venture.

If you are looking for a storage auction in Oklahoma City, OK, you'll be happy to know that American Self Storage recently launched the auction page on our site. If we have up-coming auctions you will find them there.