Storage auctions offer attendees the chance to bid on the contents of abandoned storage units and potentially uncover valuable items at a fraction of their market prices. A successful bid involves lots of preparation, research, and airtight strategies. Read our guide to learn how to approach storage auctions, how to explore the contents of a unit you’ve won, and how to resell items to potentially make a profit.

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What Is a Storage Auction?

A storage auction is a public sale of the contents of a self-storage unit, the renter of which has defaulted on payments. These auctions allow storage facilities to clear out abandoned units and recover some of their losses. Bidders compete to purchase the entire contents of a unit, usually without knowing exactly what’s inside.

Storage auctions typically occur when a renter fails to pay fees for an extended period of time. Failure to pay is frequently the product of financial hardships, relocation, or the death of the renter. Storage facilities must follow specific legal procedures before auctioning a unit, including attempting to contact the renter.

After the storage auction, which is also known as a lien sale, the storage facility puts the money it makes toward the original renter’s debt. If that debt exceeds the winning bid, the remaining debt may go to collections. If the winning bid exceeds the debt, lien laws typically require the storage facility to forward the excess to the renter.

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Before the Auction

Storage facilities must adhere to the strict legal requirements below before they can auction off a storage unit.

Legal Requirements for Auctioning a Unit

State laws govern storage unit auctions, and facilities must perform the following tasks:

1. Attempt to contact the renter multiple times
2. Provide written notice of intent to sell
3. Advertise the auction publicly
4. Wait a specified period (usually 30–90 days) before proceeding with the auction

These requirements give renters a final opportunity to reclaim their belongings before the auction.

How to Find Storage Auctions

Finding storage auctions requires some research and effort. Below are some ways to locate upcoming auctions.

• Check local newspapers and online classifieds.
• Contact local storage facilities directly.
• Join online forums or social media groups that focus on storage auctions.
• Visit websites that are dedicated to storage auctions, such as StorageTreasures or StorageAuctions.

You can now bid on many auctions online, which makes these events all the more accessible.

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Preparing for a Storage Auction

Proper preparation involves researching an auction thoroughly, setting a realistic budget, and bringing the right tools to the auction. Read more below.

Research and Planning

Research any storage facility and its rules before attending an auction. Consider the factors below before you proceed.

• Fees or deposits required
• Payment methods accepted
• Time limits for clearing out units

Setting a Budget

Establish a firm budget to avoid overspending. Consider the factors below when you’re setting your budget:

• Costs associated with clearing out and transporting items
• Possible cleaning or disposal fees
• The potential value of items in the unit
• Your state’s sales tax policies

Registering for an Auction

You must register in advance to participate in a storage auction, whether you’re attending in-person or online. Registration involves filling out a form with basic information, such as your name and contact details, and agreeing to the terms and conditions that the storage company sets. You may also have to pay a cleaning deposit, which you will get back after you clean out the unit or pay to rent it.

You will learn the size of a given storage unit at the auction, but you may not have the opportunity to inspect items thoroughly. You can’t typically touch or examen items until you’ve won a bid, but you may be able to peek from outside the unit’s door.

Essential Tools to Bring

If you’re attending an in-person auction, bring these essential items:

1. A flashlight for better visibility
2. Work gloves to protect your hands
3. A padlock to secure any unit you win
4. Cash or other acceptable forms of payment
5. A smartphone with which you can quickly research items

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The Bidding Process

The bidding process varies depending on whether you’re attending an auction in person or online. Understanding the differences between these processes can improve your chances of success.

In-Person Auctions vs. Online Auctions

In-person auctions typically involve live bidding at a storage facility. Bidders can usually look at units briefly before bidding begins. Online auctions, on the other hand, allow remote participation and usually offer photos or videos of the unit’s contents.

Key differences between in-person and online auctions include the following:

• Competition: Online auctions may attract more bidders, which can drive up prices.
• Pace: In-person auctions can be fast-paced, while online auctions may last for several days.
• Payment: Online auctions typically require a credit card, while you’ll usually have to pay cash at in-person auctions.
• Unit inspection: In-person auctions usually allow you to take a quick glimpse of a unit, while online auctions offer brief descriptions and still images.

Bidding Strategies and Tips

You’ll bid on entire storage units no matter which type of auction you attend. Consider the potential value and resale market for whatever you can see. Successful bidding requires a combination of strategy and self-control. Consider the tips below.

• Arriving early gives you an advantage: Being punctual gives you the chance to observe other bidders, understand the auctioneer’s style, and learn about the units.
• Be patient: If you miss out on one unit, remember that there will be others.
• Budget trumps emotions: Avoid bidding based on emotion, adrenaline, or curiosity. Set a budget before the auction and stick to it. Don’t get caught up in the excitement of a bidding war.
• Many auction bidders are professionals: Many bidders are experienced professional resellers, but you should expect some new or casual bidders, too.
• Research is important: Research the storage facility and its rules and regulations before the auction begins. 
• Turning a profit takes work: Finding truly valuable items is rare and requires preparation. You must research the value of items and the best place to post them for resale.
• Use your nose: Avoid bidding on units that smell musty, as this may indicate mildew or water damage. Strong smells, such as cigarette smoke, are also bad signs.
• You can’t keep everything: State law typically requires you to return any personal items and records, such as photos and legal documents, to the facility.

Winning a Unit

If you’re the highest bidder, you will need to pay promptly. You’ll probably need to pay the full purchase price and a cleaning deposit if you win at an in-person auction. Most companies require you to pay in cash, but some may accept debit or credit cards. You may also have to pay sales tax, depending on state law.

If you win an online auction, the auction site will charge you a buyer premium or bidding fee, which is 10–15% of the purchase price. The auction website may also collect a purchase deposit or down payment. The auction site will charge whichever credit card you’ve put on file.

Once you have paid your winning bid and any deposits or fees, you will get limited access to the unit within 72 hours. State law and facility rules may require you to return personal belongings and records, such as photos and legal documents.

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Exploring the Contents of a Won Unit

You’ll need to carefully explore a storage unit’s contents after winning a bid. Be sure to abide by legal requirements and ethical considerations.

Legal Considerations

Be aware of the legal obligations below when you’re going through a unit you’ve won:

• Abide by the facility’s timeline for clearing out the unit.
• Report any illegal items to the authorities immediately.
• Return personal documents and records to the facility.

Failure to comply with these requirements could result in legal consequences.

Sorting and Valuing Items

You must efficiently sort and value your items to get the most out of your new purchase, especially since you have a limited time to clear the unit. Follow these steps:

1. Categorize items by furniture, electronics, collectibles, or other categories.
2. Research the value of noteworthy items.
3. Decide which items to keep, sell, donate, or discard.
4. Clean and prepare items for resale.

Be thorough in your search. Valuable items may be hidden in unexpected places. Check drawers, pockets, and other small spaces.

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Potential Profits and Risks With Storage Auctions

Storage auctions can be profitable, but there are also risks. Read more below.

Success Stories

Some bidders have found valuable items in storage units, such as rare collectibles or high-end electronics. This is usually the exception to the rule, though. Most successful auction buyers make more modest profits through consistent participation and smart reselling strategies. Don’t count on one big score.

Common Pitfalls to Avoid

Be aware of these common mistakes:

• Failing to research the local market for secondhand goods
• Overbidding based on visible items
• Neglecting to factor in all associated costs when you’re calculating potential profits
• Underestimating the time and effort it takes to sort and sell items

Reselling Items

Effectively reselling items is where you’ll make your profit from storage auctions. Popular online platforms for reselling include eBay, Facebook Marketplace, and Craigslist. You can also look into specialized sites that cater to certain types of collectibles or antiques, such as figurines or china. Remember that these platforms offer wide reach, but may require shipping and handling fees.

Selling locally can be an effective approach if you have large items or if you’re targeting specific buyers. You can have your own yard sale or garage sale, set up a stand at the flea market, or contact consignment shops. If you find large, valuable items, a local auction house may be willing to help you resell for a percentage of the final bid.

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The Ethics of Storage Auctions

Storage auctions are legal, but there are ethical considerations you should keep in mind. Remember that you’re dealing with other people’s personal belongings, which they’ve frequently lost amid difficult circumstances. Treat items with respect.

This is especially important if the unit owner has died. The facility manager will typically handle any contact from surviving family members, but there is a chance they may contact you directly. Remain respectful, and always return personal items and sensitive documents. If you can’t return these documents, shred or destroy them.

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FAQ About Storage Auctions

What are the pros and cons of storage auctions?

The pros of storage auctions include the potential to discover valuable items at a fraction of their market value. The cons of storage auctions include the unpredictability, risk, and pressure involved.

Do people actually make money from storage auctions?

Yes, some people actually make money from storage auctions by finding collectibles or other valuable items and posting them on eBay, Craigslist, or other online marketplaces. Turning a profit requires a lot of time and research.

How do you know if the person who abandoned a storage locker is a criminal?

It’s difficult to know whether the person who abandoned a storage locker is a criminal. If you have any questions about the legality of the unit’s contents, contact law enforcement.

How long is it before a storage unit is typically auctioned?

A storage company will typically auction off a unit after 30–90 days of non-payment. 

What are the best ways to make money from storage auctions?

The best way to make money from storage auctions is by researching, bidding strategically, and reselling thoughtfully. Understand market trends and keep an eye out for valuable items.

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