Things You Should Know about Self-Storage Auction

Do you know what a self-storage auction is? Maybe you’ve heard about this on TV, or perhaps you’ve watched TV shows like Storage Wars and Auction Hunters. There are few people in the US who haven’t heard of this. These auctions are held when existing customers avoid paying the storage rent in a timely manner for several months. This results in self-storage companies being forced not to repossess the unit but instead sell the items from inside to recoup the loss. More precisely, items from the storage will be sold at auction in order to compensate for the debt. If you want to use full service storage NYC, then you should read this post. Here you will find all the things you should know about self storage auctions. Also, self-storage is different from any other storage because the unit contains personal belongings and these can be priceless.

What is self storage auction?

People in New York City and beyond can rent and use self storage NYC whenever they need it, and for whatever period of time they want. Using self storage is a good step when you need temporary storage of things during a move, home renovation, or for a long period when you need additional space in your home. You can use storage services for a monthly fee, which, depending on the size and type of storage, is around $300 per month. And as long as you respect the conditions of using self storage, and regularly pay the monthly fee, your belongings will be safe and kept. Also, you will have simple and easy access to them whenever you want. So, what if you don’t pay?

The law states that when the user of the storage unit is late in paying the monthly rental fee and doesn’t respect the specified payment time specified in the contract, the provider, i.e. the storage company has the right to place a lien on the content and sell it at an auction in order to compensate for its loss. State laws and regulations in NYC govern these procedures, and regulations may vary from place to place. So, a storage auction would mean exactly this. Or as we said at the beginning of this post, the items from the storage will be sold at auction in order to compensate for the debt.

Things you should know about self storage auction

This article could be useful to everyone. Whether you’re just looking to rent storage facilities Long Island City or you’re stuck with a non-paying storage customer. If you want to rent storage, here you can see what would happen to your items if you don’t pay. But, if you want to participate in the auction (sell or buy), here are some of the basic things you need to know in order to do the job successfully.

Important things to know about self storage auctions:

• Attendance at auctions
• Finding auctions
• Bidding process

In the following, we will reveal to you all the important details about the self storage auction that you need to know.

How and who can attend the storage auction?

Self storage auctions are in most cases public. This means that everyone can attend them. These are usually antique store owners, street vendors, and eBay and Craigslist sellers, but there are also collectors, treasure hunters, and older curious people. You can often see these people at auctions, and they are easy to recognize. Also, there are private auctions, for which you must have an invitation, but there are some other things for sale, such as antiques, works of art, etc.

In order to participate in the auction, you must be over 18 years old. You will be required to fill out an application form, sign it and enter the correct personal information. And in order to be able to access the auction, you will need an appropriate legal document such as an identity card or passport.

How do you find an auction near you?

If you want to participate in the public auction, it’s easy. While for a private auction, as we said, you will need an invitation. To find a self storage auction in NYC you need to search the internet for the term “Self-storage auction in/near NYC” or you can do it by searching local auction ads in newspapers, connecting with other collectors through social networks, online forums, and group or connect with storage companies near you and get first-hand information. Let’s say, you have a rented storage, and you use a storage pick up service, you can ask the storekeepers about the details of scheduled public self storage auctions. They will surely help you.

How does the bidding process work during the auction?

After filling out the form, you can participate in public storage auctions. Before the start of the auction, the storage units will be open for a few minutes, so that buyers can view them from a distance. But not to go inside or touch things. One of the most important things you should know about self storage auction is that you have to think carefully about where you will spend your time and money.

During the bidding process, you will get to know the manager, as well as the other customers. The manager is looking for offers for the starting price, and if no one answers, he will set it. After that, you and other buyers will be able to present your offers. Whoever offers the most money, is the winner of the auction. After you buy storage, you will get access within 12 to 48 hours. And after that, you have to remove all things, even what you don’t need, as well as trash.

Other important facts you should know about self storage auctions

If you want to participate in the auction, buy or sell something, these are some of the important facts you need to know:

• Information about the storage auction is often published in the media. Most often in newspapers. This helps buyers know exactly what the auction is about.
• There is a possibility of getting high returns on “investment”. Some storage units can be auctioned for as little as $10, but the contents inside could be worth $1,000 and people could sell items on eBay.
• Storage auctions don’t accept cards. They only accept cash.
• Some auctions require payment on the spot, while some allow payment at the end of the auction.
• Self-storage auctions have a “see but no touch” rule. Potential buyers can just look at the items and make their own judgment, deciding how much to pay for what they think is worth.
• Since the exact contents of the auction and the price range aren’t known, expect a large number of treasure hunters to turn up at the event to try and snag something priceless. If they spot something of value, expect a competitive bidding war.
• After winning the auction, everything inside the unit is yours. Before you bid, make sure you are prepared for everything that may be inside the unit.

A self storage auction is a win-win situation for both the self-storage facility owner and you. The owner can recoup some of their losses, while you can get a self-storage unit at a low price. But people should be mentally prepared for everything that may await them at the auction itself, but also after they open the storage unit.

In the end, don’t forget important things about self storage auction!

So, there are many reasons why you need storage rental NYC. But, what is important is compliance with the agreement with the storage company, as well as all the items from the contract. This is an important thing regardless of whether you are a storage user or someone who wants to participate in the auction. What is also important is that you don’t forget any of the things you should know about self storage auction. As well as to avoid your things ending up in the same place. And, whatever you do, good luck!