Storage Auction Myths

What are some common myths about the storage auction business?

Every unit yields treasure.

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.

That it's common for a facility manager to remove merchandise from a unit.

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.

Sure, absolutely, yes you can quit your day job.

Storage facility gets to keep the profits if any from the sale.

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.

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.