What is a Mini Storage Auction and how can you participate?
Any storage unit or mini storage units facility will store an individual’s belongings in a locked and keyed storage facility. You can choose to store your belongings in a single unit or in a whole warehouse. In order to keep their belongings safe and sound, the owner of the unit will need to pay a monthly fee or yearly fee.
The mini storage space renter will be notified if they are behind on rent and asked to make up the difference. Management will have to make a claim for the loss if the owners fail to pay their rent. They will then begin to resell the contents. Management of the facility must fill in and record several documents. Next, they must make it public at least two weeks in advance of the auction date that they intend to auction off the contents. The renter must follow a legal procedure. It doesn’t matter if they are less than one month behind. The purpose of auctioning the contents was to recover the storage rent lost.
After the mini storage auction has been advertised, the auction day is set. People will arrive and register to bid on the mini storage contents. The auction will take place. After paying the winning amount, the highest bidder takes control of the contents.
You can hold a mini storage auction in many different ways. There may be a requirement to sign up for a number or you may just need to raise bids. It is important that you learn as much about the auction as possible before you go. You may find that there are requirements that the items must be moved within 24 to 48 hour after the auction ends.
There are many options when it comes to what you can find inside these mini storage cabinets. There could be major appliances or minor appliances. Or, you might find antiques or heirlooms. Also, you might find jewelry boxes and other valuable items in the auction. A mini storage auction is a profitable way to make money. Your bid must be lower than or equal to your transportation and resale expenses. The goal is to recoup your auction bid price and transportation costs through the resale. Anything more than these two combined is considered profit.