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Days of units starting off at 5 bucks are long gone.

Offline bwd111

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Days of units starting off at 5 bucks are long gone.
« on: July 27, 2012, 01:32:15 PM »
Went to an auction today and like the last few the bid starts off on what is owed on the units and then taken from there. Are you seeing this in your area as well?

Offline Alias300

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Re: Days of units starting off at 5 bucks are long gone.
« Reply #1 on: July 27, 2012, 02:03:41 PM »
Not starting at what's owed.  They tend to start higher.
A 3x3 rents for approx $45/month here.  Figure even at only 1 month behind, plus notice time, is about 2 months minimumun before it goes up for bid.  More likely 3-4.  I've had friends 3 months behind, notice to pay in fourth month, legal papers in fifth and didn't get final notice (auction month) till the sixth month.

But figure two.  That's still $90 + Admin fee's and most start here at ohhhh....$20-$50? Give or take on what's in it.    Take up to the big lockers that go for $350/month and opening bid would be $700!

But the starting bid tends to be higher and few will accept a low ball bid like before.
We have one guy that is pretty savvy.  He takes a good look at it and 90% of the time starts at a price lower than anyone would value locker at but till fair.  (and off subject but I like him because he doesn't try to 'sell it'.  Won't point things out or tease bidders trying to get bidding wars going.)

Offline alloro

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Re: Days of units starting off at 5 bucks are long gone.
« Reply #2 on: July 27, 2012, 02:17:51 PM »
Went to an auction today and like the last few the bid starts off on what is owed on the units

Okay you solve this by talking with the other buyers and all agreeing that no one bids on them. Once that happens, the minimum bid policy by the property manager goes out the window.

Some property managers tend to forget that we're there to help them, just as much as they're helping us. Without us they get no money for the unit, they have to spend time or labor cost to clean it out, then they have to pay to have the junk hauled away. We save them all of that aggravation plus pay them to boot. Some times more, some times less. But even when it's less, they are always spared the aggravation of the clean-out. So stop taking their crap!

Offline MovieMan

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Re: Days of units starting off at 5 bucks are long gone.
« Reply #3 on: July 27, 2012, 02:57:41 PM »
Okay you solve this by talking with the other buyers and all agreeing that no one bids on them. Once that happens, the minimum bid policy by the property manager goes out the window.



Watch out Alloro !  The "collusion" fans will be all over that statement !

That said there is this to consider:

Depending on the crowd there will be people who won't buy into it and they WILL spring for the minimum being asked.

AND THAT SAID....

Some years ago only 5 of us showed up  at a place that rarely had auctions (or crowds).  Through MENTAL TELEPATHY we each decided that $10 would be our maximum bids for the 5 lockers up for auction. Miracle of miracles, we each got a locker for $10 having "mentally" decided who would go for #1, #2, etc. (sight unseen).  Ain't science wonderful.


Offline alloro

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Re: Days of units starting off at 5 bucks are long gone.
« Reply #4 on: July 27, 2012, 04:01:01 PM »
Watch out Alloro !  The "collusion" fans will be all over that statement !

It's not an act of collusion, it's an act of protest.

col·lu·sion (k-lzhn)
n.
A secret agreement between two or more parties for a fraudulent, illegal, or deceitful purpose.

pro·test (pr-tst, pr-, prtst)
v. pro·test·ed, pro·test·ing, pro·tests
v.tr.
1. To object to, especially in a formal statement. See Synonyms at object.
2. To promise or affirm with earnest solemnity: "He continually protested his profound respect" (Frank Norris).
3. Law To declare (a bill) dishonored or refused.
4. Archaic To proclaim or make known: "unrough youths that even now/Protest their first of manhood" (Shakespeare).
v.intr.
1. To express strong objection.
2. To make an earnest avowal or affirmation.
n. (prtst)
1. A formal declaration of disapproval or objection issued by a concerned person, group, or organization.
2. An individual or collective gesture or display of disapproval.
3. Law
a. A formal statement drawn up by a notary for a creditor declaring that the debtor has refused to accept or honor a bill.
b. A formal declaration made by a taxpayer stating that the tax demanded is illegal or excessive and reserving the right to contest it.

Offline MovieMan

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Re: Days of units starting off at 5 bucks are long gone.
« Reply #5 on: July 27, 2012, 04:09:59 PM »
It's not an act of collusion, it's an act of protest.

col·lu·sion (k-lzhn)
n.
A secret agreement between two or more parties for a fraudulent, illegal, or deceitful purpose.



Damn, the other four guys and I fit that definition to a "T".

1) two or more parties....there were five of us.
2) deceitful purpose....you bet

The fact is we "colluded" through "brain wave transfer" OK, it coverted to speech...to hold the prices to $10 each....and it worked.

Yes, I am a sinner and maybe even a felon.

However, there is a bigger "crime" here.  The facility manager was dumber than a stump. He could have called the auction off, not accepted such low bids, etc. Chances are one of the five of us would have folded but not to any large degree. Stupid does as stupid is.


Re: Days of units starting off at 5 bucks are long gone.
« Reply #6 on: July 30, 2012, 05:36:14 PM »
We still have many no sales, $1 and $5 units, along with the $500+ units.  Then again I've yet to be at an auction with a min bid.  Now my one 7 facility location is starting to get a little greedy.  A few times now he has "rejected" $50 opening bids on small units that before would go for $300 or more.  Granted it normally goes for $150 or so and the $50 is just to get things rolling.  So I don't know if this guy don't want to waste time, trying to get more money, or what.


Offline MovieMan

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Re: Days of units starting off at 5 bucks are long gone.
« Reply #7 on: July 30, 2012, 05:43:08 PM »
Now my one 7 facility location is starting to get a little greedy.  A few times now he has "rejected" $50 opening bids on small units that before would go for $300 or more.  Granted it normally goes for $150 or so and the $50 is just to get things rolling.  So I don't know if this guy don't want to waste time, trying to get more money, or what.



Sounds to me like he got spoiled by the past year or so of higher bids and hasn't thought it through. If no one bids greater than the $50 he rejected he might REALLY regret it, but I would guess most buyers would fold and come in at $100 or so to get it rolling. Still, if they used to go for $300 Plus, he can't be too happy with maybe $100 less than that.

Guess if that is the case he will have to deal with IT the way we have dealt with higher prices in the past.  If they don't sell I wonder how he'll feel about holding on to them for another month or two.


Re: Days of units starting off at 5 bucks are long gone.
« Reply #8 on: July 31, 2012, 09:16:31 AM »
Ya - I'm finding a few of these places have just gotten greedy over the last year.  So they will be in a shock I suspect in another year or two if prices / crowds keep coming down.

The unit I got rejected on with a $50 starter in June I really thought he wasn't going to sell.  He kept asking for $100 for a good 2 mins or so before a newbie bid.  Sold it for the $100 and rest of us just shook our heads.  I think part of it was he was pissed at me and a few of the other regulars.  Earlier that morning I opened up with a $20 bid on a 10x10 that had a few furniture items but wasn't anything great.  Other regular said $30 and I let him have it since was mostly so/so furniture and a king size matress.  The guy sold the matress to a newbie for $50, a small table and 2 chairs for $30, etc.  All before paying for the unit and in front of the auctioneer.  Myself - I was like dumbass don't do that but it happened.  Ever since then this guy has been anal.  Myself - I bout fell out when the newbie offered $50 for the matress.  This guy I suspect will combine several of the smaller units that don't sell into a unit special that they don't tell you about.  It's always just an "owner abandoned" unit.

Just recently thursday at a silent bid we didn't know if they were going to take the bids or not.  In fact one newbie at the 2nd facility won 4 units.  She only had the money to pay for 1 that she bid on.  The facility asked one of the regulars if they wanted to pay the ladies bids and buy the units.  They passed - prices were way high/over what was even owed.


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