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11/14/2018

Is anyone cutting locks monthly, or how often?

Affordable Storage LLC - Jenny Furr

Is anyone cutting locks monthly, or how often?

We usually dont have "enough" units to auction to make it worth the auctioneer's time but every 3-4 months, so the owner was wondering if we could still cut locks monthly up until the time we have enough units to really start the auction process (as long as it's still the legal allotted time for certified letters,etc) in hopes that it may get people to pay quicker, versus waiting until the auction time. In other words, by the time we cut locks, we have people owing 3-4 months rent, because once we start the auction process, they'll pay up then to avoid auction. Hope that makes sense.

Thank you! Jenny

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6 Comments

Benjamin Butner on Thursday 11/15/2018 at 04:04PM wrote:

I cut locks every month because I utilize online auctions through lockerfox.com. I don’t wait to accumulate several units. Sometimes several units get sold, other times it may only be 1 unit. The auction fees are per unit, not per auction date. I see no reason to wait if you’re using online auctions. Live in-person auctions are a different story. I highly recommend going the online route for numerous reasons!

Kevin Leebrick on Thursday 11/15/2018 at 04:17PM wrote:

We also use lockerfox.com to turn units faster so we can make more money. We cuts our locks at 36 days whenever the tenant gets there. So we cut 2 or 3 locks a month.

Jenny Furr on Thursday 11/15/2018 at 04:26PM wrote:

Thank you gentleman! The online auction is new to me. Is there anything different you have to do in order to auction online as far as the lease is concerned or notices etc, or is it exactly the same as if you used an auctioneer?

Adam Jarrell on Thursday 11/15/2018 at 05:24PM wrote:

Hey Benjamin. I echo Kevin's comments. Online auctions are the way to go and we actually use LockerFox.com as well.

The only piece you need to modify is that your lien notice is required to list where your auction is held. Change that language to say auctions are held via online auction at LockerFox.com.

While reviewing your lease is a good idea, unless your lease explicitly says all auctions will be held at the facility no exceptions, then you should be able to make this change without too much trouble.

That one change is all that's required.

Steve Hajewski on Friday 11/16/2018 at 07:31AM wrote:

You'll also probably find that if you do them monthly, there is a lot better chance that you'll get paid and won't go to auction. Plus, I sometimes find people just moved out and left me an empty unit. I'd rather cut the lock asap and get that unit rented to a new customer.

Jenny Furr on Friday 11/16/2018 at 08:42AM wrote:

As far as advertising if you use Lockerfox, is that covered with it being an online auction?

Disclaimer: The opinions expressed in the comments shown above are those of the individual comment authors and do not reflect the opinions of this organization.