On the Auction Block: Tips on Hosting a Storage Auction Quiz

By: Staff
Image: refer to hsw

About This Quiz

If you own a storage unit and your tenant isn't paying their bill, then it's time to set up a storage auction to get rid of their wares and make room for a paying customer. Do you have the goods to host your own storage auction? Take our quiz to find out.

What is a storage auction?

Storage auctions are held by self-storage unit owners to clear out the units of deadbeat tenants.

Who determines the laws for evicting tenants in the United States?

Laws determining the landlord's right to evict a tenant are passed and upheld at the state level.

A right given to another by the owner of a property to secure a debt is the definition of:

If the owner of the property has a lien, he or she can take the person's property back in lieu of payment.

What can a tenant do to stop an auction, in most cases?

It depends on the terms of the lease, but a tenant can usually get the auction called off if they pay their rent.

Who is the best person to facilitate your auction?

Although the renter knows the contents best, he or she probably won't be too excited to see them auctioned off. For best results, self-storage owners should hire an experienced auctioneer.

Who determines the rules of the auction?

While the auctioneer will go over the rules, it's up to the owner of the facility to decide what those rules are.

Which of these is a rule that needs to be determined before the auction begins?

Both of these things need to be decided by the storage facility owner and then clearly stated to the bidders.

True or false: During a storage auction, you usually get to bid on individual pieces in the unit.

Most storage unit owners don't hold auctions to make money on the contents; they want to get their unit back so they can rent it. Therefore, the goods in the unit are usually sold as a package.

What is a great way to advertise your auction?

You'll want to get the word out to as many people as possible, so be sure to post an ad on Craigslist in your area. You should also post fliers on any community boards at flea markets and local coffee shops.

What happens to personal documents that are sold as part of the auction?

Personal documents technically become property of the winning bidder, so the owner of the storage unit should state in the rules that they need to be turned into the storage facility to avoid any liability. Storage unit owners should keep a business-sized shredder on the premises and dispose of them immediately.

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