Self Storage- First auction since Covid

[Henry Clark]

Held our first auctions since Covid started. Haven't held an auction since February. Had 4 units out of about 860 total rentals. Only had one person we know moved out due to covid because one of them lost their job. Since we are full at all of our locations, any habitual lates we are having move out or have a significant rent increase. And/or be auctioned. This has gone down from about 15 units on a lot fewer total units when we first started. We have steadily filtered out bad accounts.

These 4 units were in three different towns, so I schedule an hour in between. The auctions only take about 5 minutes to do each. Only had 1 unit that didn't sell. Someone was scrapping small metal and wire in the unit. Luckily only about 1/2 truck full. Half metal for scrap yard and half junk.

Below is a 3 generation Auction buyer family. The grandma is shy, but the main buyer.

I have bids go in $10 increments and after the second time I say the number; I go 1,2,3 sold. Primary objective is to get someone else to clean the unit out, so we can turn around and rent. Not a lot of buyers, but it only takes one.