Self-storage is an industry where storage containers are rented out to individuals on a short-term basis. These containers are located in self-storage facilities. Tenants are offered boxes, packaging supplies, and locks to secure their space. Items stored in these storages are not insured by the facilities own insurance, but an individual may purchase insurance to cover the items.
The storage containers in the facilities are locked by the tenants, and the keys are also placed in their possession. Self-storage facilities can be found everywhere around the world and the numbers of facilities in each country is also of great number.
The storage units usually do not have any windows and the walls are lined with corrugated metal. Roll-up metal doors are the most commonly used way of opening the storage containers. There are facilities which are built solely to house the storage units, but some facilities employ security guards and have security cameras. The units themselves may have individual door alarms or electronic access. Some high-end facilities even make use of hand or thumbprint scanners to make sure only the tenant is allowed access to the storage.
Traditional storage facilities located in rural and suburban areas have multiple single-story buildings, but there are also multiple-story buildings. Grocery stores or warehouses are sometimes being converted into self-storage facilities.
When a tenant in a storage facility continuously fails to pay for their storage, the self-storage facility will be able to sell their storage containers through an auction. A lien is imposed for non-payment of rent, and the owner of the unit has the right to pay their outstanding balance until the point in time when the auction begins. If this is done, then the owner will be able to reclaim the items stored. For the others who are unfortunate, their storage goes to auction.
Storage auctions are open to the general public. Bidders from different parts come to the auction and try their luck. Most bidders buy for the purpose of reselling. When the auction begins, the door of the storage container is opened and the bidders are able to take a look inside, but are not allowed to go in. After a while, the bidding then starts. These units are sold as is, and the winning bidder gets everything inside. Once the bidding for that specific unit is done, the winner is then allowed inside the unit to examine the contents.
Bidding on storage units are all about risks. The potential bidders can only see what is inside of the storage, but nothing more. This means that if there are other storage containers within, they will not be able to see or know what they contain. When the winning bidder is finally allowed to enter and look through the contents, only then will they know if the value of what was stored matches, is less, or is greater than what they cashed out to obtain the storage.
The items that are usually of value that can be found in storage units are usually collector’s items such as sports cards, display figures, and comic books, among others. Storage auctions are a gamble, and as such, it is easy for someone to lose himself on bidding on a number of storage units. The fact is, there is only a small chance that a storage unit has items of value. It could be frustrating when a unit mostly contains junk. This would mean that the bidder did not get what he paid for, and ultimately, it means that there will be little to no profits made, which is usually the main motivation of a person to bid on a storage unit in the first place.