Can I buy abandoned storage units?

Since sorting and selling the items in an abandoned unit is time-intensive, storage facilities simply auction the units off to random buyers. You can find live auctions in your area and attend them in person, or bid online through one of the popular auction sites.

Can you make money from storage auctions?

The reality show follows a group of people who earn money bidding on storage units that are up for auction. Making money with storage unit auctions is hard work, and if you’re not careful, you can lose a lot of money and get stuck with a lot of junk. However, it can be a fun and lucrative business if you do it right.

How do people lose storage units?

“Default” is the state your unit is switched to until you are able to pay your fees, be it late rent, or other penalties. It is a period of time between you stopping to provide payments, and the officially losing your unit. This time span is different from company to company, but usually, it is around 30 days.

Who gets the money from a storage auction?

Storage operators make a big profit from auctions. The remainder goes to the tenant. Say a place has a delinquent tenant who owes $500, and a unit of the unit generates $1,000. The facility can keep just $500, plus enough money to cover auction fees. The rest is sent to the customer.

Who gets the money from a storage unit auction?

Is it worth buying storage units?

When you’re buying storage units, this is a must. Most of this stuff you will not be able to turn into financial assets. But, out of those that you can, you will make some extra buck on the side. The reality is, most of the contents of storage units is unusable.

What happens to stuff left in storage?

Once the unit is considered abandoned, the contents become the facility’s property. Usually, an auction will be held, open to the public, to compensate for the unpaid rent. Sometimes the facility will auction the entire unit at once, and others they will auction one item at a time.

Why do people lose storage units?

Self-storage unit auctions happen when storage tenants fail to pay their rent on time. After 30 days overdue, storage facilities can typically put a lien on the contents of the renter’s unpaid unit.

How much do storage auctioneers make?

The auctioneer may receive a flat 15-20% of the maximum bid price. Assuming the unit sells for $1,000, for instance, the auctioneer would receive $150-$200, paid for by the self-storage facility. This obviously encourages the auctioneer to raise the bids, as higher bids means more money in his or her pocket.

Which is the best storage auction company in New York?

Professionally-run storage auctions from Auctioncheer, a trusted New York auction company with over 40 years of Experience. We are happy to provide our sellers and our buyers an easy to use platform, visit our How it works page for more information. THE BEST STORAGE COMPANIES IN THE NEW YORK METROPOLITAN AREA.

Where can I find storage auctions in my area?

At StorageAuctions.com, it’s easy to find storage auctions in your area, and our convenient online system makes it even easier to participate. Simply enter your city or zip code to find auctions in your vicinity.

How to bid on storage locker auctions in Michigan?

StorageAuctions.com brings local storage locker auctions into the convenience of your living room, so you can browse, bid, and buy without the stress of in-person auctions. View photos of unit contents at your own pace, take the time to research items before you bid, and track offers from other buyers to make informed decisions.

Where can I bid on self storage units?

Place bids on units in Detroit and Grand Rapids simultaneously, and participate in multiple self storage auctions throughout the state without disrupting your schedule.