Thanks to TV shows and a growing desire to resell items for profit, storage unit bidding has become increasingly popular. These auctions take place when renters do not pay their storage unit rent. Storage facilities are allowed by law to auction the contents of the units to recover unpaid rent. This guide will tell you how Arizona storage unit auctions are conducted, the rules, and everything you need to know about attending or participating.
Storage Unit Auctions And The Process Behind Them
The tenant agrees to a monthly charge for storing their belongings. Should the renter neglect to pay within the allotted time frame (typically thirty to ninety days), the storage facility is entitled to auction off the items. This is the last option for storage facilities to recover unpaid rent.
Storage facilities must adhere to the state’s laws on tenant notification and auction procedures. Storage owners in Arizona are required to give tenants 14 days’ notice before holding an auction. This gives them the chance to pay any overdue amounts and reclaim their belongings.
For a comprehensive examination of how storage unit auctions operate in Arizona, please refer to this link: https://scottsdale-storage.com/blog/how-storage-unit-auctions-work-in-arizona/. This article delves into the local regulations and nuances.
Types of Auctions: Live and Online
Auctions for storage units are conducted in either live or online formats. Both formats provide unique experiences for the bidders. However, the storage facility determines the format.
- In-person Auctions: These are the traditional in-person auctions. Interested buyers gather at the storage facility and bid for units when they are first opened. Typically, the auctioneer opens the doors of storage units to allow bidders to inspect the contents while standing outside the unit. Bidders can then place bids on the unit, with the highest bidder winning.
- Online Auctions have recently gained popularity because of their convenience. Storage facilities can post photos and videos of their contents on auction websites. Bidders then bid from the comfort of their homes. Online auctions generally last for some time, and the highest bidder wins at the conclusion.
As bidders cannot often inspect items closely, they must be quick and accurate in their assessments. Bidders can only bid on items they can see through the unit’s door or online.
How To Bid At A Storage Unit Auction?
A storage unit auction can be a simple process, provided you follow a few basic steps:
- Find Auction: Many storage facilities promote upcoming auctions via websites and auction platforms. You can find information about local auctions by checking your facility’s classifieds or bulletin boards.
- Registration to Bid: This is required for all participants, whether participating in a real-time auction or online. Some live bidding auctions ask for a small amount of money to register, while some online platforms require basic information.
- Budget: It’s crucial to set a limit on your bids before the start of an auction. It’s easy for the bidding to become competitive, causing you to bid more than you should. A budget helps you stay within the limits of your finances.
- Read Auction Terms: Each storage facility might have slightly different payment terms, deposit amounts, and unit clearing deadlines. It is important to read through the rules and regulations of any auctions so you understand what you should expect.
- Start the Bidding: You should observe how the bidding moves forward once the auction begins. Bid on all the contents of the storage space, not individual pieces. Most winning bidders will have 24-48 hours to clear out their storage unit.
Storage Unit Auctions: Tips for Success
- Research: Familiarise yourself with the process and local auction regulations before participating. This will prevent surprises and help you be ready for the rules.
- Make a plan: Know the route you will take to remove your items. According to what is inside, you may have to rent a vehicle or make several trips to remove the unit’s contents.
- Networking With Other Buyers:Â Regular bidders can develop relationships over time and may offer tips or advice to one another on where the best deals are.
Conclusion
Storage unit bidding is a fun way to discover valuable items and save money but comes with risks. Knowing what to expect and how the auction works will allow you to confidently participate. If you’re interested in learning more about the storage unit auction process or are simply curious, it can be an exciting experience.
