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The Myths Surrounding Storage Auctions

March 08, 2021
Imagining yourself becoming a huge success by uncovering hidden treasures found in abandoned storage units would be a happy reality. Unfortunately, making millions by bidding on online storage auctions like iBidOnStorage.co.uk and then selling the contents is, if we’re going to be honest with each other, highly unlikely to occur. 
 

But that doesn’t mean you can’t find good value and, indeed, success from bidding online; it simply means that expectations should be tempered before making your first storage unit auction purchase. These are the myths that typically surround storage auctions, and you shouldn’t let them inform your own expectations.

 

First Myth: You’re going to make millions

At one storage auction, long ago, a gentleman won a storage unit in which he uncovered pirate’s treasure. Seriously – legitimate pirate’s treasure: he found gold worth more than £500,000.


There was once a man whose deceased uncle’s storage unit contained a 1937 Bugatti 57S.


While these two gents were no myth, the thought of you being one of them is a myth. Just let yourself be clear on that account now, please. Winning storage units at auctions and reselling the contents is not a line of work meant for those hoping to make an easy bounty. It takes time and energy, knowledge and experience to be successful…


Well, unless you do get lucky, of course – there’s always that chance! You simply should never make a plan centered round you being lucky.

 

Second Myth: You’re in an all-out battle with the other bidders

If you expect to hear many a “Yuuuuup!” and a lot of aggressive bidding wars amongst intimidating characters, remember that self-storage auctions in the United Kingdom occur online. Everyone in the auction is essentially just like you – at home or in the office, comfortably placing bids on the storage units they have an interest in.
 

Third Myth: You don’t know what’s inside 

This is isn’t actually true. You cannot step foot inside the unit and rummage around, but the online auctions on iBidOnStorage.co.uk provide pictures of the contents. While you can never be certain, these images and the other homework you accomplish in advance can provide you with a good understanding of what the contents contain. (Take a look at our “What to Look for in Storage Units” article for more advice.)

 

Fourth Myth: Finders, keepers; losers, weepers

While it is certainly true that once you have won a unit at a storage auction that the contents of that storage unit are now yours, it is also a common courtesy to return any personal items, such as photos or love letters, to the storage facility. Also, items of a potentially criminal nature, such as guns and ammunition, should find their way back to the facility or directly to the police. Be sure to enquire in advance about any specific rules the facility may have in place regarding such items.


Self-storage auctions can be incredibly exciting and a lot of fun, but always remember that if you want to be successful, you need to do your homework and prepare properly first. Find more storage auction advice on our blog here, or get registered with iBidOnStorage.co.uk now and start bidding today!

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