Every day, thousands of storage units across the country go abandoned. People fall behind on their rent or simply leave their items behind when they leave town. After a unit is abandoned, the storage company recovers its lost rent by auctioning off the unit. Many people make a career out of buying units at auction and reselling their contents at a profit. If you\’re interested in entering the world of auction hunting, it\’s a good idea to do some research before taking the plunge.

When Do Items Go on Auction?

After a tenant misses payment for a month, the storage company will attempt to contact the tenant to secure payment. If this doesn\’t work, they will send follow-up letters. After two to three months of missed payments, the storage company will put the unit up for auction. In most cases, the company will wait until there are several units to auction off at once. These auctions are often announced online or in local papers, and many sites exist to track auctions throughout the country.

What Happens at an Auction?

The storage unit\’s door will be opened and bidders can glance at the contents, but they cannot enter the unit. This is to prevent thefts from occurring. After the bidders have taken a peek at the unit, the auctioneer will start bidding. Bids can range from just a few dollars to thousands depending on the unit, the neighborhood and the bidders.

After the winning bid has been placed, the winner is given a receipt for the purchase. He or she then has between 24 and 48 hours to empty out the unit and sweep it clean. Any trash will need to be shipped to the dump, and the items from the unit will need to be stored and processed.

How to Make Money from an Auction

Items purchased at an auction can be resold on eBay or to private collectors. Many people use auctions as a way to build inventory for second-hand stores that they own. Although most items found in storage units will be things like clothes, appliances and furniture, some real treasures can be found. Collectibles, antiques and even cash money turn up sometimes in storage units, so bidding is always a bit of a gamble.

There are a number of techniques that professional bidders employ in order to get the best deal on a unit. These are learned with experience, and some people have a better innate sense of how to work auctions than others. Nevertheless, even the best professionals sometimes overpay for a unit, and many auction-goers admit that they make 80% of their profits from 20% of their purchases.

Auction hunting is a career that can be learned in a day but take a lifetime to master. The best way to learn may be to visit an auction yourself and try getting some “hands-on” experience. There are also multiple storage auction websites that can provide helpful tips and techniques to novices and experts alike.

Travis Lane is the owner and editor at Texas Storage Auction Schedules and News and a former professional storage auction buyer. For more information on storage auctions, visit our website at http://auctionstx.com/. Be sure to visit our blog which contains hundreds of articles on storage auctions.

Travis Lane is the owner and editor at Texas Storage Auction Schedules and News and a former professional storage auction buyer. For more information on storage auctions, visit our website at http://auctionstx.com/. Be sure to visit our blog which contains hundreds of articles on storage auctions.

Author Bio: Travis Lane is the owner and editor at Texas Storage Auction Schedules and News and a former professional storage auction buyer. For more information on storage auctions, visit our website at http://auctionstx.com/. Be sure to visit our blog which contains hundreds of articles on storage auctions.

Category: Business
Keywords: Storage Auctions, Texas Storage Auctions, Auctions, Storage Unit Auctions