storage unit door

How do storage facility owners decide when to auction off delinquent units?
At what point does an owner decide it’s time to tell the tenant to collect their stuff and leave?

I don’t like auctions,” admits Mark Helm, author of Creating Wealth through Self-Storage.

From a business perspective, this makes sense. Monthly payments are generally more profitable than self storage auctions. On the other hand, he advises against offering payment plans for delinquent tenants. After all, the lack of monthly payments drains income to begin with. Something has to be done about it.

Compassion leads many managers to make exceptions for tenants who can’t make payments on time. There’s nothing wrong with being kind-hearted toward tenants, but storage facility owners need to set clear expectations up front to reduce their delinquency percentage.

If you’re a storage facility owner, you can use to auction off delinquent units and reduce your losses.

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1 Comment

  1. Please anyone who bid and won on the two 10×10 units and keepsake storage in Concord Va..I was once the owner of that stuff. Everything I had left to my name we’re in those units including my sister’s ashes. She committed suicide July 10 of last year. And I had an 11 year old daughter who passed away on January 29 of last year. Everything I had of hers was also in those units. I struggled after she passed and I wasn’t able to keep up with life. I’m asking to please reach out to me. I have two other children who’s things are in there and my deceased mother’s things. I car not about any of the material items but my memories of my child and closest family are in those units. Please let me have the opportunity to get them. My name is Candance Pollard and I live in the Concord area. I’d do anything to have those things. My daughter’s death certificate is in those things. Reach out to me please.

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