How BoomBids Auctions Work
How to get started buying storage auctions
When people who rent self-storage units don't pay their bill, the contents of the unit go up for auction. We make it easy to find and bid on storage auctions. If you are the winning bidder of a unit, you'll be responsible for completely cleaning out the contents of the unit within the amount of time that facility allows you in their terms. We'll charge your card a 10% buyer's premium ($10 minimum charge) and you'll typically pay CASH at the facility for your full high bid amount. Some auctions require payment via credit/debit card over the phone.
If this is your first time using Boombids.com, we recommend reading this entire Article. It covers the basics of how online storage auctions work and walks you through getting started on Boombids.com with tips for bidding smart and picking up your units in a successful manner.
Please be aware of the full costs and policies before bidding. Happy Storage Hunting!
If this is your first time using Boombids.com, we recommend reading this entire Article. It covers the basics of how online storage auctions work and walks you through getting started on Boombids.com with tips for bidding smart and picking up your units in a successful manner.
Please be aware of the full costs and policies before bidding. Happy Storage Hunting!
Is winning units at self-storage auctions profitable?
Yes, you can certainly turn a profit buying abandoned storage units at storage auctions and reselling the goods. In general, you'll be taking goods purchased in bulk and parting out the items. The trick is to market valuable items to the proper buyers, in the proper place. If you're willing to do the work, and follow the rules, you can make money with storage unit auctions.
You can also find treasures for yourself. There are bargains to be had everywhere. If you're on the lookout for some outstanding deals at an auction near you, check out these tips!
You can also find treasures for yourself. There are bargains to be had everywhere. If you're on the lookout for some outstanding deals at an auction near you, check out these tips!
How do self-storage auctions work?
To get started, find the storage auction website you like best, and one that has many units up for bid in your area. Nothing stops you from having accounts on all the auction sites, but if you like buying units from a certain storage facility (or large company with many locations), usually all that company's auctions will be posted on the same web site.
Create your account and do any setup needed, like filling in your phone number and a payment method. You cannot place bids without saving a credit card payment method first.
Boombids.com charges a 10% ($10 min.) buyer's premium that is due when the auction closes. If you win a unit, you'll need to make sure your buyer's premium payment went through successfully before driving to pick up your unit.
The Boombids.com buyer's premium is separate from the actual purchase of the unit from the facility. You'll typically pay CASH at the facility for your high bid amount, but some auctions require payment via credit/debit card over the phone.
Create your account and do any setup needed, like filling in your phone number and a payment method. You cannot place bids without saving a credit card payment method first.
Boombids.com charges a 10% ($10 min.) buyer's premium that is due when the auction closes. If you win a unit, you'll need to make sure your buyer's premium payment went through successfully before driving to pick up your unit.
The Boombids.com buyer's premium is separate from the actual purchase of the unit from the facility. You'll typically pay CASH at the facility for your high bid amount, but some auctions require payment via credit/debit card over the phone.
This is important:
Make sure you follow all the rules. If you win a unit and never show up to pick it up, or leave a bunch of items behind in the unit, or leave trash all over the storage facility, the manager will ask Boombids.com to suspend you from their future auctions.
Getting suspended from a storage company with lots of locations near you can really limit your ability to buy units to make money.
Find online storage auctions near you
• • Now you’re ready to start buying storage units. BoomBids.com makes it easy to find storage auctions by you. Simply search by distance from your zip code.
Pay close attention to all the information available before you bid. If you don’t, you may win a unit that has to be picked up within 2 days, but it is too far away from you or too many units to handle quickly. If you saw enough to place the bid, then you had the rest of the information in front of you too. You have had fair warning!
Getting suspended from a storage company with lots of locations near you can really limit your ability to buy units to make money.
Find online storage auctions near you
• • Now you’re ready to start buying storage units. BoomBids.com makes it easy to find storage auctions by you. Simply search by distance from your zip code.
Pay close attention to all the information available before you bid. If you don’t, you may win a unit that has to be picked up within 2 days, but it is too far away from you or too many units to handle quickly. If you saw enough to place the bid, then you had the rest of the information in front of you too. You have had fair warning!
How does bidding work at storage auctions?
Now it’s time to bid on the contents of a unit, but remember it is real money! And these are legal transactions. Look closely at the pictures. Read the description. If it looks like trash, it probably is. No one is forcing you to place a bid. Most gamblers end up losing money, so bid based on what you can see, not on a guess or a dream. You are ready to bid! This site offers two ways to place a bid on a storage auction. You can place a bid for the next minimum bid, or you can put in a max bid (known as a proxy bid) and the site will move your bid up automatically when another bidder bids until you either win or they pass your maximum bid. You should receive an email notification if someone outbids you.
These are soft-close auctions. This means if a bid is placed in the last minute, it will bump the time up to 5 minutes. This gives everyone a fair chance to win.
If the overdue tenant pays their bill before the auction ends, the auction will be canceled and the bidders will receive an email notification.
These are soft-close auctions. This means if a bid is placed in the last minute, it will bump the time up to 5 minutes. This gives everyone a fair chance to win.
If the overdue tenant pays their bill before the auction ends, the auction will be canceled and the bidders will receive an email notification.
Why do storage facilities cancel an auction?
Most storage units are canceled due to an overdue tenant paying their bill. State lien laws allow the tenant to pay their bill anytime prior to the end of the auction. And some even allow the tenant to pay up until you pay at the facility. So be ready to go and Pay!
When a unit gets canceled, it will disappear from Boombids.com, and from your watchlist, if you have watched it.
Sometimes the facility will realize a step in the lien process was not done, or there is some other legal complication.
Here's what we don't see. Facilities don't cancel units because the bid is too low. They just want to get the stuff sold and off their property so they can re-rent the unit!
When a unit gets canceled, it will disappear from Boombids.com, and from your watchlist, if you have watched it.
Sometimes the facility will realize a step in the lien process was not done, or there is some other legal complication.
Here's what we don't see. Facilities don't cancel units because the bid is too low. They just want to get the stuff sold and off their property so they can re-rent the unit!
You won a unit, now what?
If you win a unit, you'll get an email and will need to contact the facility and let them know when you'll be in to pick up.
You'll need to bring cash for the bid amount, cleaning deposit, and sales tax (if charged).
You pay those charges directly to the storage facility, and will get the cleaning deposit back once you empty the unit.
Some auctions require you to pay via credit card by calling a phone number.
You'll have up to 72 hours (48 in some auctions) to pick up your stuff. The rules for each facility are different.
If the facility is close by, you can just stop in - but if it's far away, please call before driving, you'll save yourself aggravation if the unit for some reason can't be sold.
The overdue tenant can pay their storage unit bill until you show up with the money. Hurry in after winning!
You'll need to bring cash for the bid amount, cleaning deposit, and sales tax (if charged).
You pay those charges directly to the storage facility, and will get the cleaning deposit back once you empty the unit.
Some auctions require you to pay via credit card by calling a phone number.
You'll have up to 72 hours (48 in some auctions) to pick up your stuff. The rules for each facility are different.
If the facility is close by, you can just stop in - but if it's far away, please call before driving, you'll save yourself aggravation if the unit for some reason can't be sold.
The overdue tenant can pay their storage unit bill until you show up with the money. Hurry in after winning!
What to plan for when picking up your unit:
1. Bring a truck or trailer capable of picking up your size unit.
2. Make sure you are prepared to pay the sale price, plus any sales tax - and leave the cleaning deposit in cash.
3. Make sure you bring a lock in case you need to make a second trip. You cannot leave the unit without putting a lock on it.
4. Bring a broom to sweep out the empty unit, and a pair of gloves. ALWAYS WEAR GLOVES during your cleanout.
5. Don't show up at the last minute, just before closing. Most pickups must happen during business hours, and the manager won't stay late for you.
6. Don't assume you'll get a gate code. Many facilities don't give winners a gate code.
2. Make sure you are prepared to pay the sale price, plus any sales tax - and leave the cleaning deposit in cash.
3. Make sure you bring a lock in case you need to make a second trip. You cannot leave the unit without putting a lock on it.
4. Bring a broom to sweep out the empty unit, and a pair of gloves. ALWAYS WEAR GLOVES during your cleanout.
5. Don't show up at the last minute, just before closing. Most pickups must happen during business hours, and the manager won't stay late for you.
6. Don't assume you'll get a gate code. Many facilities don't give winners a gate code.