23 Nov 2015

3 Myths About Storage Auctions

The number of shows centered around the storage auction industry has become increasingly prevalent in the last few years, but like anything on TV, what we see is not always accurate. The Hollywood effect instills plenty of entertainment value, such as suspenseful, intentionally-timed commercial breaks and the like.

Storage Acution

Nevertheless, there are some myths purported by the media that need to be dispelled. Many savvy, persistent auction attendees can and do make a decent living by profiting on the sale of rare collectibles, but it is important to not be misled by the promise of quick and easy cash!

Common Storage Auction Myths

  1. Every Unit is a Goldmine

    Think about it, shows like Storage Wars would not be nearly as popular if they showed buyers losing their shirts. Incredible finds are out there, but do not buy into the hype that all storage buildings contain a mountain of priceless treasures! To avoid getting let down, go into the auction with a sense of harmless fun. In other words, hope for the best and prepare for the worst. There might be nothing in there but a couple of empty boxes, but that is how it goes in the world of auctioning.

  2. You Never Know What you are Getting for Your Money

    To enhance the suspense, some storage auction shows make viewers believe buyers are always in the dark about their purchase. This is not entirely true though, as many auctions allow people brief time to scan the contents before bidding. While walking through units is generally not allowed, peering inside is not off-limits. To get an edge over your competition, be sure to bring a flashlight and an extra set of eyes with you!

  3. Cash is not Necessary

    Rarely will an auctioneer allow bidders to pay with a debit/credit card. Virtually all businesses require you to have cash on hand at the time of the sale, including extra to cover the cost of the mandatory cleaning deposit. This fee is refunded once the unit has been cleared, and can run upwards of copy00 in some cases. Be sure to inquire about the company’s policies before bidding.

The thrill of bidding on a storage unit is a great way to spend your weekend. You might go home empty-handed or turn a hefty profit, but will definitely enjoy the experience of bidding alongside a group of fellow hopefuls!

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