With the popularity of shows like Storage Wars on the rise, there are more and more people interested in buying abandoned self storage units at auction. While storage unit auctions are a common way for the owners of these businesses to liquidate the items that are left behind and regain some of their monies owed, real life storage auctions are not always exactly as what is depicted in the media or on television. If you are serious about buying abandoned storage units, whether it is to make a profit or otherwise, there are a few misconceptions you have to get out of the way first.
Misconception: All storage facilities auction abandoned units.
Truth: Not all storage facilities do host auctions to get rid of abandoned units. Some facilities donate these items to local charities and some even own their own secondhand stores or partner with consignment stores where the items are sold. Therefore, tracking down facilities that host live auctions for the units they have available is not as common as you might expect.
Misconception: Storage facilities have a lot of abandoned units.
Truth: On television, you may see storage unit buyers bidding on several units at one storage facility. However, in real life, many facilities rarely have an abandoned unit. After all, most people do want to keep their belongings so they will pay their rental fees in order to retrieve their stuff. Storage facilities that have more units or are located in densely populated areas likely have more abandoned units than facilities that are small in size or located in rural areas. It is for this reason that people who are serious about buying these units at auction know that they may have to travel to several locations just to find a few units available.
Misconception: Storage auctions allow you to get abandoned units for a low price.
Truth: Partially because storage unit auctions have been glamorized on television, there are more and more people looking to attend these events. In an auction setting the more people there are present, the more bidding there will be, so naturally the final sale prices will be higher. It is true that you may occasionally be able to land some pretty good deals. However, storage auctions are not an event you should attend if you don't have a good amount of money to invest in the process because you may not even win the first unit.Share