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Are Self Storage Auctions Goldmines?

Is there Gold in Self Storage Units?

Storage Wars is a popular reality show in the US, depicting Self Storage Raiders roaming around the USA, looking for units that are up for Auction, hoping to hit the jackpot by buying the contents of Storage spaces and units sight unseen.

Self Storage works on the basis of customers paying for Storage. Every now and then someone does not pay:  it’s less than 2% of all customers.

You wont find any of this in Self Storage!

Capital Self Storage at its four sites in Canberra at Mitchell, Hume, Queanbeyan and Phillip is bound by the Self Storage Association of Australasia’s code of ethics and use the standard Self Storage agreement that sets out the terms and conditions of storage. What does this mean for regular storer’s?

Not much really if you keep your payments up to date. Under the Self Storage agreement signed by every storer the Storage site owners have the capacity to sell goods if payments are not made. If storer’s don’t pay your goods, they can be sold to pay outstanding fees. This action is taken very rarely and only come s after extensive attempts to contact storer’s.

Storer’s that can’t pay their storage fees are encouraged to see the Manager to work out an arrangement to pay.

Capital go to a lot of effort to ensure customers pay with many forms of payment accepted like cash, EFTPOS, Direct Debit, Visa, MasterCard  and online 24/7.

Customers can use the handy online payment option at the Capitals website

There are options to pay with credit cards and customers can even see their account balances.

Not many customers’ goods get sold up by Auction. The majority of Auctions only pay back the debts owed and anyone who thinks that Self Storage units are a goldmine is misguided. Capital use an online auction system and goods are tested before sale.

One storage unit opened up was full of bricks and newspapers. Hardly a Goldmine!