Users' questions

How are storage locker Auctioneers paid?

How are storage locker Auctioneers paid?

Arguably, the single most common way in which auctioneers are paid is commission. 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.

Who gets the money from a storage auction?

After A Unit is Purchased Once the auction concludes, buyers head to the rental office and pay cash for the storage units. The buyers receive a receipt and an access code to enter the property. Typically, all storage units purchased at auction must be cleaned out within 48 hours.

What happens when you bid on a storage locker?

Storage locker auctions are typically conducted in one of two ways: live auctions or online. Online auctions have taken off in recent years, even more so since the COVID-19 coronavirus epidemic kicked into full swing. In both cases, the winning bidder must promptly pick up the unit’s contents and empty out the unit.

Is there an auction for storage lockers online?

Whether you’re a collector or interested in reselling, online storage auctions are a fun way to find unexpected treasures. Online local storage locker auctions provide the most convenient way to browse, research, and bid. There’s no need to spend all day traveling for an auction which might not have anything good.

What happens when a storage unit is auctioned?

Storage operators make a big profit from auctions. By law, storage facilities can keep only the overdue amount of rent, as well as enough to cover the costs of the auction, such as lock-cutting fees. 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.

Can a rental locker be wrongfully auctioned off?

Storage companies face lawsuits alleging people who rent storage lockers from them have been subjected to wrongful storage contents auctions in which their property has been wrongfully auctioned off, in violation of state laws. These wrongful auctions involve the selling of property stored in a rented locker when the renter fails to pay.

How does an auction work for a storage locker?

How Storage Unit Auctions Work. When storage locker renters fail to pay their monthly rent for a certain period of time, the storage facility will auction off the contents off the box to the highest bidder. For side hustlers, that means an opportunity to score inventory to re-sell on the cheap.

Where can I bid on self storage auctions?

StorageAuctions allows customers and self storage unit buyers to purchase and bid on online storage unit auctions. This real-time, updated sale allows for constant bidding throughout the entire process. With over 15 years of experience in storage facility ownership and auctioneering, we know what our customers want and expect.

What happens when you win a storage unit auction?

The auctioneer goes through his or her spiel and the unit is auctioned off. After all of the units are auctioned off, the “winners” typically meet in the facility office and pay up. The winners are also responsible for a $100 or $200 cleaning deposit. Then they have 24 to 48 hours to empty the unit to receive their deposit back!

Storage companies face lawsuits alleging people who rent storage lockers from them have been subjected to wrongful storage contents auctions in which their property has been wrongfully auctioned off, in violation of state laws. These wrongful auctions involve the selling of property stored in a rented locker when the renter fails to pay.