In the dynamic self storage industry, many customers are searching for monthly auctions of abandoned units. If you run PPC campaigns and are on top of your keyword (KW) management, you might have noticed the prevalence of users searching for “storage auctions near me.” Self Storage auctions, typically required when a unit falls into arrears, are not just a means to recapture space. In this article, we discuss monthly auctions in the self-storage industry, emphasizing the critical aspect of 100% compliance and why monthly auctions are essential for both storage facility operators and customers.
Understanding Monthly Auctions in Self-Storage
Monthly auctions in the self-storage industry are necessary events when the contents of a given storage unit have been abandoned or when the rent has not been paid for a period of time (the number of past due payments required before a unit is considered abandoned or can be auctioned varies by location,) are sold to the public. These auctions are not only a way for storage facilities to recover lost income but also a legal solution to deal with abandoned property.
The Importance of 100% Compliance
Compliance is a critical aspect to consider before auctioning an abandoned unit. The importance of complying with the laws in your jurisdiction can’t be overstated. To be crystal clear, any auction conducted by your facility must adhere to all applicable state, county, and municipal laws and regulations that govern the auctioning of storage units. These laws are designed to protect both the storage facility operators and the tenants. They include specific rules on how and when to notify tenants, the public auction process, and the handling of personal items found in the units.
Any deviation from following all applicable laws, rules, and regulations exposes your facility and entire business to legal action by the owners of the contents of the unit chosen to auction.
Do you have a self storage auction question or any other question related to owning, operating, acquiring, or building a self storage facility? Contact Peter Spickenagel at 248-600-4970.
Peter Spickenagel, President and CEO of Citizen Storage Management, is a nationally recognized expert in self-storage management. A frequent speaker at national conferences, he advises industry leaders and owners on key topics such as Revenue Management, Operational Best Practices, Creative Marketing Campaigns, and technology trends.