StorageTreasures LLC, which owns online-auction platform StorageTreasures.com, has released results from its Unit Liquidation Program (ULP), which provides self-storage operators with a cost-effective way to clear out units that don’t sell via scheduled online lien sales. The company estimates that the typical cost to dispose of unsold goods averages $350 or more per unit. Since it launched in May, the ULP has helped to empty more than 4,000 units, collectively saving participants more than $1.4 million, according to a press release.
The ULP is an automated system that connects self-storage operators with local buyers. In 58% of cases, the seller resolved their unsold unit on the very same day as the failed auction, the release stated.
The program was developed in consultation with industry operators including real estate investment trust Extra Space Storage Inc., which has more 2,100 facilities nationwide. The company has saved “tens of thousands of dollars each month” through the program, according to Geoff Hayth, director of operations support at Extra Space.
Founded in 2010, StorageTreasures.com tracks auctions at self-storage facilities in Canada and the United States, publishing sale schedules and guidelines for buyers. On average, more than 40,000 sales are completed through the platform each month, according to the release.
Phoenix-based OpenTech Alliance Inc. acquired a major stake in StorageTreasures in 2016 and now manages the platform. The company specializes in smart-connected technology solutions, providing several models of Insomniac self-serve kiosks as well as a range of self-storage rental solutions including the Insomniac Live! Call Center, Insomniac Online Web and mobile applications, LiveAgent! software products, and the Insomniac ILock Security System, all available through the company’s self-storage cloud.