Types of Auctions

Types of Auctions

The typical self storage shed auction…

1. The typical self storage shed auction is run by an auctioneer or storage manager.

2. Legal Disclosure for Auction–The auctioneer/manager will disclose the legal documents on the unit.

3. Breaking Unit Locks–The locks are broken (normally with a bolt cutter or a grinder)

The door is opened.

4. Typically you have a minute to look at the opened unit without entering the unit or disturbing its contents

5. Bidding starts–Auctioneer/manager says something like, “we will start the bidding at $25, who will give me $30?” The bidding continues until the auctioneer/manager says something like, “going once, going twice.. I am going to sell the unit….sold.”

Sealed Bid Auction…

At this type of auction the locks are not broken until the unit is won.

Generally, you will have a great view of all the items in the unit through the fence. Then you will give your sealed bid on the unit.

After all the bids come in and you are the top bidder, you win the unit and all its contents.

By the Piece or Box Auction…

At this auction the lock is broken, the doors are open, and the auctioneer sells off the unit one piece or one box at a time. (This is not our preferred type of auction.)