Storage auctions, where companies sell off the contents of abandoned units, will always be a bit of a gamble. Lockers can contain antiques and collectibles, as well as tools, supplies and equipment.
But people also default on units full of junk and broken items. Generally, the winning bidder in a storage auction is responsible for clearing the storage unit, which includes disposing responsibly of items that they don’t want.
Would-be bidders at a storage auction generally don’t get a detailed look at the contents. They may get to peer in from the doorway, or if bidding online, they might only have a couple of moodily-lit photos to go on.
The contents of abandoned storage units usually come up for auction as a job lot on an ‘as is’ and ‘where is’ basis. That means you have to take everything in the unit; you buy it as it is with no guarantees; and you have to collect it.
Why do storage companies participate in auctions?
When a storage customer stops paying their monthly fee, the storage company will make reasonable attempts to contact them. But after a time (usually 30 or 90 days) the unit is considered abandoned.
The storage company will then auction off the contents to recoup the loss and clear the unit for a paying customer. Storage companies have some legal obligations around abandoned lockers. They have to make a genuine effort to sell the items for a fair market value to recover the debt. The tenant gets any money left over once the debt and costs are paid.
Where to find storage auctions
Check with local storage companies to see if they have any auctions coming up. There are also websites, for example I Bid on Storage , that specialise in self-storage auctions. If you’re bidding on an auction that is farther afield, bear in mind that you’ll have to collect your winning lot, often within a few days.
Making a profit from storage auctions
Read the auction terms and conditions carefully to make sure you fully understand what you will have to pay on top of your winning bid.
It’s also important to understand that you may have to bid on a few storage auctions before you get anything of value. Work out where you’re going to keep your haul (for example, your garage or even your own storage unit) until you can move it on. Have a plan for selling on items – whether it’s a car boot sale or a site like Vinted or eBay. And consider how much work you’re willing to put into cleaning or restoring items.
Stay out of bidding wars: you may end up overpaying. Set yourself a limit and stick to it.
As mentioned above, you may get a dud storage unit that is full of rubbish that has to be taken to the recycling centre or tip, and you should factor this into your plans.
What happens to personal items found in an abandoned storage unit?
The storage company organising the auction will remove personal items before the auction, but if a buyer later finds things like photos, personal videos, documents and letters, the responsible thing to do is to return them to the storage company’s office.
Storage auctions: what will you find?
If gambling on whether you get treasure or trash appeals to you, and you think you can make a bit of cash from any collectibles, give storage auctions a go!
