What is a Mini Storage Auction- by aihaozhe2

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									In order to understand what a mini storage auction is, you have to understand what a
mini storage facility is, and what it does.

A mini storage facility or any storage unit facility is going to store a persons
belongings under lock and key in the storage facility. It can be a strip of mini storage
units, it can be a huge warehouse sectioned off, or a variety of other storage types.
The owner of the belongings will then pay a monthly or yearly fee to the management
of the units in order to keep their belongings safe and secure.

When the renter of the mini storage space is behind on their rent they will be notified
and expected to catch up. If the owners of the belongings do not catch up on the
payments, then the management needs to recoup their losses. They will begin the
process of reselling the contents. There are several documents that the management of
the facility must fill out, and record. Then they must state in a public circulation at
least two weeks before the auction day, that they're auctioning off the unit's contents.
There is a legal process that they must follow, and usually, it's not if the renter is only
one month behind. The whole idea behind auctioning off the contents is to try and
recoup the losses from the lost storage rent.

Once the mini storage auction has been duly advertised, the auction day will arrive.
People will show up, and register for bidding on the mini storage contents. Then the
auction will happen. The highest bidder is the one that's going to take control of the
contents after paying the winning auction amount. There are several different ways a
self storage or mini storage auctions can be held. You may have to sign up for a
number, or it may be just hand raising bids. You'll want to find out as much as
possible about the auction process before you actually did. Many times there are
stipulations that the contents need to be moved within 24 to 48 hours after the auction
ends.

When it comes to what's inside these mini storage units, it can be various. You may
find major appliances, minor appliances, or you may find antiques and heirlooms. You
also may find surprises and boxes of jewelry, and other valuable items. In order to
make a profit with a mini storage auction, your bid has to be below or at your
transportation costs and resale costs. Basically, the idea is to recoup your
transportation and auction bid price through the resale of the items, anything higher
than those two costs added together, is considered a profit.

Getting into mini storage auctions can be a lot of fun and in most cases you're going
to make a profit. Just remember, any auction can be a very exciting time, and you
might just wind up paying more than you had planned for your mini storage unit
contents.

								
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