Storage Unit Auctions Explained

Avid thrift store haulers and flea market frequenters may be somewhat familiar with the storage unit auction concept on social media: arriving at a location where untold potential and maybe even some treasures await you. The thrill of the ultimate “find” keeps you motivated to search the racks and booths for a gem of an item that may have been overlooked by others. Even in the event that you don’t end up with what you hoped for, you may still enjoy the journey and come across some notable trinkets along the way.

There are few ways in which a storage unit auction is a little different than thrifting or going to the flea market. We’ll unpack the practice featured on TikTok a bit further. So if you’ve come across these TikToks on your FYP and were curious, keep reading!

So, what is a storage unit auction?

A storage company arranges for an auction of an abandoned storage unit, items left behind in a unit, or a unit that is delinquent on monthly storage rent. This result is really the last resort for storage companies. Prior to setting up an auction, storage companies make a number of efforts to reach out to tenants to pay what they owe on rent and reclaim their belongings in the unit. The company will also try to contact the tenant via certified mail. The terms in the rental contract for the storage unit will outline what will occur if payments are not made on time and the tenant cannot be reached. Companies will publicly advertise the auction of the items in the storage unit in question if and when the time comes to hold one.

How do they work?

When an auction is scheduled, the company will set out rules for those who intend to bid. This may include registering prior to the actual auction event. One the event starts, bidders can review the contents of the units up for auction, typically by looking through the front entrance of the unit to see what is inside. Bidders are not allowed inside the unit. The entire contents of the unit being auctioned off then goes to the highest bidder. Once the auction is closed, the highest bidder typically has about 2 days to either clear the contents of the unit out or rent the unit from the storage company so that the unit can be prepared to rent out to new tenants. Payment for the storage unit contents usually must be made very soon after the auction closes (often either immediately or the next day) and in the desired form of payment that the company outlines.

Risk and Reward

The truth of the matter is that bidders can really only gauge the value of the storage unit contents they are bidding on by looking into the front entrance of the unit during an auction. They may see one or a few items of value with their own eyes. Prior to bidding, you won’t be able to enter the unit and you won’t be able to touch anything either. The risk is that the value of the items that they could see is less than they thought, are actually broken, or damaged after winning an auction. It’s key to note that items in the units are usually sold “as is”. The reward is that there are some real valuable treasures among the contents they can’t see from the unit’s front entrance.

In either case, winning a storage unit auction means that you’re responsible for taking all the contents of the unit after the auction is over. So your auction haul may be a load of treasures or a heap of junk. It’s not always easy to tell. Storage unit auction regulars look out for how clean and organized the units are, if they can spot any brand names of value, and how well the items are stored to prevent damage. Keeping these things in mind may help you get closer to items of value with your bidding.

One additional note here: though the contents of the storage unit that goes to the highest bidder is now legally theirs, there are a few types of items that must be returned to the storage company if they are found amongst the contents. These include photographs or identification documents that the company will attempt to return to the unit’s original tenant.

Looking for your own piece of the action (…or auction)?

For those ready to reap the potential rewards of bidding on storage unit auctions, there are a few ways you can get into the action locally. Reach out to local storage companies in your area to see if they will be holding any auctions soon or how they advertise them. There may also be online storage auctions where you can view the contents and bid without leaving your home. However, if you choose the online option, you will still need to go to wherever the storage unit is located if you win the bid as you’ll be responsible for the contents.

If you’re looking into reselling your storage unit auction wins, make sure to do some research about where to place your resale items. You may look into consignment or pawn shops in your town or online secondhand marketplaces such as eBay or Facebook Marketplace to make your sales. Be clear about what is expected of you and what options take a cut of the final sale so that you can maximize your earnings. You may also want to work with an appraiser for particular items so that you set a selling price that matches their actual value.

Make sure that you have a way to relocate your items if you don’t want to have to pay for storage unit rental after the auction is over. This means making an arrangement for a larger vehicle or budgeting for rent if necessary.

Lastly, make sure bidding in a storage unit auction makes sense for you financially. It may be wise to set a limit to how much you’ll spend on a bid. The whole purpose is to find a deal, right? Better to put in a bid that you can afford than to overspend and be responsible for a storage unit of stuff that is worth less than what you paid for your winning bid.

Has all this talk about storage got you thinking about where to put your own belongings? Whether it’s decluttering your place, storing high value items safely, or even just putting seasonal items out of sight for a period of time, Piece of Cake Moving and Storage can partner with you to make the most out of the available storage options. We’ll work with you to estimate the total volume of items you’d like to store to inform your affordable monthly cost and make arrangements to pick them up. We’ll transport them to our secure storage facility for safe keeping, no matter if we store your stuff short-term or indefinitely. Whenever you want your items back, arrangements for delivery anywhere in the country is just a phone call away. Storing your stuff should be easy. Working with us will make it, well,… a Piece of Cake.