Storage Auctions
Online Storage Auctions => Online Storage Auctions => Topic started by: MovieMan on March 25, 2013, 08:00:32 AM
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Only time will tell if online auctions will "make it" in the long run. I don't think they will. Travis has his sources he goes by and the four major auctioneers in my area are my sources. They don't hold out much long term hope for online auctions either, but what do they know?
The fact is that EACH interested party has their own perspective on any business and it is colored by their personal interest; to wit:
1) Travis has a vested interest in seeing online auctions succeed so his new website will succeed "free" or not.
2) Regular auctioneers have a vested interest in seeing online auctions fail...their interest is obvious.
3) We as auction buyers are the ones who will determine if online auctions flourish or not...personally, I'm not buying into onlines for the following reasons:
a) I don't feel I can get a good enough view through pictures (I don't care how many they post)
b) Until smell-o-vision comes to the internet and they can effectively give me the smells of a locker in question. Sorry.
c) The sense of what the buying crowd feels about a locker can not be measured in online auctions.
d) I can't talk to a storage manager (or other buyers) about a locker or locker owner history before making a bidding
decision.
e,f, g, h, i, etc) other members here can provide other reasons I haven't thought of.
Sorry, I'm just not buying online auctions and I mean that in more ways than one.
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efg etc .
The facility owners in my area are more concerned with getting the unit back onto the available inventory than they are with getting even with the rent . They arent going to want to wait a week or 10 days for an online auction to run , get paid and cleaned out. Especially when they are turning away new clients because they are out of 5x10s or 10x10s
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2) Regular auctioneers have a vested interest in seeing online auctions fail...their interest is obvious.
That's because Storage Battles and Sealed Online Bids excluded auctioneers. Why were they excluded you ask? Because they don't want to share their commission with an auctioneer. We realize that auctioneers are an integral part of the storage auction business which is why auctioneers are encouraged to use VirtualStorageAuction.com. Since we're free to use, we're not concerned about their commission. The auctioneers can keep their money in their pockets where it belongs.
3) We as auction buyers are the ones who will determine if online auctions flourish or not
I totally disagree. Online storage auctions are very convenient for facilities. Plus, they recover more money than they would with a traditional sale. It's just a matter of time before online storage auctions become the industry standard. If a majority of storage facilities start holding their sales online, buyers will follow.
...personally, I'm not buying into onlines for the following reasons:
a) I don't feel I can get a good enough view through pictures (I don't care how many they post)
I beg to differ. With the zoom feature in these photos, you can see things that you wouldn't be able to with the naked eye.
b) Until smell-o-vision comes to the internet and they can effectively give me the smells of a locker in question. Sorry.
If you purchase lockers based on how they smell, you're missing a lot of good opportunities.
c) The sense of what the buying crowd feels about a locker can not be measured in online auctions.
I have never let the crowds reaction to a unit influence my buying decision. I'll buy anything I can turn a profit on regardless of what anyone else thinks. However, you can gauge the popularity of the units being sold online by looking at the bidding activity which is located below the unit's description.
d) I can't talk to a storage manager (or other buyers) about a locker or locker owner history before making a bidding
decision.
You have to question people's motives when they tell you something about a unit or a tenant. I base my buying decisions based on what I can see in the unit. Anything else is gambling.
Sorry, I'm just not buying online auctions and I mean that in more ways than one.
That's okay. It's hard to teach an old dog new tricks. You seem to be doing better as a picker anyway. ;D
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We'll have to agree to disagree.
I certainly don't buy lockers based SOLELY on how they smell, but it IS a consideration. I've seen junky looking lkr pics on some of the online auctions and the ability to smell them MIGHT make a difference. You said you buy based on what you can see and you promote the zoom feature of photos. On the other hand I wonder if the photographers take a picture of the pot in the corner with urine or worse inside. Editing is what it's all about and the photos will show the best items that's for sure.
As to letting the crowd make a decision for me, that doesn't happen either, but I don't think even you can deny that knowledge about the former lkr owner from the manager or from people who knew the former lkr owner can be denied as a helper in making a decision.
I have known former locker owners (some of whom have been auction buyers or flea market sellers) and I can assure you I didn't bid based on that knowlege. Meanwhile other buyers who didn't know those facts were buying based on "what they could see" .... stage or not, they didn't know.
It will be interesting to see what other buyers here think about online auctions as a viable opportunity or a future leader in sales of auction lockers.
I have absolutely nothing to gain by stating what I think about the online auctions. Can you Travis legitimately say the same thing?
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efg etc .
The facility owners in my area are more concerned with getting the unit back onto the available inventory than they are with getting even with the rent . They arent going to want to wait a week or 10 days for an online auction to run , get paid and cleaned out. Especially when they are turning away new clients because they are out of 5x10s or 10x10s
They don't have to wait any longer than they normally would. They still have to place legal notices in the newspaper. The auction can begin whenever they're ready.
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quote author=Travis link=topic=3875.msg25412#msg25412 date=1364223930]
They don't have to wait any longer than they normally would. They still have to place legal notices in the newspaper. The auction can begin whenever they're ready.
[/quote]
If I read the legal notices correctly they might say: Auction, April 5, 1 p.m. (at such and such physical address).
People show up, auction happens, money paid, lkr cleaned out. Lkr available to re rented out to a new person.
A legal notice for an online auction MIGHT read like this (I hardly read them, so this isn't totally accurate).
Online auction of Lkr #456 to be held online STARTING April 5, 1 p.m. and ending April 15, 1 p.m. (followed by details on URL for online auction, terms of payment, etc, etc.
Seems like there's some lag time in there to me for re-renting the lkr, but maybe I'm just plain wrong as I am the average schlub who buys used to buy these things on a fairly regular basis.
I wonder if it isn't easier for an online buyer to back out of a deal than it is for a person who actually attends. There is a certain anonimity to the online experience after all. AGAIN, I don't know all the details about registering, bidding, etc as I have no interest in pursuing this avenue of buying. I think buying a lkr online is different than buying something from eBay online.
As to picking items (as opposed to buying lkrs) yes, THAT works for me as it's all right in front of me. I won't promote that kind of buying here (as I have no vested interest in doing so) but if someone hasn't tried it, they might want to.
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I have absolutely nothing to gain by stating what I think about the online auctions. Can you Travis legitimately say the same thing?
I don't see why that is even relevant. It's not like I'm making a commission on these units. I truly believe in online storage auctions and VirtualStorageAuction.com. If I didn't, I would be investing my time and money making it happen. It's been a long time since I have been this passionate about something.
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If I read the legal notices correctly they might say: Auction, April 5, 1 p.m. (at such and such physical address).
People show up, auction happens, money paid, lkr cleaned out. Lkr available to re rented out to a new person.
A legal notice for an online auction MIGHT read like this (I hardly read them, so this isn't totally accurate).
Online auction of Lkr #456 to be held online STARTING April 5, 1 p.m. and ending April 15, 1 p.m. (followed by details on URL for online auction, terms of payment, etc, etc.
Seems like there's some lag time in there to me for re-renting the lkr, but maybe I'm just plain wrong as I am the average schlub who buys used to buy these things on a fairly regular basis.
I wonder if it isn't easier for an online buyer to back out of a deal than it is for a person who actually attends. There is a certain anonimity to the online experience after all. AGAIN
A online buyer could back out just as easily as someone could leave an auction without paying. On our site, if a buyer doesn't pay a storage facility, their IP address is blocked from using the site again. The advantage of an online storage auction in this situation would be that the storage facility can still contact the next highest bidder.
No, the notices are more like this: ABC storage facility will be auctioning off the following units on VirtualStorageAuction.com. Auction begins on March 28th and ends on April 5th at 12:00 PM.
Or, for states where online storage auctions are questionable. ABC storage facility will be auctioning off the following units on VirtualStorageAuction.com and conducting an In-Person sale. Online auction begins on March 28th and ends on April 5th at 12:00 PM. Live Sale begins April 5th at 1:00 PM. Units will be sold to the highest overall bidder.
As you can see, it doesn't take any longer than a traditional sale would.
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No, the notices are more like this: ABC storage facility will be auctioning off the following units on VirtualStorageAuction.com. Auction begins on March 28th and ends on April 5th at 12:00 PM.
Or, for states where online storage auctions are questionable. ABC storage facility will be auctioning off the following units on VirtualStorageAuction.com and conducting an In-Person sale. Online auction begins on March 28th and ends on April 5th at 12:00 PM. Live Sale begins April 5th at 1:00 PM. Units will be sold to the highest overall bidder.
As you can see, it doesn't take any longer than a tradition sale would.
Yes, a live auction buyer could back out and the auctioneer would be able to sell the unit RIGHT THEN to the 2nd highest buyer (if the 2nd highest bidder hadn't left the scene) (there is another thread about that happening). On the other hand the online auction buyer could possibly wait a bit (day or two) to decide to pay or not? Is THAT possible? If he backed out two days after the auction ended, then then the 2nd or 3rd bidder had changed their minds as well, the day count starts to add up.
I think the TIME FACTOR here is an important issue for facilities which the point one of the posters above was making.
In your quote directly above, I just don't understand how the online auction is happening just as fast a regular auction. It has a 5 or 10 day spread as opposed to the one hour live auction. Again, maybe I'm just dense. Maybe some other posters here will have something to say one way or the other that will make me more enlightened.
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In your quote directly above, I just don't understand how the online auction is happening just as fast a regular auction.
Depends on the timing. If the storage facility completes the required legal hurdles, it doesn't necessarily have a live auction the same day. It could be 2 or 3 weeks before the auctioneer or regional manager comes around to conduct the auction. With the online auction, it could be posted within 24 hours and be completed before the live auction would've taken place. Like I said, it depends on the timing.
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Yes, a live auction buyer could back out and the auctioneer would be able to sell the unit RIGHT THEN to the 2nd highest buyer (if the 2nd highest bidder hadn't left the scene)
The auctioneer won't realize that the buyer has left until everyone has finished paying. Everyone is gone at that point. The chances of the second highest bidder still being there are slim. At least with an online storage auction the facility has access to the second and third place bidder's email addresses and phone numbers.
On the other hand the online auction buyer could possibly wait a bit (day or two) to decide to pay or not? Is THAT possible? If he backed out two days after the auction ended, then then the 2nd or 3rd bidder had changed their minds as well, the day count starts to add up.
Sure it's possible, just like it's possible for a live bidder to change their mind and leave without paying. Just like it's possible for a second a second or third place bidder at the live sale to change their minds as well.
I think the TIME FACTOR here is an important issue for facilities which the point one of the posters above was making.
In your quote directly above, I just don't understand how the online auction is happening just as fast a regular auction. It has a 5 or 10 day spread as opposed to the one hour live auction. Again, maybe I'm just dense.
The auction online auction would begin before the auction date and end on the auction date. Remember, these notices are sent out 3-5 weeks in advance. Maybe the following example will help you understand. This is an actual legal notice.
Legal Notice of Public Sale
To be held at:
StorageBattles.com
Begin Date: March 30th,
2013 1:00pm
End Date: April 8th, 2013
at 1:00pm
American Mini Storage;
pursuant to Chapter 59,
Texas Property Code, will
hold a public auction online
at StorageBattles.com of
delinquent storage units to
satisfy operator’s lien: Unit #
2008 Douglas Crisp; Unit #
2048 Ernest Ramirez; Unit
# 3048 Jean-Marie Ruddy.
Unit contains contents of
household goods. All units
to be, sold in entirety to
highest bidder: All contents
must be removed same day,
Payment due immediately
upon bid acceptance. American
Mini Storage reserves
the following rights: (1) to
refuse any and all bids; (3)
to cancel the auction at any
time for any reason. Contact
Jennifer, Manager at 713-
957-3666.
3-21-2013 & 3-28-2013
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The auction online auction would begin before the auction date and end on the auction date.
Like I said...maybe, I'm just dense, but the single line above straightened that aspect out for me. I still have questions about the process, but I went to a piece by piece auction for a couple of hours and I'm going to take a few hours off here to actually do some work !
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An interesting aspect of the new site is the ability of running both auctions at the same time and ending the online auction just before the in person auction.
If you do that then the unit sold online and cannot be auctioned off again in person.
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If you do that then the unit sold online and cannot be auctioned off again in person.
Buyers on the site are informed when there is a lien sale taking place online and at the facility. Buyers are also informed that they will need to contact the facility 1 hour after the in-person sale to find out if they were outbid at the live sale. Also, the storage facility can press a button and notify the highest online bidder that they were outbid at the live sale.
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Also, the storage facility can press a button and notify the highest online bidder that they were outbid at the live sale.
Ri-i-i-i-i-i-ght, because all facility managers walk around with the auction crown with an internet capable laptop or tablet in their hands. :D
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Ri-i-i-i-i-i-ght, because all facility managers walk around with the auction crown with an internet capable laptop or tablet in their hands. :D
I meant once they get back to their office, goofball. ;D
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In my state, Georgia, an online auction isn’t a valid way of executing the lien law so it’s a moot point anyway. I’m only looking at it from the aspect of easily determining a starting bid for the “real” auction.
An online auction run simultaneously with the in-person auction would be perfectly legal in Georgia.
But that's a good point. If the auction was online and the bids were too high, you could save time and gas or find another auction to attend. Not only that, having pictures online would allow you to preview the units. If there is nothing of interest to you, then you didn't make a trip for nothing.
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I meant once they get back to their office, goofball.
The auction would be over at that point and would exclude the online bidders from bidding higher. To me it just seems like a clunky way of doing things.
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Only time will tell if online auctions will "make it" in the long run. I don't think they will. Travis has his sources he goes by and the four major auctioneers in my area are my sources. They don't hold out much long term hope for online auctions either, but what do they know?
The fact is that EACH interested party has their own perspective on any business and it is colored by their personal interest; to wit:
1) Travis has a vested interest in seeing online auctions succeed so his new website will succeed "free" or not.
2) Regular auctioneers have a vested interest in seeing online auctions fail...their interest is obvious.
3) We as auction buyers are the ones who will determine if online auctions flourish or not...personally, I'm not buying into onlines for the following reasons:
a) I don't feel I can get a good enough view through pictures (I don't care how many they post)
b) Until smell-o-vision comes to the internet and they can effectively give me the smells of a locker in question. Sorry.
c) The sense of what the buying crowd feels about a locker can not be measured in online auctions.
d) I can't talk to a storage manager (or other buyers) about a locker or locker owner history before making a bidding
decision.
e,f, g, h, i, etc) other members here can provide other reasons I haven't thought of.
Sorry, I'm just not buying online auctions and I mean that in more ways than one.
Would you buy this auction online with the smell? storagebattles.com/itemdetail/2672/a-1-access-storage-towne-storage.html
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The auction would be over at that point and would exclude the online bidders from bidding higher. To me it just seems like a clunky way of doing things.
Well, until our law makers add clear and concise language to our lien laws allowing online storage auctions, it's the best option we have. Keep in mind, in states where online storage auctions are currently legal, they don't have to have the live sale as well. Over the next few years, I think most states will clarify their lien laws and this won't even be an issue.
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LOL! Now you’re just playing with semantics. Of coarse there is nothing that says it isn’t legal to have auctions running on the ‘net and in person. However, the “Real” auction is the one that is held per our Georgia State Statute and not per the “Virtual Statute”.
FWIW, our lien law states the "Real" auction must be held at the storage facility or at the nearest Bla, bla, bla…
Hey, I'm not knocking your concept. I like it! Like I said, using the online auction environment would be great as a good starting point for a minimum "Real" auction bid. That is as long as the winning bidder shows up for the "Real" auction.
No matter how many times you state it does, the online auction environment (LOL! Internet Law) cannot, and never will, supercede Georgia (or any other state) law.
Hey, I just realized that you came up with a great name for your domain. “Virtual Storage Auctions”, as in, not in the realm of “Real Auctions”. Very cool how you did that Travis… Good Job Man! I think I get it now…
I appreciate the support...I think. ;D
Look at it like this. More and more cities and government agencies are moving their property auctions online. Just this month, ICE moved their auctions to a website. More and more counties are moving their "real property" auctions to an online format. If they feel it's appropriate to auction off people's homes online, why not their storage units?
I based my decision to create this website because of the comment made by the attorney for the Texas Self Storage Association. She stated that she didn't feel that an online only storage auction met the lien law requirements in Texas; however, she stated that online auctions used as a supplement to the live sale at the facility would be acceptable.
I know that running an online auction alongside a live sale isn't the ideal scenario, but until our laws are modified, it gives storage facilities who are located in states where the lien laws are ambiguous a legal alternative.
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I meant once they get back to their office, goofball. ;D
Now That was funny.
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Would you buy this auction online with the smell? storagebattles.com/itemdetail/2672/a-1-access-storage-towne-storage.html
I think you posted this same question in three threads...2 for sure, so I'm answering it everywhere I see it.
1) I will never buy an auction online.
2) Buying decisions are not made solely on the basis of smell, never have been never will be.
3) I wouldn't buy the car you showed in the link even if it was here in California and not in UT. I am not a car guy.
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I think you posted this same question in three threads...2 for sure, so I'm answering it everywhere I see it.
1) I will never buy an auction online.
2) Buying decisions are not made solely on the basis of smell, never have been never will be.
3) I wouldn't buy the car you showed in the link even if it was here in California and not in UT. I am not a car guy.
Dont have to be a car guy to make money cause you sell the car. Thing I dont like about online is 9 days to bid on unit? I like 5 minutes to look at unit and only cash you have in hand that day. I wish my state would stop going to the online way! Having 45 units online is too much
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Dont have to be a car guy to make money cause you sell the car.
I have little knowlege about cars and no interest in buying and selling them. Sure, I could look it up online (even at a live auction) but that wouldn't tell me if there was an engine in it, if it would run when attempting to start it, how long it had been since it was last started, if the keys were available, if there were past due DMV fees (from 1985, wow !), what the fluids were like after all that time, etc, etc, etc.
Nope, not for me whether there or here...I'm not a car guy.
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Buyers on the site are informed when there is a lien sale taking place online and at the facility. Buyers are also informed that they will need to contact the facility 1 hour after the in-person sale to find out if they were outbid at the live sale. Also, the storage facility can press a button and notify the highest online bidder that they were outbid at the live sale.
im a bit lost so this isnt proxy bidding like ebay ? max bids are shown in the online auction?
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im a bit lost so this isnt proxy bidding like ebay ? max bids are shown in the online auction?
Yes, the buyer has the option of using proxy bidding. No, max bids are not shown to anyone. I'm not even sure if I can see them. (Remind me to look into that.) When an online auction is used as a supplement to a live sale, the opening bid at the live sale will need to be higher than the highest online bid. If no one bids at the live sale, the online bidder is the final winner. Once the manager logs into his/her account, they can press a button notifying the highest bidder that they were the highest bidder overall. If the online buyer doesn't pay, the facility can see the bids of the second, third & fourth place bidders as well as their email address and phone number.
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The "Sealed Online Bids" site failed (well, merged with "Storage Battles") , and so will this one........
WHY, MAY YOU ASK??????
If you look at the prices the units are selling for online, they are going for OUTRAGEOUS money. Way more $$$ then a "live" auction, even with the huge crowds since the proliferation of the TV reality shows. And don't forget the buyer's premium fees and tax!
The site claims that the units are not touched, and left in the same condition the tenant left them in. But if you look closely at the pictures, items are moved around by facilities (of course to get better pictures of the merchandise). This is no different then "highgrading"- rearranging a unit by placing expensive items in front.
If a facility manager sees a jewelry box or gun case in a room, you don't think they will turn a blind eye, and then go to the next box of clothes or stuffed animals, do you?? Of course not. It's human nature. BUT IF THEY TRULY DO NOT WALK INSIDE A LOCKER (like they are supposed to do), THIS WOULD NOT BE AN ISSUE.
I get a big laugh when units that would sell at a live auction for, say, $400, sell at an online auction for $1300 by the time the fees and taxes are added in. At a live auction, there is the ability to see who you are bidding against, and where the bids are going. Who knows who is placing bids from their computer? How about ANYONE WITH A COMPUTER AND ACCESS TO THE SITE?
Yes, this obviously means the facility owners, managers (or anyone else with a vested financial interest in the locker proceeds) are placing SHILL BIDS, thus artificially driving up the prices, and making more profit for the business. In my area, the owners and managers that are using this company are (generally) the "rulebreaker" types. You know, the spammers that list their auctions 15-20 times on Craigslist without deleting old listings, per CL rules.
The newbie "guppies" are clueless as to what amount of money one must pay for a unit to make a profit, and are taking the bait. WELL, FOR NOW. Just as at a live auction, there are people who think this is a "get rich quick" business, and fall by the wayside after blowing hundreds (if not thousands) of dollars on junk.
One thing for sure- NO EXPERIENCED BUYER WOULD DARE BID ON A UNIT WITHOUT SEEING IT CLOSEUP, and especially without knowing who is bidding against them. The concept of online storage auctions is a good one on the surface, but the format is ripe for scammers and unscrupulous people in this economy.
When people realize the true lack of transparency and accountability, online unit auctions will go the way of 8-track tapes. THERE IS NO SUBSTITUTE FOR A LIVE STORAGE AUCTION!!!!!
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I would try to buy the car at a in person auction - for sure if the residue isn't something bad.
However, at this particular online auction I would not even try it. Why? They showed a Utah inspection sticker from 1985 on the windshield. That's almost 30 years ago and could be the last time the car was on the streets. Combine that with the unknown residue on the car, I think it isn't that great of a deal. Big unrepairable problems can be found on a car that has been in storage for 30 years. Did you notice there wasn't any pictures of the interior?
Sometimes the detail of the pictures is a good thing or bad. Depends on how you are looking at it.
But you can get a crate motor next to nothing and corvette central and ecklers has all stuff corvette stuff reason I know this is I'm a corvette owner. If a person can get is vette for 3,800 a guy could make some money. But you are correct the picture dont show inside but do show speedometer and to me they are hiding something and when I called they would not answer about the interior. Still a good find thou
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THERE IS NO SUBSTITUTE FOR A LIVE STORAGE AUCTION!!!!!
Well, I wouldn't put it in all caps myself, but I still have to agree. I don't think online auctions will ever be the ONLY choice for auctions, NOR do I believe they will be the PREVALENT choice. As the poster said...there is no substitute for a live storage auction.
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I have little knowledge about cars and no interest in buying and selling them.
Part it out and save all of those headaches you mentioned. Parting it out generally yields more profit than selling it as a whole anyway. As to whether or not it has an engine, just look at the spacing from the top of the tire to the fender. If there is no engine, hence no weight, there will be a significantly larger gap above the front tires versus the rear tires.
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But you are correct the picture dont show inside but do show speedometer and to me they are hiding something and when I called they would not answer about the interior.
Yep, doesn't show under the hood, doesn't show the interior...except for the odometer. I think it had to be a conscious choice not to show the dash, seats, etc. That certainly is EDITING (staging) for effect.
And if it was simply a mistake not showing the interior or under the hood, what does that say about the competency of the auctioneers.
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In my area they let us walk in to the unit, walk around the car, open it if unlocked, open the hood and the trunk. Try that on an online auction. Can't be done, especially if they don't show pics which to my way of thinking would be obvious choices to make....UNLESS it would reduce the $ amounts that would be bid ! ;D
Edit:
Forgot to mention that unlike the regular box lockers we buy, in my area if you can go inside and really look at a car, you can certainly TOUCH it. That would answer the question about what the surface of the car in question here is like.
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Its just a Vette that was stored for 30 years... Nothing collectable about it.
I beg to differ, if it's been is storage for 30 years and not out on the road being driven. Collectors go crazy for low mileage vehicles with original motors, transmissions, rear axles, etc.
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Collectors go crazy for low mileage vehicles with original motors, transmissions, rear axles, etc.
Now all that is needed is to know if all those items exist.
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The "Sealed Online Bids" site failed (well, merged with "Storage Battles") , and so will this one........
WHY, MAY YOU ASK??????
I'm surprised Travis hasn't answered these assertions made in reply #32 above which primarily assails online auctions themselves and by proximity Travis new website designed to service this aspect of auction buying/selling.
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Maybe BWD can let us know what this sells for. When I have gone back to look at final sale prices on some of the lkrs he has shown us here the final bid doesn't show up after the sale has been made.
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Maybe BWD can let us know what this sells for. When I have gone back to look at final sale prices on some of the lkrs he has shown us here the final bid doesn't show up after the sale has been made.
As of now car sits at 2,500 but I have bid on the unit above so I will let you know what vette sells for.
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Yes, I have assailed online storage auctions in general, because the format is ripe for shill bidders and scammers.
Also, If we as buyers at a live auction cannot look past the door threshold, than why on earth can a facility go inside a unit and move items around to get better pictures for an online auction?
And, at a live auction, one can see closely if there are finger or hand prints in the dust on merchandise or boxes, or if someone entered the unit. The disclaimer (at least on one of the sites) is "the unit is in the same condition the tenant left it in". Then there are pictures on the same site where items have been obviously moved around.
A savvy, experienced buyer can detect hints to where a unit has been searched and stripped of all its valuables easily. Unfortunately, only a small percentage of buyers possess this knowledge. And the buyers who do not are the ones who spend money more foolishly.
Another point (this is true with any storage auction): Facility owners and managers know the status of the tenant, and whether they will ever be back (to pay what is owed to avoid their items being sold at auction). In some cases, the tenant abandons his or her merchandise to the facility, simply because they are too far behind on the rent. Smart managers will have them fill out a form, thereby legally releasing the room and contents to the facility.
A loophole also used by facilities is to send a "eviction notice" to tenants stating they need to pay their back rent and fees within 30 days, or then they forfeit their unit. Then the unit is repossessed, and sold at auction at a later date. In this case, the facility is 100% assured the tenant will never be on the property again, and can have free reign to all the items inside. (Of course, there are legal notice laws from state to state which may prohibit this).
Again, if someone saw a jewelry box or gun / rifle case inside a unit, don't you think they would take a peek inside? Simple fact: The folks who run and manage storage facilities are underpaid. It you were having a hard time making ends meet, and saw merchandise worth lots of money inside one of your units (especially ones where you know the tenant will never be seen again), wouldn't you be at least tempted to take the loot??
I have been to more than one auction where the facility manager rounds up the "heavy hitters", and mentions that "I have a private unit full of antiques and furniture for sale. Call me after the auction, and then you can come by and take a look". Where do you think they find these antiques and furniture to fill these lockers??
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Yes, I have assailed online storage auctions in general, because the format is ripe for shill bidders and scammers.
Also, If we as buyers at a live auction cannot look past the door threshold, than why on earth can a facility go inside a unit and move items around to get better pictures for an online auction?
And, at a live auction, one can see closely if there are finger or hand prints in the dust on merchandise or boxes, or if someone entered the unit. The disclaimer (at least on one of the sites) is "the unit is in the same condition the tenant left it in". Then there are pictures on the same site where items have been obviously moved around.
A savvy, experienced buyer can detect hints to where a unit has been searched and stripped of all its valuables easily. Unfortunately, only a small percentage of buyers possess this knowledge. And the buyers who do not are the ones who spend money more foolishly.
Another point (this is true with any storage auction): Facility owners and managers know the status of the tenant, and whether they will ever be back (to pay what is owed to avoid their items being sold at auction). In some cases, the tenant abandons his or her merchandise to the facility, simply because they are too far behind on the rent. Smart managers will have them fill out a form, thereby legally releasing the room and contents to the facility.
A loophole also used by facilities is to send a "eviction notice" to tenants stating they need to pay their back rent and fees within 30 days, or then they forfeit their unit. Then the unit is repossessed, and sold at auction at a later date. In this case, the facility is 100% assured the tenant will never be on the property again, and can have free reign to all the items inside. (Of course, there are legal notice laws from state to state which may prohibit this).
Again, if someone saw a jewelry box or gun / rifle case inside a unit, don't you think they would take a peek inside? Simple fact: The folks who run and manage storage facilities are underpaid. It you were having a hard time making ends meet, and saw merchandise worth lots of money inside one of your units (especially ones where you know the tenant will never be seen again), wouldn't you be at least tempted to take the loot??
I have been to more than one auction where the facility manager rounds up the "heavy hitters", and mentions that "I have a private unit full of antiques and furniture for sale. Call me after the auction, and then you can come by and take a look". Where do you think they find these antiques and furniture to fill these lockers??
The shill bid only help the owne of the website so the company can get a big chunk of the 10% and no really to much for storage unit company excexpt lein is paid off. Thing I dont like and I will say this again is the 9 days for end of auction and use of CC/cash. And why do people like to over bid online when you cant even get a good feel for the unit? This is something I just cant figure out and if someone has an answer for me I would really appericate it.
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why do people like to over bid online when you cant even get a good feel for the unit? This is something I just cant figure out and if someone has an answer for me I would really appericate it.
My observation is that some of the people get caught up in auction and can only think about winning, not about making a good business decision. As far as the rest, I think...they think, that if other people are bidding it up that high then there must be something they've overlooked and they'll find it after winning and going through the unit. In either case it's a sign of amateur bidding.
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ANOTHER COMMENT ON SHILL BIDDING: There is a facility in my area which "fudges the figures" so they can profit from the proceeds. How about a tenant owing over $4000 on a 5 X 5 unit??
WHAT????? Yes. It is true. In the state I live in, any proceeds from a storage lien sale are supposed to go to the state education fund (if the facility cannot find the tenant to give him or her the overage).
So this scam artist (facility owner) puts down an exorbitant number, one the locker would never sell for, unless there are gold or silver bars in plain view. Then he is assured of a profit when the unit is sold at auction.
Of course, anyone who would stoop to this level has already gone through and pulled all the valuables out of the units anyway. Heck, he even brings one of his relatives (an old lady who is so severely out of shape, and could not even physically unload a storage unit without falling down) to shill bid. And if she does happen to end up as the high bidder, guess what? The same unit is at the next auction.
This facility is almost within walking distance from my house, and I wouldn't go to one of their auctions if you paid me. And I have traveled out of state to buy units!!!
So there are more ways than one for storage businesses to profit from auctions, whether it is illegal, immoral, or otherwise..................................
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he even brings one of his relatives (an old lady who is so severely out of shape, and could not even physically unload a storage unit without falling down) to shill bid.
She could just be a money person and can pay others to do the heavy lifting.
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So there are more ways than one for storage businesses to profit from auctions, whether it is illegal, immoral, or otherwise..................................
When you consider that they are there 24 hours a day, behind locked gates after hours, there are a lot of things that could happen.
A half dozen of the possible ways this could benefit a less than ethical manager have been discussed on this forum in the past.
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She could just be a money person and can pay others to do the heavy lifting.
And if she is the high bidder, the unit is sold at the next auction. Also, this is the only place this person goes to. I go to auctions all over my area, and have yet to see her anywhere else.
Of course, any experienced buyer in a certain area knows who the "heavy hitters" are. Or they learn VERY QUICKLY.......
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Interesting developments at the link below...first auction listed on Travis' new service. Alloro and I have posted there.
http://storageauctionforums.com/online-storage-auctions/the-future-of-storage-auctions-is-here/
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Apparently the gondola locker did not sell. Here's the link showing why.
http://virtualstorageauction.com/auctions/non-lien-sale-private-seller/mission-viejo-california/
See the link below for the latest virtual auction on the Travis site...has two days left.
http://virtualstorageauction.com/auctions/non-lien-sale-private-seller/coconut-grove-florida/