May 27, 2016

The History Of Storage Auctions

Categories: Self Storage Auction

The concept of using a self-storage unit is a relatively recent phenomenon, given the fact that the storage facilities that people are used to seeing didn’t really exist until approximately 50 years ago.

Since that time, the ups and downs of the American economy have resulted in fluctuations in the self-storage market, though growth patterns have usually been the norm.

The Surge Begins

A noticeable uptick began in 2000, when thousands of new facilities began opening every year. By the end of the decade, self-storage in Houston and other cities around the country was popular enough that more than 58,000 businesses were in operation. That popularity means that an estimated 10 percent of all American households now use these services.

Inattention to Detail

However, not everyone that uses a self-storage unit pays close attention to all the rules and regulations in place. Specifically, that each unit used by a consumer comes with a binding contract that requires them to pay monthly fees in order to use it. Missed payments for a set period of months means that whatever is inside becomes the property of the facility owner.

Those circumstances have led to the type of storage auctions Houston residents now regularly see on television. Experts in the field have estimated that between 75-80,000 auctions of this nature take place every year.

The Drama of Storage

While the idea of watching people bid on things with questionable value doesn’t sound terribly exciting, a number of television shows have emerged to chronicle this process. In 2010, two television shows premiered, specifically focusing on these types of auctions and tend to stand out among the rest.

Both Storage Wars and Auction Hunters ramped up the drama for the type of storage auctions Houston residents will actually take part in should they choose to indulge in one on a local basis.

Each show presents a storage auction from a California-based perspective. In that state, an auction can take place if rent hasn’t been paid on a unit for three consecutive months. The potential buyers are able to briefly look at their potential purchase and bid accordingly.

In truth, the standard auction of a self-storage unit usually only has five to 10 items inside, which may not always rise to the level of television drama that regular viewers see. Still, it offers an intriguing option for some individuals.

Take It Away

When it comes to self-storage in Houston and elsewhere, an auction of this type requires the buyer has to take away what they’ve won on their own. The recipients also need to empty the unit in relatively quick fashion, which usually translates into a 24-48 hour time period.

Changes and Storage Auctions

The growing impact of these shows and flourishing presence of self-storage units in general is such that the collective number of auction bidders has increased. In addition, it seems to have instilled a more focused approach by those using such units to pay their monthly bills or risk losing their property.

Also, charitable institutions have been set up by those in the self-storage industry in order to provide a portion of some items from each auction for those less fortunate. Finally, businesses are available that can offer an educated assessment of the value of items that have been purchased.

People in the Know

While the only storage auctions Houston residents may ever see are the ones on television, the fact is that they’re taking place all the time. Self-storage in Houston is a growing industry and getting larger every year. That means the likelihood of an auction increases.

The folks at A-AAA Storage can answer any questions you have about either auctions or simply renting a self-storage unit. Contact us today. You might just end up with something you always wanted and get it at a bargain price.