Compare These Top Vendors for Unclaimed Property
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Searchable databases by state.
www.business.com/finance/unclaimed-property-by-us-states/Government sites for unclaimed property provide a vital service that enables companies to connect with people who have property or money owed to them by the company. Additionally, these sites are useful for helping a business determine if it is due a...
www.business.com/finance/government-sites-for-unclaimed-property/Resources and directory listings for Unclaimed Property Accounting Information Resources
www.business.com/general/unclaimed-property-accounting-information-resources/Searchable databases of unclaimed property in Alabama.
www.business.com/general/unclaimed-property-in-alabama/Searchable databases of unclaimed property in Arkansas.
www.business.com/general/unclaimed-property-in-arkansas/Searchable databases of unclaimed property in Georgia.
www.business.com/general/unclaimed-property-in-georgia/Searchable databases of unclaimed property in Indiana.
www.business.com/general/unclaimed-property-in-indiana/Searchable databases of unclaimed property in Texas.
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Opportunities in Unclaimed Property
To capitalize on these opportunities, you'll need a plan:
- Check with your local or state governments for upcoming auctions.
- Shop with an eye toward bargains, particularly in computers and electronics.
- Contact your state government about any unclaimed property that may belong to your business.
Tap into local law enforcement
Once they finish their investigations, local law enforcement agencies often auction hundreds of seized items, from tools to computers.Scan state government sites
Some states conduct their own online auctions as the best way to attract nationwide buyers for unclaimed property.California, an early leader in this trend, or contact Luv2Bid for a schedule of upcoming auctions in all states.
Register with eBay
More states are finding it easier to auction items through industry giant eBay, which has a built-in national audience. Texas is among states using this service.Check your own records
Have you moved your business recently?You may not have claimed all your security deposits from landlords or utility companies. Such funds may become unclaimed property in your states.Don't pay a fee
Some companies will want a fee to connect you with your unclaimed property. But the same information likely is available for free from your state government, which acts as a clearinghouse for such information.- Contents of safe deposit boxes become unclaimed property if the owner fails to pay rent within a certain timeframe. Some states also auction these goods.
- Uncashed checks, store refunds and accounts from closed banks are items that may become your unclaimed property. Check with your state for details.
- To complete a successful claim to your own unclaimed property, most states require you to provide detailed information, including legal name and previous or current address.
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Tips & Advice for Unclaimed Property
Sometimes another person's loss is your gain. Unclaimed property left behind due to change of ownership, change of address, repossession, or owner death may represent a bargain for your business. A growing number of companies now specialize in collecting this property to distribute to individuals and businesses at discount prices.
Nearly every type of asset can be found among unclaimed items. From furniture like desks to equipment like phones and computers, it may be possible to stock your entire business office with abandoned property. Finding good deals on unclaimed items may be as easy as attending a local, state, or national auction of goods held by agencies like public schools and police departments. Some businesses regularly scan government and law enforcement websites for information on upcoming auctions, while others routinely check auction sites such as eBay.
Some companies focus on recovering, not selling, unclaimed assets. It is relatively common for a business to change addresses without retrieving rent deposits or other credits. Whether you are searching for a deal on somebody else's unclaimed properties or looking to recover your own, there are many resources available. Business.com offers guidance to business solutions such as unclaimed property. Visit the links on the left to learn more.
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