Storage auctions are organized by self storage companies to sell units that have been abandoned, intentionally or due to a change in finances. As a last resort, self storage businesses auction storage units to recoup what was lost through unpaid rent and to clear the space for another customer.
For some, bidding on storage units can be a money-making venture, but it’s also a gamble. When you attend a storage auction as a bidder, you are shown the locker or space, but are prohibited from entering or touching any of the contents. Plastic storage containers may be closed, boxes piled up and large items covered so you can’t tell what that are – but that’s part of the fun of bidding. And, for the most part, you’re bidding on everything in the unit.
Self storage unit auctions are really taking off in today’s popular culture and reality television. Shows like Storage Wars are creating buzz in a previously quiet storage industry practice. A few years ago, an auctioneer may have been lucky to see 20 people attending an auction. Today, a self storage auction may attract a couple hundred people seeking profits and thrills in storage units.