Understanding Storage Auctions

A storage auction is the operator’s last ditch effort to get the customer to pay his or her rent. Self-storage facilities are not in the business of selling people’s belongings. But when all efforts have failed, the lock is cut and an auction becomes the next necessary event. Don’t let this process happen to you.

Tips to Protect Your Belongings from Auction

•  Make sure your contact information is current and correct at your storage facility.
•  Contact your facility if your credit card is lost or stolen or if you move and change your address.
•  Pay your rent on time; you can avoid auction fees of up to 30%.
•  If the facility has an online account option, log in and make sure your rent is current.
•  Make sure you reply to any lien notices.

o        After a month or two of delinquency, your storage facility may begin the lien auction process.

o        Reach out to the storage facility and tell them of your situation. Often the storage facility will work with you.

•  Finally, if you have not seen a bill, read an email notice or had a charge in a few months, it’s your responsibility to pay the rent. Give your storage place a call. Ninety days is about all the time you will have.
•  If the facility does not recover the entire back rent at the auction, your credit may be damaged, as some facilities hire collection agencies to help in recovery.

Bidding at Auctions

You may be interested in buying an abandoned storage unit. Ask your facility when the next auction will be. Some facilities post online or at the location when the auction is to take place. Today, facilities have both live and internet auctions. Some use an internet auction site like www.storagetreasures.com Sometimes you can find great treasures at a storage auction. FBN

By Tom Boggess

Tom Boggess is the owner and operator of Flagstaff Storage and Woody Mountain Campground. He has been in the business for more than 25 years.