0

Storage Auction Items Remain Mysterious

Posted December 31st, 2014 in Self-Storage Auctions by Valerie

The popularity of television shows like Storage Wars and Auction Hunters, the latter in which Thomas Hayward can often be seen directing the proceedings, have increased the attendance at events like this December 10 auction at PODS in Norwood, Mass. But, an increase in attendance does not always translate into better sales.

According to a recent article on Wicked Local Norwood that featured Thomas Hayward and storage auctions, many of the storage units are simply repossessed from peoples homes and are not opened until the day of the auction, resulting in either a heck of a deal or a big bust. After all, the top seller of the PODS auction was a unit purchased for only $100.

Hayward added, “Some days, there are hundreds of people and everyone is bidding, other times, only two people show up…and they can get a screaming deal.”

Additionally, according to the article, Ted Mihos attended the auction and recommended carrying both cash and a flashlight because you never know what you could find inside the storage unit. Mihos also suggested Googling the previous owners of the units to get an idea of what could be inside.

Ultimately, storage auctions are a gamble. The purpose is to help the previous owners pay off their debt and although the actual auctions are not exactly what you might watch on TV, some interesting items can be found.

AR-141216367
Photo Credit: Brad Cole