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How do Storage Auctions in Sydney Work?

May 16, 2017
 

Everyone loves a good treasure hunt, and the lure of finding hidden gems in abandoned Self Storage units is often too good to pass up. Besides weekend-warrior bargain hunters, the storage auction landscape is also filled with semi-professional second-hand dealers, who are on the lookout for well-kept, vintage furnishings and rare collectibles.

While storage auction participants experience all the excitement of the hunt, storage facilities do plenty of hard work behind the scenes to make storage auctions happen. Here are some of the things that happen before storage auctions in Sydney or other cities around the country can take place.  

Announcing a storage auction

There are plenty of reasons why people are forced to abandon their Self Storage units. Some can’t make the rental payments on their storage units and others must make long-distance moves quickly, and they may calculate the cost of transporting their gear is more than it’s worth.

No matter the reason for the abandonment of property, every effort to contact the storage unit renters must be made before storage auctions in Sydney and across Australia can take place. Some storage auctions are announced in local newspapers and online publications as quickly as possible so the facility can regain the unit and prepare it for its new renters.

Facilitating storage auctions

Storage auctions in Sydney can take place at physical locations, complete with fast-speaking auctioneers, or they can take place online so you can bid on units from the comfort of your couch. For in-person auctions, participants are allowed brief glimpses inside the storage units to determine their opening bids and unit budgets. For online auctions, bidders are usually shown photographs of inside the units instead.

In both cases, the complete contents of the auctioned unit remains a mystery until the winner of the bid sorts through their haul. The winning bidders are expected to pay promptly and clean out storage units quickly.

Most storage auctions in Australia take place online. Online storage unit auctions are often more convenient and cost effective than physical auctions. Sellers don’t have to postpone events due to bad weather, and bidders don’t have to travel to different auction sites to make their purchases.

Final thoughts

Many second-hand dealers pay attention to the location of Self Storage facilities when they attend storage auctions in Sydney, whether it’s in-person or online, and they favour well-kept facilities that are near upscale neighbourhoods.

Seasoned storage auction participants caution newcomers to be realistic. While you’re not likely to find a Picasso at your next storage auction, you may find some like-new appliances that you can sell or good-quality wood furniture that you can refinish for a profit.

If you’re looking to try your hand in some storage auctions in Sydney, check out iBidOnStorage to participate from the comfort of your own home.

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