Attending an auction can be an amazing and exciting experience. This mysterious world of bidding, selling and buying can even be addictive at times. There you can find collectors of all sorts as regulars. There are two types of auctions you can attend, an online auction and on-site auction. Both can be rewarding, but it is crucial to look at the pros and cons of online auction vs on-site auction. It is necessary to know what you are getting yourself into.
How do self-storage auctions work?
People often rent self-storage units to store their belongings. For one reason or another, these self-storage units often become abandoned. Depending on the state's rules, if the owner does not appear in a timeframe of 30-90 days, the self-storage unit becomes the ownership of the company that rents it. As such, they have every right to auction it to the highest bidder and sell the stuff inside so they could vacate the unit. For that reason, everyone must know how to manage a self-storage unit.
Pros and cons of online auction vs on-site auction
Understanding the pros and cons of online auction vs on-site auction is important, both if you are an attendee or an auctioneer. If you own a storage business and you wish to auction some self-storage units, it is crucial to do it the right way.
Advantages of an on-site auction
Attending an on-site auction is a great experience. There are multiple advantages to it:
- You get to meet a lot of people with similar interests.
- You get to experience that exhilaration of bidding against other people, trying to get your hands on the prize.
- Attending an auction in person allows you to inspect the lot with your own eyes.
- If you are the highest bidder, you get to take what you purchased on the same day.
As an organizer, it is important to know these things, so you know how they affect your guests. That way, you can prepare on time, and you know what to expect.
"During most storage auctions, you will only be allowed to use cash as a form of payment, so make sure you have enough cash on hand."
Disadvantages of an on-site auction
On the other hand, there are also a couple of disadvantages of on-site auctions:
- You have to present in person or have a representative.
- Bidding frenzy is a dangerous thing, and it can cost you a lot more than you intended to give for a certain object of interest.
- Auctions are often held in a different city, so there will be some traveling costs.
As an organizer, you must understand that there will be a lot of strangers attending the auction. You never know who is coming, and with what intentions. For that reason, it is crucial to improve the on-site security of self-storage units.
Advantages of online auctions
The internet allows us to experience a lot of events in a whole new way. It is a common thing to hold online auctions. Even if you look at a website like E-Bay, you will see it is quite usual to bid for an item you wish to purchase online.
- It is easy and quick, and it can be done from the comfort of your chair at home.
- The platform is easy to use, and everything is done on one website.
- There are no additional expenses.
- Online auctions can be a bit less tense, so you will likely spend less money.
For organizers of online auctions, the entire process is a lot easier. They just have to take photos of items, put them on a website, schedule an auction, and that's it. There is no need to be there, you can just collect the money from your account once the auction is done.
"If you are buying a storage unit through an online auction, know that there are certain risks involved."
Disadvantages of online auctions
Even though the Internet is useful, that doesn't have to mean that online auctions have no downsides. Let's look at what they are.
- Shopping online is fun and addictive. Even though it is less tense than an on-site auction, it can quickly get out of hand. A lot of people do not have the feeling of spending money when buying online. Everything is virtual, so you can easily spend a lot more than you intended.
- You don't get to inspect the item you are bidding for. Most of the times the pictures can be misleading.
- If you are bidding for a self-storage unit, there might be a lack of information about what it contains.
- Since attending an online auction is easy and there are no travel expenses, everyone can join in. That means you will have to outbid a lot more people. And that becomes harder as the number of bidders goes up.
- A website may go down for multiple reasons.
- Since the Internet is a perfect place for hacker attacks, you might get conned out of your money.
- You must wait for the purchased item to be delivered to your address. That can take some time.
If you are an organizer of an online auction, you could lose some money. Experienced auctioneers can make people bid more if they talk to them in person.
Do you own a self-storage unit you don't use?
If you own a storage unit with items you don't use anymore, you can auction it yourself and get some money. That is a common thing for people who want to move, but they don't want to take a lot of their things to the new home. Even though moving from one state to another hassle-free might be your priority, do not underestimate the possibility of auctioning stuff you don't use any longer.
"If you want to organize an auction of your items, try to get professional advice from experienced auctioneers."
Pros and cons of online auction vs on-site auction made easy
Now that you understand the pros and cons of online auction vs on-site auction, you can decide what is best for you. It doesn't matter if you wish to attend one or organize it, knowing these pieces of information will make your life a lot easier. There is nothing else to say but happy bidding and good luck!