Introduction to Storage Auctions
For over a decade, the self storage business has been recognized as one of the top growth industries in the United States. Demand for this service is high as companies lease storage units to house their equipment and inventory, and consumers rent these spaces for storing personal items, furniture, electronics, cars, boats, and more.
When a lessee fails to make the agreed-upon payment for their storage unit, the storage business retains the right to sell the contents of their unit at auction. The laws governing these sales vary from state to state. However, the underlying fundamentals surrounding storage auctions are quite similar in most areas.
Many profitable businesses have been created by people who obtain products at low cost through these auctions and resell them through a storefront or online at sites like eBay, Amazon, and Craig’s List. The most successful of these entrepreneurs have developed systems for discovering the best auctions, analyzing storage units for value, and finding sales channels for offloading the inventory they’ve acquired.
With the recent advent of several “reality-based” television shows that detail the inner workings of storage auctions and the businesses they support, it has become more difficult for patrons to acquire profitable units. Just over a year ago, a crowd of twenty or more in attendance would be unexpected at most auctions. Today, crowds of one hundred or more are the new norm, and as a result bidders are spending more money than they ever have before on units of the same quality.
The Storage Auctions Guide was developed as a free resource with contributions by veteran auctioneers, buyers, and storage facility operators. Our goal is to provide you with detailed and concise information to help you experience success at storage auctions.