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Read all the latest news from Simply Storage to keep up to date with everything we've been up to. The popular American TV show ‘Storage Wars’ was first shown in 2010 and has lifted the lid on a previously unexplored facet of the storage world, showing the industry in a different light.
In the show we see a cavalcade of professional traders bidding on storage units in the hope of making a fast profit.
You might wonder how people can simply just forget about these things which they’ve put into storage, but in large countries it’s now thought that we have as much stuff in storage as we do in actual use.
It’s not always the case that the customer has been unable to make the payments on their unit though, sometimes the owner may have passed away, and with no one else to settle the debt the only way to recoup costs is to sell the contents of the now ownerless unit. You might think that this all sounds a little unruly and shady but there are specific rules which govern this activity, rules set by the storage company or whoever is the auctioneer.
While it might seem like a veritable lottery to pursue such a challenge there are some who cannot resist the allure of potential treasure and valuables hidden in these storage units. If you require self-storage space at an affordable price for your possessions then look no further than Simply Storage. Get in touch with Simply Storeit today, the lowest priced Self-Storage unit in Surrey & South West London.
The manager needs to be in charge of the auction, not working on something else, said Paul Maglio, president and owner of Storage Auction Solutions in Middleton, MA. A professional auctioneer can bring in $1,000, compared with the $50 a self-storage operator doing his own auction might make, Maglio said. Beware of getting too close to buyers who buddy up to you to unearth details about what’s inside the units.
Maglio recommends placing security tabs on units with locks that were cut before the auction. Several dealers can agree among themselves to not bid against one of the dealers, who then buys the unit for next to nothing.
As long as you advertise it well and run things correctly, you should be able to do the auction on your own.
Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond. Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead. The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. Storage auctions in Kentucky are plentiful, and it should be easy to find a storage unit auction near you. Storage Wars is a reality television series that premiered on A&E Network late in 2010. Storage unit auctions take place when the owner of the storage unit facility puts the contents of any unit up for sale as a result of the tenant who owns such content’s inability to meet with payment obligations after a set period of time. After you have located the storage auctions that you want to participate in, then you need to prepare for the auction itself. Did you ever hear of making money from storage unit auctions before A&E television’s popular new series Storage Wars hit the airwaves?
Almost each and every city in the USA has one, or more self storage units where the people of the community have the ability to store their extra belongings if they do not have room at their home, or if they happen to be moving.
While the public may be enjoying Storage Wars, response to the show from storage facility operators has been mixed to negative. Anyone involved in the storage industry has probably encountered this when they mention their line of work. Rather than responding to these questions with a diatribe about the annoyances of the show to the storage industry, however, Robert turns the conversation around to positively promote his own storage facility. “It allows me to say yes, but also to tell them that we allow a lot of small businesses a way to store their stuff and offer a variety of other services,” he said.
Most people perceive self-storage facilities based off what they see on Storage Wars, but auctions are a small part of the storage industry. The next time someone mentions Storage Wars, take that as an opportunity to talk about what else your storage facility does. Strangely enough, Storage Wars can also aid in the problem of unreachable delinquent tenants. If you’re worried about delinquent tenants, bringing Storage Wars into the conversation may help make the consequences of unpaid rent more urgent and real.
It’s also valuable to familiarize yourself with websites like Pinterest and Tumblr, where a huge percentage of users are interested in neat collectibles, various knick-knacks, and quirky DIY projects. Again, if you feel you will not be overwhelmed by bigger crowds, harness the excitement and interest generated by shows like Storage Wars and Auction Hunters.
With more self-storage operators expressing interest in online auctions, The Storage Facilitator decided to examine their advantages, disadvantages and legal implications. All else being equal, online auctions are more lucrative than traditional, in-person auctions. The online format lets buyers bid on several units at the same time from home, work or pretty much anywhere you can get an Internet connection.
Another advantage of the online auction format is that it actually prevents items from being sold at auction. When sending a lien sale notice by email, the facility owner adds a link to the online auction; then, with the click of a button, the delinquent tenant sees his or her items up for auction, watches the clocking ticking down, and is more motivated to come up with the money. About five years ago, veteran self-storage auctioneer Wayne Blair ran a few online auctions.
Still, the legality is open to interpretation in many states. “The states will need to address this issue,” Blair said. Until a disgruntled tenant files a wrongful foreclosure lawsuit against a self-storage facility after an online auction, state courts probably won’t be forced to weigh in. That being said, Kaslow doesn’t expect to see much pushback from state legislators in the future.
With help from the Self Storage Association, a handful of state legislatures have updated their lien laws to explicitly allow online auctions. For the time being, Connie Heyer, legal counsel for the Texas Self Storage Association, recommends using online auctions as a “supplement to” rather than “in lieu of” an in-person auction. Finally, if your state has its own auction laws, familiarize yourself with them, as these laws certainly could apply in this complicated area. When a client stops paying their self storage bill, the contents of the storage unit are then auctioned off. Demand for a product or guide relating to this industry is in demand as this niche explodes. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor. It’s a huge selection of all sorts of apps vs a rather sad selection of a handful for Zune. The auctions which take place on self-storage units have now grown in their popularity and the television series has benefited from this surge in interest. The units have often been forgotten by their owners or the owners have simply been unable to keep up with payments to the storage company.
This shows just how much of what we have which is considered to be expendable and explains the boom behind self-storage. Storage Wars has captured one of the most famous auctions where payments have been missed, the unit belonged to music mogul Suge Knight who had missed seven months of payments – his clothing and other personal items therefore going up in the auction. All buyers are allowed to have a quick peek into each unit up for auction, they then decide whether or not they will bid for the unit at auction. Once the highest bidder is found they are usually given a window of around 48 hours to clear out the locker, thus freeing up space for someone else to use it for its intended purpose. Auctions take time you’d rather spend renting units and, when it’s over, you’ll probably get yelled at by someone whose stuff got sold.
You don’t want to tell customers to call back because you’re “busy doing an auction,” he said.
DIY auctioneers also tend to make up rules as they go because they feel like they own the stuff in the unit.
This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. With the exception of Alaska, the state has more miles of running water than any other state. I arrived there early in anticipation of large crowds of newbies, thanks to the popularity of Storage Wars and Auction Hunters.
It’s Spike TV’s version of the popular storage auction show format that competes with A&E’s successful Storage Wars series, which premiered in December of 2010. As more and more people are losing their homes, they need a place to store their possessions.
Many storage unit facilities cancel their auctions on the very same day when the auction is scheduled to take place. A friend of mine told me that his brother had gone to a storage auction and had scored some really good things such as a diamond ring worth over $5000.
Because the shows are staged to make the odds of striking gold look high, overeager first-timers end up crowding real-life auctions and may very well overwhelm small operators. This week, we’ll be looking at how Storage Wars can help promote your auctions and facilities, so you can use storage auction shows for good. Channel the interest and enthusiasm for Storage Wars as a segue to educate and endorse your services. Since the show aired, Robert told me response levels have greatly improved for his facilities. Also consider using social media and web marketing to reach out to people who may not regularly attend your auctions. Create a Pinterest board with cool items found at previous auctions, or simply use it to collect images of antique finds that get local viewers excited and inspired enough to check your auction out in the future. No longer do buyers have to spend time and money traveling to facilities to bid on auctions.
Representatives of SmartStop Self Storage say their online auctions free up two to three manager workdays every month that otherwise would be spent on traditional auctions.
For example, laws in Texas governing online storage auctions were written back in 1984, when the Internet was in its infancy. He speculates that the only group with a potential economic interest in preventing updates of state lien laws could be traditional auctioneers. 1, 2013, self-storage operators in North Carolina and Maryland will be able to hold lien sales through online auctions.
By using online bids as starting points for the in-person process, self-storage operators can ensure they’re complying with state lien laws. While this industry has been exploding, there is another auction style industry that is creeping up there quite quickly. A guide could be created to show people the best ways to assess values from looking into the storage unit and that is just the start of what can be done. The show attracts millions of people who are glued to the screen as they watch to see whether hidden treasures will be unearthed from within. The auctions themselves are not held to benefit the traders but to clear out the space so that the storage company can put the unit to use with a paying customer once again – there is no point in waiting in the hope that the owner of a unit will some day pay off the debts accrued. It takes a natural instinct and intelligence to be a big player as spotting particular items can be a giveaway as to whether there is more to the unit than meets the eye. Give a half-month’s free rent to winning buyers who can’t clear out their unit in the required time. Also, if tenants show up to pay at the last minute, they know that no one has rifled through their things. Tenants who didn’t respond to late-payment notices eventually will show up angry and frustrated. When rent payment go unpaid for a storage locker in 3 months in the state of California, its contents are put up for sale by an agent. Many people are being forced to downsize, or to live in small apartments without any garages or storage space.
Attendees hoping to score big end up driving bids to unreasonable levels and forcing regular auction attendees away. There’s no doubt that the incredible presence of storage auctions in pop culture has increased the public’s awareness of storage facilities in general. He educates operators about the risks, provides a legal disclaimer and encourages them to examine their states’ lien laws. We are referring to the self storage industry and what happens when people stop paying their weekly, monthly or yearly self storage fees. Those who are interested in the contents of the storage unit are not allowed to enter the unit; they are only allowed to view the items from standing outside and looking in. For more information and more ideas, see our marketing trend write up on this topic matter or sign up for an ITM membership to see the opportunities and information being made available to our members.
There are a plethora of characters chasing down the profit including collectors, thrift store owners and eccentric entrepreneurs, making for colourful and addictive viewing. Bidders and dealers have to store their stuff, too, and 90 percent of them rent storage units, Maglio said. With over four million people in the state, the number of storage units in Kentucky is quite high.
All of a sudden, your previously calm self-storage facility has become the new hotspot for curious and fervent fanboys aspiring to be as casually successful as Barry Weiss. This is the only way that they are allowed to try to assess the quality and value of what’s inside.
The first storage unit door was opened and it revealed lots of furniture and household goods. Make it sound interesting, fun, and exciting— capitalize on the idea of hidden treasures, interesting antiques and unique knick-knacks. Learning how to evaluate and bid on lockers is a skill that requires both experience and intuition.Learn what you can by attending a few storage auctions before you start bidding. Just go to listen and learn.Watch what experienced bidders do to check out the content of the locker, then pay attention to how much they bid and when they decide to call it quits. Please pass this on to your friends, and please check back often as we always update our lists. Plan to bring a little more than you might like to spend in case you see a locker that has the potential to bring a good return on your investment.You should also arrive with a truck or trailer to haul the items you win, or should plan to have access to one within 24 hours of the auction (the time limit to clear out items after most auctions).
If you only plan to build on small units with boxes, you may be able to get away with hauling your items in your car.
Note the condition of the items: Are the boxes neatly packed and stacked, or do you see tears, stains, or other signs or disrepair? The answers to these questions can help you determine value.You can also find out what you can about the unit from the owner of the facility or the auctioneers.
Sometimes, they may be able to tell you a little about the owner or the contents.Set a CapIt can be easy to get caught up in the moment and to keep raising your bid at an auction, especially when you feel committed to winning a particular locker. Determining where to sell your items is key to getting the best prices for them.Flea markets and swap meets allow you to sell a wide variety of items, particularly household items that will be common at storage auctions.
Ebay can be a great outlet for collectible items.If you are unsure about an outlet for your goods, or you are unsure about the value of an item, be sure to have those items appraised.
You may find that what you thought was just a knick-knack is actually a piece of art worth thousands, and you may find that the appraiser is a willing buyer.Just like with any other business, becoming successful at storage auctions requires a lot of research and hard work and a little luck. Learn what you can about the business by attending several auctions, then develop a bidding strategy and cultivate good markets to sell your wares. Her most recent accomplishment includes graduating from Florida State, with a degree in environmental science. AFFILIATE PROGRAM that offers training on residential loans, commercial loans and business loans.Min Inv: $5,000 Request Info PrivacyAbroadOnline privacy is big business!
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