Many people use Katy self storage when they have more possessions than their home can hold. This widespread popularity has spawned a new type of speculative cottage industry. You might have seen Auction Hunters or Storage Wars on television. On those programs, people bid for the contents of unpaid storage units. Sometimes, they get lucky, and the locker contains valuable items. Other times, the storage unit’s contents may not be worth very much. If you are interested in bidding on unclaimed storage units, you should follow a few tips before you get started.
Storage facilities hold auctions when people fail to pay their rental fees. After the bill on a Katy climate controlled storage unit is left unpaid for a specified amount of time, the unit’s contents can be sold to satisfy the renter’s debt. The laws regarding storage facility auctions vary from state to state, but some rules are common to most storage locker sales.
- Storage facilities must try to contact the renter before the auction. If the renter cannot be reached, a public notice of the auction must be posted in a local newspaper or through other media.
- The renter has the right to pay the debt and reclaim the unit’s contents before the auction starts.
- If the contents sell for more than the renter owes, the storage company must give the surplus to the renter. The storage company is not allowed to profit from the sale of the items in the storage unit.
- Usually, personal items like keepsakes and family photos are returned to the renter if possible.
Experienced professionals may not appreciate more competition, but nearly anyone is welcome to participate in a Katy mini storage auction. Bidders must register and provide identification proving they are 18 years of age or older. As the popularity of these auctions has grown, more folks have begun trying their luck. The crowd will consist of treasure hunters, knowledgeable collectors and curious individuals. Retailers also attend the auctions to find inventory for antique stores or thrift shops. Some people are looking for items to sell on Craigslist or eBay.
It is easy to find local storage auctions in the classified section of the local newspaper or online. However, not all storage auctions are worth your time. Check forums and other social media to see which storage facilities are the most fruitful. Storage units in higher income areas tend to have more valuable items in them.
Preparation is the key to success in storage auctions. Make sure you understand the rules of each storage site. Arrive early so that you can complete any required paperwork. You can usually pay with a check or credit card, but most sites prefer cash. You are expected to remove anything you win within a day or two. Some places will let you rent the locker for a month if you need more time.
After the bidders have assembled, the group will be taken to the storage units. You will have a brief opportunity to scan the contents. You may not enter the locker or open any drawers, boxes or trunks. Each auction only lasts a few minutes. Then, the group moves on to the next unit.
It is a good idea to attend a few auctions before you start bidding. Establish a budget, and stick to it. You should concentrate on items you know best, such as guitars, antiques, tools or sports equipment. Naturally, you want to realize a profit. If you get lucky, you could get a large return on your investment.
Storage unit auctions can be fun and profitable if you have reasonable expectations. Experience will help you find a method that works for you.