When storage renters don’t pay their rent, auctions happen. In British Columbia, the lien law allows self storage operators to place a lien on the contents of a unit once the rent has become a full 30 days past due. Contain Your Stuff Penticton has auctions many times each year.
Self Storage Auctions
We give reminders, warnings and notices to each late paying renter and we advertise the auction, Renters are able and encouraged to stop the process at any time by making payment – even in the hours before the auctions starts. The auction is cancelled and the over-lock is removed.
How Do They Work?
How are auctions conducted? They are open to the public, but our staff and their immediate families cannot bid. The auctioneer opens the unit and gives people time to stand at the door and visually examine the contents – they can’t enter the unit or touch any item. Our auctions are all virtual, so you can bid right from home!
Do We Make a Profit?
Does the storage facility make a profit? We never profit. Sale prices only rarely exceed what is owed. However, when bids are very high, we take what we are owed and the excess is sent to the renter. If we cannot locate the tenant to refund the proceeds. Contain Your Stuff Penticton only retains the original debt of the tenant.
Keep in mind that storage facilities never want to auction the contents of a unit, If you have a problem which leaves you short to pay then talk to us, email or call us and arrange some payment terms to avoid an auction sale.
