(March 29, 2022) – Phoenix, AZ. OpenTech Alliance, the PropTech leader in the self storage industry and managing stakeholder of StorageTreasures.com, reported significant cost-savings for operators that have leveraged the new Unit Liquidation Program (ULP) on their online storage auction platform. The ULP program gives operators a cost-effective, efficient method to resolve auctions that don’t sell — with estimates for minimum standard disposal costs often at $350 or more, the 4,000+ units cleared in the 10 months the program has been available equates to a reduction in operating costs related to storage unit cleanouts at over $1.4 million.
Since the program launched in May 2021, the StorageTreasures e-commerce website reported that participating sellers resolved 58% of unsold online storage auctions on the same day of the original auction end date through the ULP. In addition to the significant potential for cost-savings, the expediency and potential to earn new rental revenue are primary advantages for operators that use the service.
Extra Space Storage, the second largest operator of self storage facilities in the US, was a key contributor in the development of the Unit Liquidation Program, which is available to any operator on StorageTreasures. “We explained to OpenTech the high expense of cleaning out unsold units and they went to work to create an automated way of getting local buyers to clean out the units,” said Geoff Hayth, Director of Operations Support at Extra Space. “After some close collaboration, the new Unit Liquidation Program launched and we are seeing a great cost savings in the tens of thousands of dollars each month.”
“As the market leader in online storage auctions, we feel we have a responsibility to continue to invest in improving the overall auction process for the industry,” said Robert Chiti, Chairman and CEO of OpenTech Alliance and managing member of StorageTreasures. “Innovations like these new case management programs or the add-on Auction Review Service are possible because our storage partners trust us to help solve their challenges — and by that we’re truly humbled.”
The ULP is just one of several ancillary services and advantages offered on the StorageTreasures auction platform to help self storage operators mitigate delinquent units and manage lien sales. Other supplemental services include but are not limited to: Auction Review Services, Backup Bidder program, support from auctioneers licensed in all 50 states, API integrations to major property management systems, access to legalnoticelocator.com and more. Operators can also reduce bidder collusion and increase sale prices with access to the largest bidder base in self storage (nearly 90,000 unique active bidders in 2021) and refine auction results with powerful data insights offered through account dashboards and reporting features.
StorageTreasures is the premier online storage auction platform, trusted by over 18,863 storage facilities to complete more than 40,000 average auctions each month. Learn more about how to streamline your storage auctions with StorageTreasures here.
StorageTreasures.com is the internet’s leading storage auction information portal and is managed by Phoenix-based self storage innovator OpenTech Alliance. Founded in 2010, StorageTreasures offers the most comprehensive self storage auction platform available on the internet. In addition to storage auction hunters, the site serves auctioneers, appraisers, pickers, yard sale buyers, self storage customers and facility owners throughout the US and Canada. OpenTech Alliance, Inc. owns a majority of StorageTreasures, LLC and manages StorageTreasures.com.
About OpenTech Alliance, Inc.
OpenTech Alliance, Inc. is the leading PropTech provider in the self storage industry. The company’s products and services include the INSOMNIAC® line of full-service kiosks, INSOMNIAC Live! call center solutions, INSOMNIAC CIA access control systems, Customer Acquisition Services, and the StorageTreasures.com online storage auctions website. OpenTech solutions are designed to improve the customer experience, reduce operating costs and increase revenues for self storage facilities. OpenTech Alliance, the OpenTech logo and INSOMNIAC are trademarks of OpenTech Alliance, Inc. Other company and product names may be trademarks of their respective owners.