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Storage Auction Myths

Offline Travis

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Storage Auction Myths
« on: December 01, 2014, 05:21:31 PM »
What are some common myths about the storage auction business?

Offline alloro

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Re: Storage Auction Myths
« Reply #1 on: December 02, 2014, 01:12:40 AM »
Every unit yields treasure.

Re: Storage Auction Myths
« Reply #2 on: December 02, 2014, 08:51:48 AM »
Every unit has that one piece in that back with the "Wow" factor that will either make or break the unit.

Sadly selling smalls is the name of the game.

Offline Travis

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Re: Storage Auction Myths
« Reply #3 on: December 02, 2014, 10:15:04 AM »
That it's common for a facility manager to remove merchandise from a unit.

Offline Cobia

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Re: Storage Auction Myths
« Reply #4 on: December 03, 2014, 06:13:05 PM »
Storage units are lost by people who can't pay their bills...

Many folks just walk away from the units, even though the default will show up on their credit report.

Offline alloro

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Re: Storage Auction Myths
« Reply #5 on: December 04, 2014, 10:35:37 AM »
Sure, absolutely, yes you can quit your day job.

Offline theoddfind

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Re: Storage Auction Myths
« Reply #6 on: December 24, 2014, 12:14:55 PM »
Storage facility gets to keep the profits if any from the sale.

Re: Storage Auction Myths
« Reply #7 on: December 24, 2014, 03:18:35 PM »
usually they don't make a profit but the tenant doesn't get the remainder. after auction fees, late fees, labor fees etc. I've never heard of anyone getting a check in the mail.

Offline theoddfind

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Re: Storage Auction Myths
« Reply #8 on: December 28, 2014, 01:25:51 PM »
usually they don't make a profit but the tenant doesn't get the remainder. after auction fees, late fees, labor fees etc. I've never heard of anyone getting a check in the mail.

I have seen many units go way beyond what was owed to the storage facility and yes any amount above that is owed to the renter. The storage facility by law is required to hold for a period after which they have to send the money to the government which they hold i believe for 1 yr and after that if no one claims it the government keeps it.


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