Things to Know About Online Storage Auctions
Storage auctions are a great way to pick up unique goods at reasonable prices, and put some sweat equity into improving and expanding your inventory. Whether or not you intend to resell storage auction items, you can take advantage of online storage auctions to discover the best items up for grabs. Use these tips to score storage treasures in online auctions.
Most people expect precise timing in any kind of auction: the fall of a gavel, the outcry of “Gone!” Unfortunately for those who like strict schedules, many online storage auctions have implemented overtime bidding, a safeguard that can extend the bidding deadline. During the last half hour, every additional bid tacks an extra minute onto the total time. This is designed to ensure that nobody snipes the last few seconds of the auction. Auctioneers and storage facilities do this so you have a fair chance of competing with potential snipers.
Staging an auction sounds like it would be a common pitfall. Fortunately for you, in reality this happens so infrequently and is punished so severely that you barely have to worry. Typically, a staged unit looks obviously fake, which would keep any serious bidders away. Furthermore, upon law enforcement discovering that a unit was staged, the owner of the facility could lose their business and be charged with fraud. Thus, staging almost never happens, and you can count on the unit you bid on being legitimate.
Fees and Taxes
Rather like with other venues, there are typically some fees and additional taxes to pay above your official bid amount. For example, many facilities require a $100 cleaning fee for the unit. Further, many units also impose taxes on your bid. While these are not likely to bankrupt you, you may find yourself breaking even or taking a loss if you forget about the fees. Make sure you note all the details on each auction page to avoid going over budget.
The romantic notion of hidden treasures in what appears to be an average unit is a fun fantasy, but it isn’t guaranteed in the real world. If you bid higher than the obvious value inside the unit, you might end up disappointed. The thrill of the hunt alone can be worth the investment, just remember what they say about counting your chickens.
Hauling Your Loot
It’s important to remember that you are neither buying nor renting the unit, only purchasing its contents. In most cases, you have 72 hours after the auction’s end to pay and remove anything you want from the unit. Make sure you know what the deadline is to purchase and collect your winnings.
These tips apply to in-person and online storage auctions. With Storage Treasures online, you can work smarter, not harder, by reducing travel time and curating a collection of items from multiple storage locations.