January 11th, 2010
Ben Cower

Most of the time customers of self storage facilities are people that pay their bills on time, look after their goods, and only use the units on a temporary basis. However, if numbers in California are any indication, just a little less than one third of these facilities will find customers reluctant to pay each month. So, what are these facilities to do in the event a renter fails to pay the monthly bill?

Well, they auction the unit off, of course! It’s a part of the agreement between the tenant and the company who operates the units. If the tenant fails to pay their rent on time or close to it, the company has the right to auction off the goods in the unit to the highest bidder.

While that’s not great news for the person whose goods are in storage, it can be great news for anyone out looking for a deal on second hand goods. Forget garage sales, self storage auctions can get you higher quality goods with half the leg work and often half the price!

How do they work?

Auctions at self storage facilities might not work exactly as you think. When I first heard of these treasure seeker’s dreams, I pictured an auction which worked a lot like a garage sale. Bidders saw the goods trotted out one by one, and bid on each item as it came to the table.

However, self storage units are auctioned much more like surprise boxes than retail sales items. You don’t usually get to see all of the items within a storage unit. Instead, bidders are allowed a specified amount of time to appraise the items in the unit, from the doorway of the unit itself.

If you can picture that in your head, you get an idea about the excitement many of us who frequent these auctions feel. Sure, you can see the ten speed bicycle, the end tables, maybe even a television or two, but when it comes to self storage, the true mystery lies in what is hidden. What items do those boxes conceal? Is there a jewelry box or a collection of rare books in the back, behind everything else? What other electronics might be found? Is this the final resting place of Jimmy Hoffa?

Once you get a look inside, it’s time to make up your mind. How much are you willing to spend on the whole unit?

Because that is how goods at a self storage auction are sold. The auction won’t have pieces from each unit sold to the highest bidder, instead those making their bids are offering on the entire unit. That’s right; you aren’t just bidding on what you saw from the doorway, you are bidding on everything else as well.

If that doesn’t offer you some kind of high, I don’t know what will. Self storage auctions are a great way to get a rush and have a chance at making some incredibly good deals.