Several auction lockers up for auction this week at Dimond Mini Storage!
It's a full day of Alaskan Storage Wars! The action is hot, the deals are sweet, and the lockers are FULL of hidden gems, treasures, and goodies.
Registration begins at 10:30 AM and the auction begins at 11:00.
$10 for one-time registration
$30 for yearly pass
$25 Buyer's Premium up to winning bid of $160, 15% after that.
If you've never been to an exciting storage auction before, here is a helpful FAQ:
Why do storage facilities hold auctions?
Storage facilities hold auctions for units when renters fail to pay their rent. At any point prior to the auction, the renter can pay their past due rent and reclaim their unit and its contents, but after the auction begins, their storage locker gets put up for auction.
How does a storage auction work?
A storage auction is like any other live outcry auctions. A bidder registers to bid and receives a bidder number. This bidder number is used to identify you during the auction and to place bids. The auctioneer will start the auction at some amount ($100) and ask for bids in increments ($25). To bid, simply raise your bidder card and the auctioneer will acknowledge your bid.
Here’s what a typical auction looks like:
Auctioneer: “$100 for the unit. Who gives me $125?”
(Bidder raises her bid card)
Auctioneer: “The lady bids $125. Who gives me $150?”
(Another bidder raises his bid card)
Auctioneer: “The gentleman bids $150. Who gives me $175?”
(First bidder raises her bid card again)
Auctioneer: “The bid is now back to the lady with $175. Who gives me $200? Any bidders interested at $200? Last call! Fair warning! SOLD!”
How do I register to bid?
You can register to bid 30 minutes before the auction begins. You can purchase a bidder card for $10 or registered as an annual bidder for $30. Annual bidders are registered for all of our auctions for a full calendar year. You will need to bring a government issued photo ID.
How can I inspect the storage lockers I want to bid on?
The lockers are sold with all the contents inside. Per Alaskan law, we don’t sell individual items out of storage lockers, so you’re buying the entire contents of the locker. An employee of the storage facility will unlock the door to the locker and all interested bidders can inspect the locker from the door. No one is allowed to enter the locker or touch any of the contents, including the auctioneer and the facility staff. We suggest you bring a small flashlight to help with your inspection.
I won a locker at the storage auction. Now what?
Congratulations! Now, put a lock on it. When the auctioneer says, “Sold!”, you own it and it’s best to secure your winnings. You can’t remove anything until you pay for your purchases and put down a $50 security deposit per locker to the storage facility. Go to the registration table and pay for your winnings.
What is the Buyer’s Premium for storage auctions?
A Buyer’s Premium is an additional fee added to your final bidding price. This is to help defray the cost of the auction. For Grubstake’s storage auctions, the buyer’s premium is $25 for winning bids up to $160, and then 15% for winning bids above $160.
Here are some examples:
Winning Bid: $100
Buyer’s Premium: +$25
Total for lot: $125
Winning Bid: $200
Buyer’s Premium: $30
Total for lot: $230.
Keep the Buyer’s Premium in mind when you are bidding. Also, there is a refundable $50 deposit due to the storage facility for every locker won. This is to ensure that all the contents of the locker(s) you won are removed.
What should I bring to the auction?
A government issued ID, flashlight, a lock, and cash. Storage facilities require a $50 deposit per lot to ensure that you remove all of your winnings by the end of the day. A lock is necessary to secure your winnings as soon as the auctioneer says “SOLD!”