Buzz
In the United States, approximately 20% of the population rents storage units to store a wide range of belongings, including oversized furniture, collectibles, personal keepsakes, and items some might consider unnecessary clutter.
A storage unit is leased space, and if rent goes unpaid, the facility often auctions off the contents to recover costs. This process not only saves them the hassle of clearing the unit but also generates additional income. With around 155,000 auctions annually, storage companies earn roughly $65 million from these sales.
Shows like Storage Wars have popularized the idea of bidding on abandoned storage units. The process is simpler than many assume, and there are numerous compelling reasons to give it a try.
Reasons to Consider Bidding on a Storage Unit
What motivates someone to invest time and money in bidding on abandoned belongings? Here are several compelling reasons:
Affordable Finds. If you’re aiming to decorate an apartment on a budget or need specific items, storage units can offer incredible value. The bidding process often allows you to secure a unit’s contents for as little as $10, turning whatever you find into a steal. While additional costs may apply (discussed later), the potential for incredible deals is undeniable.
Earning Potential. Many people generate significant income by purchasing abandoned storage units and reselling their contents. Though it’s not an effortless endeavor—clearing out units requires hard work—and there’s no guarantee of striking gold every time, consistent effort can lead to substantial profits.
The Thrill of the Unknown. Each abandoned storage unit holds a unique mystery. While some may contain mundane items, others could house valuable treasures or unusual, fascinating objects, making this an exciting venture for those who crave adventure and intrigue.
Important Note: Not all abandoned storage units result from a tenant’s passing; some are due to financial hardships. Remember, you might be bidding on items because of someone else’s struggles—and you could even be competing against the original owner. While there’s nothing inherently wrong with this, it’s worth reflecting on before celebrating your win.
Understanding the Process of Storage Unit Bidding
Bidding on abandoned storage units is surprisingly straightforward. You can participate either in person or online, depending on the facility’s policies. While the process is similar for both, online auctions often take more time. Here’s a step-by-step guide:
Register. Start by signing up on an online auction platform such as Storage Treasures or Bid13. Provide basic details and a payment method to get started.
Find Units. Search for local unit auctions on sites like Storage Treasures or contact nearby storage facilities directly. Staying local is key, as you’ll need to transport the items yourself. Online searches also allow you to filter auctions by keywords, helping you find units with specific items.
Inspect. In most cases, no one is permitted to enter the unit before it’s sold. During in-person auctions, you can only view the unit from the outside. Online auctions typically provide photos and descriptions of visible items, but if everything is boxed or tightly packed, the contents remain a mystery until you win.
Bid Strategically. Once the auction begins, place your bids. Set a maximum budget beforehand to avoid overspending, and ensure you can cover the cost immediately if you win. Online auctions charge your registered card, while in-person auctions may require cash.
Complete Payment. If you win, pay promptly. The original owner can reclaim their items until payment is made. Be prepared for additional costs, including sales tax, a 10% to 15% bidding fee, and possibly a cleaning deposit. You’ll also need to arrange transportation and possibly hire help, adding to your expenses.
Retrieve Your Items. After winning, collect your unit’s contents. Bring safety gear like gloves and a mask, as you never know what you’ll find inside.
Additional considerations: You’ll typically have 1-2 days to clear out the unit, so plan ahead. Also, even if you win, certain items cannot be kept:
Personal legal documents, such as birth certificates, must be returned to the original owner or their heirs.
Vehicles without titles can only be sold for parts.
Firearms must usually be surrendered to local authorities.
Other restrictions may apply, so review the facility’s rules and local laws to fully understand what’s allowed.
