Get it sold, write off the debt, and move on to more important things. This used to be the only option for self storage lien sales. That is no longer the case with your delinquent units. With the growth of online storage auctions, a wealth of bidder behavior data has revealed proven tactics for greater auction success. You CAN recover more debt from your lien sales if you follow a few simple, data-backed best practices.
Legislative efforts are currently in motion in more than half the nation’s states that may impact self storage lien laws. Stay up-to-date on critical changes that impact your self storage business to avoid the risks associated with a wrongful lien sale. Read more for upcoming changes that will impact operations in Alabama, Kansas and Virgina.
OpenTech Alliance helped Northwest Self Storage reduce operational inefficiencies to create a seamless lien enforcement process with StorageTreasures.com. Since the company started using online auctions in 2017, they’ve not only seen great returns, but have also leveraged StorageTreasures to reduce the number of units that go to auction at all.
OpenTech Alliance helped relative newcomer Go Store It avoid auction liability during a multi-state expansion with StorageTreasures.com. Founded in 2017, Go Store It had an aggressive plan for growth throughout the southeast, tripling in size over the course of 12 months. With auctioneers licensed in all 50 states, ST helped them stay avoid liability from lien laws.
Beachfront A1 Surfside Self Storage uses online auctions to safeguard staff and assets while recouping funds tied to delinquent units. A locally owned company since 1991, facility managers have resolved $34,000 outstanding in bad accounts with StorageTreasures.com.
Amsdell Companies has converted its Compass Self Storage facilities from live auctions to StorageTreasures.com. According to Amsdell, use of the site has become standard practice due to a streamlined auction process, superior customer service, and a better overall ROI.