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Are you interested in joining a storage unit auction? If you are, you’ve come to the right place. The number of storage unit auctions being held around the country has increased tenfold over the last few years, and there is no better time than now to strike it rich using this adventurous business model.
If you have watched Storage Wars before, or even American Pickers, you know that there is a wide market out there for almost anything that you can find during an auction.
Whether you’ve stumbled upon baseball cards or antique furniture, someone, somewhere nearby is waiting for an offer to buy them. While the business process itself is not as easy as the reality TV shows depict, there is still real money to be made from storage unit auctions.
How it works
When a storage unit renter fails to pay his monthly fees, his unit is foreclosed on by the company and auctioned off to willing buyers. During a live auction, the manager opens the storage unit and shows the contents to all of the bidders.
This allows the bidders to calculate whether or not a storage unit is profitable. After showing the unit to the bidders, the auctioneer then opens the auction with a baseline bid (usually $10 or more), and the formal bidding commences.
People just say how much they are bidding. Usually, it only takes a few minutes for a storage unit auction to end. Unless there are more than a handful of bidders involved, units get sold fast. If you’re competing against seasoned auction hunters, be prepared for bids as high as $4,000 for really profitable storage units.
