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An Introduction To Public Storage Unit Auctions

Aug 27, 2008
Public storage unit auctions are a great way to make money with your own home based business. The contents can be bought and sold on a part or full time basis. When the economy is in a slowdown, these auctions begin to pop up more and more often. These auctions occur when the occupant of the storage unit is unable to pay the bill and the storage company repossesses the contents of the public storage unit. These items are often sold for pennies on the dollar and can be resold on Ebay, Craiglist or flea markets quickly and easily.

Typically in a public storage unit auction, all items are sold in bulk at one price. The door to the unit is opened and bidders can look but can't touch any of the items. The auction company will charge a buyers premium of 5-10% on the auction price, so be sure to budget your bid accordingly. Some auctions will also have a reserve price or minimum that the storage company will want to get for the contents. The reserve is sometimes called a Pending Owner Approval clause. If you can find auctions without the clause, you will typically find better deals.

Here are some tips to help you decide whether the public storage auction is going to be profitable.

First of all, attend auctions in a decent part of town. People tend to store items near their residence. If it's a lower class neighborhood, generally the contents will not be as valuable.

Look at the types of boxes that are in the unit. You want to see boxes from moving companies as opposed to items from grocery stores.

If there is furniture in the unit, make sure to examine it carefully.

When you attend the auction, you will need to bring lots of cash, because credit cards are generally not accepted at storage unit auctions. You will also need to bring a truck. You will need to get the unit cleaned asap. It's also a good idea to have a lock handy just in case you have to make multiple trips. Also, don't forget to have a dolly, tarps and bungee cords. This makes wrapping your purchases easy.

Public storage unit auctions are a great money maker if you do your homework and are diligent in your research. These auctions are a great business that can be done from home on a full or part time basis.
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