Are you a mini storage owner who is losing money due to customers who simply just won’t pay their bill. If so, did you know that you can host a public storage auction? Your state may have some restrictions on doing so, but a public auction should be an option.
One of the many pros or plus sides to hosting a self-storage auction is that you are able to recoup your losses. These auctions take place when bills are left unpaid, often for months on end. Since you are losing money, it can hurt your business. But, when you auction off the contents inside each unpaid storage unit, you can recoup your losses.
In addition to recouping your losses, there is always the possibility that you will make money. If a bidder pays $300 for the items inside a storage unit, but the unpaid bill is only $100, you stand to make a $200 profit. Of course, remember your expenses. You need to let the public know about your auction. This may involve buying signage or taking out a newspaper classified ad.
Mini storage auctions are easy to setup. In fact, it may be much easier than you originally thought. Why? Because you have the freedom to decide how it works. Do you want to handle taking the bids yourself or do you want to hire a third-party auction house? If you are auctioning off the contents inside whole storage bays, as opposed to a few bins, all you need to do is open the unit and start taking bids.
Another pro or plus side to hosting a public storage auction is that they are increasing in popularity. You are not the only person who can profit from these auctions. Many buyers resell what they bought on eBay, on Craigslist, at yard sales, and at flea markets. Although there are some risks involved, as buyers don’t always know what they are bidding on, storage auctions are an easy way to make money. For that reason, alone, you should see many bidders at your auction.
Although there are a number of pros to hosting a mini storage auction, there are a number of cons to doing so as well. Not all auctions are successful. Yes, they are increasing in popularity, but it depends on what you have to offer. People are less likely to attend if you only have one or two boxes to auction off. If you are a small storage owner or if most of your customers pay their bills, it may be best to wait.
The biggest and possibly most disturbing downside to hosting a public storage auction is disgruntled customers. You may have multiple insults hurled at you. Yes, your former customers were in the wrong. After all, they decided to let their bills go unpaid. Despite this important fact, it will still be “your fault.” To reduce the chances of an angry customer, give them multiple chances to reclaim their belongings by paying their bill.
As you can see, there are a number of pros and cons to hosting a mini storage auction. If you are unsure if an auction is right for you, attend one. See how high bids go and what the turnout is like. This will help you determine if you can recoup your losses and make a profit or if an auction would just be a waste of time.
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