Lockerfox is a website where you can find storage auctions at self storage facilities near you. If you want to find storage units for sale online, as well as great deals, this is the place to check. On the Lockerfox website you can view thousands of active storage unit listings across North America.
With powerful features and great support that will aid you in the auction process, you can be sure to find the auction you need.
The website combines some great web technology, a clean and simple user interface, and top-notch location-aware features. Add in the fact they have integrated Facebook and Twitter sharing, and you have everything you need from an exceptional online storage auction platform.
Signing up for the website is free, and there is no monthly membership fee. What the free storage auction platform charges is a low 10% buyer’s premium.
How Does it Work?
So, how to get started buying storage auctions? Let’s try and explain the process. People who rent self storage units sometimes do not pay their bills. What happens is the contents of the unit go up for bid.
Lockerfox makes it easy for you to find and bid on these and similar storage auctions near you. And if you win a unit, you are then responsible for cleaning out the contents of the unit.
The website charges a 10% buyer’s premium, with a minimum $10 charge. You pay cash at the storage facility for your high bid amount. Yes, some auctions require payment over the phone or via credit card.
People in the United States have made it a business of turning an abandoned storage unit at a storage auction into profit by reselling the goods.
Generally speaking, you are taking goods purchased in bulk and parting out the items. The trick there is to market valuable items to the proper buyers, in a proper place. So, if you are willing to do the work, you can actually make money and profit with storage unit auctions.
There is a television series airing in 2010 with that particular theme. Storage Wars has even spawned another TV show, Storage Hunters.
How do self storage auctions work?
Your first goal is to find a storage auction website that works great. And luckily, you already have that in Lockerfox. You can have different accounts on all auction sites, but nothing compares to Lockerfox.
Once you create an account and do the setup, you can start looking for online storage auctions near you.
The Lockerfox website comes to the rescue again. It makes it easy for you to find auctions. All you have to do is use the map view or search by distance using your zip code.
Now, once you win, you have to pick up the unit within two or three days. So, be careful. Pay attention, or you might end up winning a unit too far away and it will be challenging for you to pick it up. Having to make 2 trips to get the entire unit can hamper your profit.
Once you are ready to bid, you are using real money. Remember that. So, bid carefully. Play it smart at a storage unit auction.
You can place a bid on the unit, which usually starts at the listed minimum bid. It then goes up by $10 each time.
Yes, you can enter a max bid, which is also known as a proxy bid. This will make the system bid on your behalf up to the maximum bid. And if someone offers a higher bid, you will get an email notification.
Are there any Rules?
Lockerfox website has policies you have to remember and respect. First and foremost, the website has a 180-mile distance limit unit until you win and pick up some units. After that, the distance increases. If you need that adjusted, you can call the support team and they will get it done.
New bidders without a track record are limited to leading on 6 units at a time.
Yes, these limits might sound inconvenient, but there are rules. The website protects itself from a new bidder winning a bunch of units too far from home and blowing off picking them up. That will create chaos and havoc for everyone involved. There is no unlimited amount of bidding in the beginning.
What should you plan for picking up?
When you win your first bid, you are getting ready to pick up your unit. But here are a few things to remember.
- Bring a truck or trailer that can fit the size of your unit
- Make sure you are ready to pay the sale price, plus any sales tax
- Make sure you bring a lock in case you need to make another trip. Do not leave the unit without putting a lock on it
- Do not show up at the last minute before closing. The manager won’t stay late for you
- Do not assume you will get a gate code
- Remember to bring a broom to sweep out the empty unit, as well as gloves. Always wear gloves during cleaning
How to Find a storage auction near you?
Now, here is the simplest way to find a storage auction and use the Lockerfox website.
Start by going to “view auctions”. There, a webpage will open where you have to enter your zip code, miles of distance, and a keyword.
The keyword is probably the most important part. The more creative you are, the more narrow results you will get, and the easier will it be to win new auctions nobody else thought about it.
Zip code and distance are for the website to know where to look.
Remember, if you win a unit and decide you do not want it, you might get your bidding privilege suspended. You make an agreement when you bid, and it is your job to purchase and remove the contents of the unit.
Benefits of Online Auctions
What makes online auctions so great? Online storage auctions make selling units a more efficient and cost-effective process. It is that much truer for small operators that find it challenging and costly to conduct an on-site auction.
Remember, online auctions reduce the hassle and liability of lien sales. And it is beneficial for sellers as well. It is hard to attract potential bidders to an on-site auction if you have only one or two units to sell. That is the case for many facilities with fewer units.
Online auctions, on the other hand, have an expanded customer base and the unit will be seen by more bidders.
Online auctions also eliminate problems and challenges like the weather. Bidders and buyers can place offers from the comfort of their own homes. Online auctions do not have to be delayed due to traffic or rescheduled because an auctioneer has fallen ill.
Downsides of Online Auctions
Now, there are also challenges to online auctions. Some professionals call it a mistrust of bidders. One of the biggest challenges is the potential problem with paying. On-site auctions require bidders to pay for the units at the end of the auction.
With online auctions, websites do not accept payments, which creates a time lapse, an opportunity for the delinquent tenants to pay their past-due balance and reclaim their stored goods. That might sound impossible, but it is a challenge that can happen and put the storage facility in a tight spot.
Is it for you?
At the end of the day, online auction websites allow you to sell and bid on items from the comfort of your home. Even if you have never been to an auction before, you are probably familiar with the basics.
An auctioneer describes the item, and prospective buyers bid on it. It is a simple process. And the benefits of online auctions far outweigh the downsides and challenges of it.
But if you think that is not for you, try on-site auctions.