Planning Your Facility Auctions around the New Year
Now that January 2020 is coming to an end, we have finally made it through the hustle and bustle of the holiday season. Welcome to the roaring ‘20s! If you are anything like us, November snuck up quickly on you and your facility, and ever since then, the holidays have just been coming back to back to back.
Get a head start on holidays, don’t let them sneak up on your storage facility’s auctions in this new decade!
In the new decade, your facility can have a full year to prepare for every holiday that could disrupt you and your storage auction scheduling.
Stay Aware of Holidays that “Move”
Holidays can be tough on your storage auctions for numerous reasons. Will there be bidders? Will your facility be able to get in touch with the winner? Will your facility be open during the auction’s end? If not, will the winner be able to get in touch with you? These are all very good questions to keep in mind when scheduling your auctions for the year.
When scheduling your yearly storage unit auctions, you may think you are scheduling your auction to end on a pleasant Thursday in November, however Thanksgiving is not set yearly on a date like Christmas or New Year’s Day.
Thanksgiving could fall on any Thursday in mid to late November. In 2019, Thanksgiving fell near the middle of month on November 28, however this year, it will fall on November 27 which is something to keep in mind when scheduling your facility’s fall auctions.
Stay One Step Ahead of Holidays
Not only should you be aware of the holidays that move dates like Thanksgiving or Good Friday, but when scheduling your storage facility’s auctions, you shouldn’t let holidays with a fixed date fall off your radar either. Though we all know Christmas falls on the 25th every year and New Year’s Day is always the 1st of each January, sometimes it may slip our mind what day of the week these holidays fall on.
You may normally decide to run your storage auctions on the fourth Wednesday of every month, and by the time December rolls around you have already sent out your lien letters only to realize your monthly auctions are ending right on Christmas Day.
For the past few years, Christmas Day and Christmas Eve fallen very early in the week or in the middle of the week. When you’re scheduling your facility’s auctions very early in the year, you may assume Christmas will fall on a Tuesday or a Monday when it’s on a Wednesday, Thursday, or a Friday.
Why Does Scheduling Around the Holidays Matter?
At the end of the day, avoiding the holidays is beneficial in the success of your storage facility’s auctions. When you put up an auction, it is because a one your tenants has become delinquent, and your storage facility has lost money. When putting an auction online, the goal is to ideally retrieve your losses.
On a holiday, you risk losing the money you could be recovering. Ending your auction on a holiday limits the number of bidders looking at your auctioned units in the most critical hours for bidding – the last 3-5 hours. Once a bidder wins the unit, you may not even be able to contact them, or the winner may not be able to contact your facility for quite a few days in some cases, stalling out the process of clearing out the units and adding new tenants.
Your auction also runs the risk of not giving bidders enough time to retrieve the units they have won. For instance, a holiday can fall on a Saturday, and your storage facility may be closed on that Saturday and Sunday. If your auction terms only allow 48 hours for pick-up, the winning bidder may not make the very small window in order to pick up the unit. This can lead to more money lost through scrapping the unit contents or relisting the unit.
Now that it is January, it is time to think about scheduling your storage facility’s auctions for the New Year.
Learn these holiday dates in advance, plan, and maximize the money you’ll make in the new decade!