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Auction Start Dates for Online Auctions

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  • MamaDuke
    replied
    Originally posted by Tercelet1 View Post
    We have used a few companies for auctions now. Bid 13 was most inconvenient for bidders, and we had many issues with their buyers. (declined cards, trouble with US payments being based in Canada, cherry picked then abandoned units) For that reason I will no longer use them for auctions. Storage treasures was best so far, but that $20/ unit fee for cancellation is a killer. Still worth it in the end. We give winning bidders 72 hours to clean out, and will extend with payments after that. Always a minimum of $50 deposit per unit to ensure clean out,
    I used to charge the $20 cancellation fee right back to the tenant who waited until the last minute to pay, and it was part of what they had to pay to avoid the sale. Where I am now, we charge an advertising fee that more than covers if the unit gets cancelled, so I don't worry about it.

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  • Tercelet1
    replied
    We have used a few companies for auctions now. Bid 13 was most inconvenient for bidders, and we had many issues with their buyers. (declined cards, trouble with US payments being based in Canada, cherry picked then abandoned units) For that reason I will no longer use them for auctions. Storage treasures was best so far, but that $20/ unit fee for cancellation is a killer. Still worth it in the end. We give winning bidders 72 hours to clean out, and will extend with payments after that. Always a minimum of $50 deposit per unit to ensure clean out,

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  • tonaselfstore
    replied
    Something else to consider when setting the ending date of the auction is how long you give the winner to move out? I have all my auctions start on Tuesday and end on the following Tuesday. The winner then has Wednesday thru Friday to come in and settle the bill/paperwork and needs to be moved out by Monday at 9am. Most bidders that we have don't do this full time and like having the weekend to move their stuff out. It also gives them a little flexibility in case they run into an issue, bad weather, whatever.

    Matt

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  • lady5563
    replied
    The sale date is the date you would pick that ends the auction sale.

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  • Kittyfarts
    replied
    Frankly I'm just happy to not have to do all that prep work to have a whopping 2 people show up to an auction and bid for 5 mother effin dollars when the newspaper ad alone costs $235. Online auctions can't possibly be worse so this is a win-win for me.

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  • KeelHauler1994
    replied
    Research the various online auctions sites (maybe even sign up and create a login - to see how each works, maybe that will help in your decision). Make sure it is allowed in your state, city, etc - I have started to see articles about State Attorneys turning their eyes towards online auctions - looking for fraud (due to actions on the part of the facility, pulling auctions when the bid was not high enough or private-non lien sellers doing the same thing). Be aware of all the fee's involved (what they take up front and any cancel auction fee's - pass these to the tenant, if they pay).

    You can start the auction anytime you legally can based on the lease and state/local laws. Make sure to do all the normal mailings associated with an auction. You will need to lock cut the unit (with another manager/GM - as a witness) and take good/clear pictures of the unit. Same as any auction, you can not step into the unit to look in drawers, open toolboxes or stage items, but want to take pictures of high dollar items. A selfie-stick comes in handy - just make sure it is secure, so you don't drop it in the unit.

    The online pro-buyers know within minutes if they are going to bid and how much. The casual buyer, who does this on the side, might need to look a few times. Because of this, you will usually want it to go over at least one weekend, when they are off work.

    Be very clear about what is needed on your end when the auction is over - valid government issued ID, cash only, cleaning deposit ($100), no use of dumpster, etc., you can look at other facilities online auctions(never waver on the cleaning deposit - always collect - even if the unit went for $10). I use a bill checker to check all monies. If you collect a large sum - get that in the bank or lock it up right away.

    Plan your auction to end and clean out times when you are working (we have 72 hour clean-out after auction end). We do not give out gate codes - they have to stop at office to get in and out. They bring their own lock.

    We have not had a straw buyer for a tenant (to the best of my knowledge) but I am sure it will come up. If it happens, I would go ahead and just collect from the online winner/bidder and be done with it.

    We have found online auctions to be a better avenue for selling past-due units, more money and less headaches.

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  • MamaDuke
    replied
    I start my auctions the same day as the first newspaper ad. Then like Orkocean, I stagger the ending times in 5-minute intervals.

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  • pacnwstorage
    replied
    At Bid13 there is no penalty for ending an auction. The facility pays no fees at any time. I set an auction stop date in my newspaper advertising and at the auction site. I post the video and still shots at least 15 days, if not more, so that it is viewed by as many people as possible and more money is racked up. Basically, instead of taking bids in person at a live auction and it all ends right then on the final bid, the online auction allows for much longer viewing and the chance for more money for the facility.

    I think I still have an account with Bid13. I have not had an auction in 3 years so hopefully inactivity does not shut the account down. They still send me notices of auctions in my area that are running on their site.

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  • Kittyfarts
    replied
    Thanks, Orkocean. I wouldn't have thought to taper down the end times. Much appreciated

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  • Orkocean
    replied
    Whatever your auction listed end date is on the ad is when you want your auctions to end. Post them a week,, 2 weeks or whatever floats your boat early. Just be mindful the farther ahead you post them the more chance of people paying out and you having auction listing fee's for removing the listings. Everywhere i've been we post 1 week before hand. If you have multiple auctions stagger the end times with the first one starting at your listed auction ending time and then every 5 minutes or so after that per unit so you aren't forcing your bidders to choose which one they are more interested in if bidding wars take place at the end, this way they can focus on one at a time.

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  • Kittyfarts
    started a topic Auction Start Dates for Online Auctions

    Auction Start Dates for Online Auctions

    I'm switching over to online auctions and am curious to know if, for example, my auction date is Jan 22nd do I need to START the bidding on the 22nd, or do I END the bidding on the 22nd? I'm assuming I can list it on say the 15th, take bids during that week, and then finalize the sale on the 22nd at the auction time listed on the lien paperwork. Any legal issue there for TX facilities?

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