Storage Auctions

IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-

Offline johnnyghonda

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So I went to an auctioneer's caravan of facilities this morning until noon--- 21 units! 
1st facility(uncle bob's SS) had about 50 people (no kidding) and crap went for 275+++ ugh.  supposed to have 6 units- 3 paid up.

2nd facility(uncle bob's SS) supposed to have 9 units, 4 doors were cut open and every one went for 300+!!!! WTF... i decided to hold onto my 400 and save it for a much smaller crowd--- figured the reason for the crowds is they search storage auctions online and get our local autioneers website which lists their upcoming caravans- sign up and get emails of upcoming auctions=tons of people=overpriced lockers.  believe me- today's lockers were not that impressive. 

HERES THE TIP- IF YOU WANT INEXPENSIVE UNITS, GO OLD SCHOOL SEARCHING FOR STORAGE FACILITIES THAT DON'T USE AUCTIONEERS (PUBLIC SELF STORAGE, the big orange P, uses their district managers to caravan once a month and handle the bidding wars=boring bidding not trying to skyrocket the price for a cut of the profits=more money you and i save!) 

A note about our local auctioneers that irritate me- they make us form a line and after only 10 or so people see the locker she starts the bidding at 100.00!   its usually up to 225 by the time everyone sees it...  anyone else have any thoughts or ideas--???

Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #1 on: July 17, 2011, 06:23:04 AM »
They probably start the unit off at 100 but if noone hits then they might have to go down.

Offline jrossjr79

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Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #2 on: July 17, 2011, 12:52:58 PM »


A note about our local auctioneers that irritate me- they make us form a line and after only 10 or so people see the locker she starts the bidding at 100.00!   its usually up to 225 by the time everyone sees it...  anyone else have any thoughts or ideas--???


Only suggestion I can give you on this, is make sure you are one of those first 10 that get to see it. No matter what it takes, be aggressive to a point where you are still not rude :)

Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #3 on: July 18, 2011, 08:03:39 AM »
The thing is that the auctioneer won't sell the unit until everyone looks and the idiot or pro who starts the bidding at 100 or whatever will do so whether he she or you are first or last in line. You still get a look and someone thinks it's worth whatever they start at. What the auctioneer is trying to do is keep the process moving along. Could you imagine how long a dozen units would take to get auctioned off if the auctioneer waited for all 50 newbies/pros/lookey loos/thrill-curiosity seekers would take if he said ok lets all be quiet and let everyone get a good look and when looker number 50 is finally done and when anyone who wants a second look gets thru we will start the bidding?  If you are last in line and don't like where the bid is, get up front next time or don't bid, although as I said, if someone thinks the value is there the bidding will go where it will go. Thats just reality.

Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #4 on: July 27, 2011, 09:25:11 AM »
So I went to an auctioneer's caravan of facilities this morning until noon--- 21 units! 
1st facility(uncle bob's SS) had about 50 people (no kidding) and crap went for 275+++ ugh.  supposed to have 6 units- 3 paid up.

2nd facility(uncle bob's SS) supposed to have 9 units, 4 doors were cut open and every one went for 300+!!!! WTF... i decided to hold onto my 400 and save it for a much smaller crowd--- figured the reason for the crowds is they search storage auctions online and get our local autioneers website which lists their upcoming caravans- sign up and get emails of upcoming auctions=tons of people=overpriced lockers.  believe me- today's lockers were not that impressive. 

HERES THE TIP- IF YOU WANT INEXPENSIVE UNITS, GO OLD SCHOOL SEARCHING FOR STORAGE FACILITIES THAT DON'T USE AUCTIONEERS (PUBLIC SELF STORAGE, the big orange P, uses their district managers to caravan once a month and handle the bidding wars=boring bidding not trying to skyrocket the price for a cut of the profits=more money you and i save!) 

A note about our local auctioneers that irritate me- they make us form a line and after only 10 or so people see the locker she starts the bidding at 100.00!   its usually up to 225 by the time everyone sees it...  anyone else have any thoughts or ideas--???


My .02
Storage facilities operate under state laws - they are to advertise and maximize revenue at the sale. The laws are to protect the tenant. The past due renter gets all the money unless it exceeded the past rent and fees. If the storage facility cant find the person the state or county gets the extra money. Also the auctioneer works for the storage facility and makes a percentage of the total sale, the auctioneer makes more money by getting max revenue as well. The system is capitalism operating... You can participate in the process by keeping money in your pocket as well....

Lance

Offline MovieMan

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Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #5 on: July 27, 2011, 09:40:56 AM »
My .02
The laws are to protect the tenant. The past due renter gets all the money unless it exceeded the past rent and fees. If the storage facility cant find the person the state or county gets the extra money.

Not sure if you meant to say the above or not.

Generally speaking (and I think this is true in all states) the only money the past due renter would receive would be that amount that EXCEEDS what was owed to the storage facility.

As an example, if I defaulted and I owed the facility $475 in back rent and penalties and then the unit was auctioned off for $675, you might think I would get $200, but the auctioneer's fee (anywhere from 15 to 25 percent) has to come off that too. So, if the auctioneer got 25% of that $675 (off the top?) THEN the facility took out their $475, we can see that what was left over for the former tenant would be a small number. (I didn't to the actual math, but you get my drift).


Offline Travis

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Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #6 on: July 31, 2011, 09:50:31 AM »
My .02
Storage facilities operate under state laws - they are to advertise and maximize revenue at the sale.
Lance

In some states, the storage facility isn't even required to have a public auction. All they have to do is give the state's required notices and wait a certain period of time. Then they can keep the property or dispose of it any way they wish.

Offline Travis

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Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #7 on: July 31, 2011, 09:53:26 AM »
had about 50 people (no kidding)


About a month after the premiere of Storage Wars and Auction Hunters, I went to two auctions that had over 180 people there. I saw a plastic bag with 5 sets of plastic silverware sell for $35. (No Kidding)

Offline otbg

Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #8 on: September 01, 2011, 07:51:40 AM »

A note about our local auctioneers that irritate me- they make us form a line and after only 10 or so people see the locker she starts the bidding at 100.00!   its usually up to 225 by the time everyone sees it...  anyone else have any thoughts or ideas--???


I think I know who you are talking about... I have only known one person in Orlando to do that. An auctioneer named Tammie. I did like her style at all and felt she had a bad personality to boot. I have learned to avoid auctions put on by her company. I don't like their other auctioneer as well. Like you, I have learned that going to auctions where there is no outside auctioneer company tend to be much better.

Offline Cobia

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Re: IM STILL A NEWBIE BUT I HAVE A GOOD SUGGESTION FOR EVERYONE-
« Reply #9 on: September 01, 2011, 08:23:01 AM »


A note about our local auctioneers that irritate me- they make us form a line and after only 10 or so people see the locker she starts the bidding at 100.00!   its usually up to 225 by the time everyone sees it...  anyone else have any thoughts or ideas--???


Here is what I do, though it might not be a tactic suited for everybody! When I am in line and the guys up front are already bidding before most of us have seen anything, I jump the bid by a couple $100. So if a couple of guys already have the bid at $100 I yell $300!! from the back. This works great because it distracts and confuses everybody. Instead of continueing with bidding, everybody is trying to figure out who the idiot is who just bid on a unit they have'nt even seen yet. By the time the original bidders get back to it I have worked my way up and gotten a good look and know what I really want to pay. The great thing is I have'nt been caught yet bidding on a unseen unit. The auctions are sooo competitive even when I jump the bidding they still end up higher then my initial offer.


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