The storage auction solutions team at StorageTreasures gets many questions about how our storage auction fees work. We know it can be a little complicated, so we will break everything down for you so you can bid and win self storage auctions with confidence.
The Buyer Premium is what you pay StorageTreasures to use our storage unit auction service. This fee allows us to have our storage auction experts help you with questions or issues. We host hundreds of thousands of self storage auctions each year, and we have a large, highly qualified team to support that effort. The Buyer Premium is 15% of the sale price unless you are a Pro Member; then, it will be 10% of the final sale price. Find out more about our pro member benefits and how you can save money.
Many self storage auction buyers think they get charged twice because the Buyer Premium and the Purchase Deposit are both charged to their credit card. That is not the case. The Purchase Deposit is essentially the seller’s fee. The Purchase Deposit can be anywhere from 5-10% of the final auction price, depending on the seller’s rate. You pay the purchase deposit on your credit card; however, this amount gets deducted from the final amount you pay for the unit at the facility. See the sample invoice below for an easy-to-follow chart.
|Auction Sales Price||$100|
|Less: Purchase Deposit (10%)||-$10 (collected by ST and subtracted from sales price)|
|Total Due at Facility*||$90|
|Buyer Premium (15%)||$15 (collected by ST)|
|Total Owed By Buyer*||$115|
* Does not include sales tax or cleaning deposit which varies by facility
Like most deposits, the Purchase Deposit is a “down payment” to reserve your unit and confirm you will make the rest of the payment. If your credit card is declined, the unit will not be eligible for pick up because you did not pay the deposit. If a charge on a credit card does not go through successfully, bidders have 24 hours to pay the deposit via other means before the unit is offered to second and third-place bidders.
The cleaning deposit is a fee you pay to the storage facility to guarantee you will remove all the unit’s contents. This refundable deposit is returned to you once the unit is cleaned to a swept condition. The cleaning deposit is set by the facility and could be anywhere from $50 to $200. Be sure to check the unit listing for the amount.
Most operators collect the Cleaning Deposit in cash when you arrive at the facility, but some operators require you to place the cleaning deposit on a credit card. If a credit card is required to hold the Cleaning Deposit, your card will typically be refunded within 3-5 business days. If you do not have available funds, it might be best not to bid on units that require a credit card for the Cleaning Deposit as the operator will not release the unit to you if your payment is not approved. This information appears in the Additional Information section of each auction listing. See below.
StorageTreasures does not charge you sales tax. If sales tax is required, it will be collected by the facility directly. Some facilities do not collect sales tax because their state does not need it. Others are legally required to charge sales tax because storage auctions are the sale of personal property.
If you are a reseller and have a Sales & Use Tax Resale Certificate, you are eligible to have the taxes removed. If you get this certificate, you are telling the government you will collect sales tax when you resell the items. You will also need to fill out Sales Tax returns for your state Department of Revenue. Here you will find an article that explains how to get a Resale Permit.
If you have a Sales and Use Resale Certificate, you will have to show it to the facility and possibly make a copy for their records. If you want to learn more about how StorageTreasures works, visit our Help Center for more information. To see more storage unit auctions, visit our website and search for local storage auctions.