When people store their things at a self storage facility they have to pay monthly rent in order to do so. If they fail to keep up on the rent payments, the storage unit facility will have the right to auction off their things to the highest bidder in order to recoup some or all of their losses.
Self storage auctions are becoming more widespread as tougher economic times means that more people will be unable to pay for the use of their storage units. While this is not so great for the people losing their stuff, it is a great opportunity for people who have a business where they sell miscellaneous items.
Self storage auctions usually work in one of two ways. They either work by live auction or by sealed bid.
With a live auction, the bidders are able to view the contents of the storage unit, but not usually allowed to enter the unit, touch anything, or open any boxes. After everyone has had a peak the auctioneer will begin accepting bids. The highest bidder will then get all the contents of the storage unit and usually have 24 to 48 hours to get all the contents cleared out.
With a sealed bid self storage auction, the same rules apply only instead of an auctioneer taking bids, all bids from bidders are written down and sealed in an envelope. Then the management will go through all the sealed bids and accept the highest bid. This way is much less interactive and ensures that each bidder has to offer their highest bid right off the bat.
Self storage auctions can be exciting and the best part is that you never know what you might get. Sometimes there can be valuable possessions that are stowed away in boxes and if you are the lucky one to win the storage unit, then you win those valuables as well. In some ways, self storage auctions are sort of like a modern day treasure hunt.