Many of us have been entertained by the antics of Dave Hestor and the rest of the gang on A&E Networks reality television series “Storage Wars.” When rent is not paid for three months on a storage locker in California, the contents can be sold by an auctioneer as a single lot of items in the form of a cash-only auction. The show follows professional buyers who visit storage facilities throughout the state and bid on these lockers.
But now, online auctions are the self-storage industry’s latest “best practice.” By administering lien sales online, facility operators can leave the taxing auction work to website staff and concentrate on the day-to-day management of their properties.
Online auctions offer a plethora of benefits:
- All bidding is conducted on line, so facility operators don’t have to worry about the liability and chaos large crowds can bring to a live event.
- The auction never has to be rescheduled due to inclement weather.
- Live auctions depend on bidders physically visiting a facility. Through an online platform, they can bid from the comfort of their couches, eliminating the need to travel as well as the hassle of having to stay at an auction for long periods. The only travel required is if they win and they have to collect their locker contents.
- Buyers can view photos of unit contents for as long as they like and bid on the ones that catch their interest. While a live auction may draw 20 people, an online auction may receive more than 1,000 views due to the convenience of the Web and the impact of effective online marketing.
- Some auction websites will market an auction sale on your behalf, leveraging social media, marketplace websites and other resources to get the word out.
Online auctions benefit storage operators as well as bidders. The trick is to maximize lien sales by creating as enticing an auction as possible. Bidders have shown time and again that they’ll take full advantage of the convenience online-auction websites provide.