In this case, you’ll probably pay more for the estate sale services compared to a normal-timeframe sale. When liquidating a loved one’s property, there may be some unusual circumstances you encounter. Be sure to tell the estate sale company about these circumstances, as they may affect what the company charges. Be completely honest, as dancing around the details doesn’t help either party. If your estate sale includes higher-ticket items such as vehicles, boats, or fine artwork, you may be unwilling to pay the standard commission rate for those items. The company will likely adjust the commission rate downward to retain your goodwill. Since there is no regulation of estate sale companies, you’ll need to thoroughly check each potential company’s qualifications and references.
What Happens to Estate Sale Leftovers?
Just because your friend is passionate about antiques and has seen every episode of Antiques Roadshow, does not make him or her the right choice for your situation. In a survey conducted in 2021, it was found that professional estate sale organizers successfully sell about 85% of the total content of an average home during a sale. One advantage of hiring professionals is their knowledge of market trends and current demands. They can accurately evaluate the value of items based on their condition, rarity, historical significance, or collectability.
You’re likely familiar with a yard or garage sale, where you would find a selection of items being sold. Although these are similar, an estate sale is focused on selling nearly everything from the home, not just a selection. Members of the public are often invited to walk through the home to explore all items being sold, including furniture or even used cars. Be sure to check out our article “What is An Estate Sale” for further expansion on this question.
Chip Stapleton: Taxes, Fees & Commissions To Consider With Annuities
Using Google as a tool is also prudent to see if there is any bad press on the company. It is also imperative to find out how much negotiating with buyers it will do. There is usually more as you near the end and attempt to liquidate completely.
There are other routes for liquidating your loved one’s estate. Some other routes include eBay, live auctions, and holding your own estate sale. However, your emotional attachment to the items may make it difficult to assign realistic prices. Holding an estate sale requires advanced preparation, and you’ll likely wait a couple of weeks for your proceeds. However, using an established estate sale company will help you to realize an overall better value. Learn how long a specific company has been hosting estate sales, and how many events they execute each month.
“Look for manufacturing labels and feel the weight of the materials.” Both Cook and Blankenship recommend using EstateSales.net to discover estate sales in your area. Enter your zip code to find out about future sales happening in your neighborhood. Our company researches and places a price tag on these treasures and offers them for sale to the public. Our goal is to sell everything, leave the house empty with the precious memories intact.
Consider factors like local events, holidays, and even weather conditions that may affect the turnout. Most estate sales last between two to three days to attract a wider range of buyers.
STEP 9: Create your business website
Ask lots of questions, such as what they estimate you’ll make from the sale, and what their policy is on any items left over at the end. If you have any valuable or rare items to sell, make sure the company has people with the right expertise to get you a fair price. Don’t trust a company that doesn’t answer all your questions directly, and instead refers you to the contract or their brochures. During an estate sale, the house or condo is opened up to the public, who can then purchase items from the sale. It’s most common for estate sales to take place over a weekend, possibly two if it’s a large sale. Estates usually need to be liquidated quickly — and completely — due to downsizing, debt, divorce, or in some cases, death. Some estate sale companies partner with non-profit stores, who are very happy to pick up unsold items at the end of the sale.
Read more about https://venzorsolutions.com/ here.
Once you’ve conducted a few estate sales and as your business grows, you’ll want to streamline to make things easier. This involves setting up processes in order to stay organized. Processes become even more important the bigger your staff gets. If you end up hiring part-time or full-time estate sale employees, a uniform system of doing things ensures consistency and quality. While the great thing about starting an estate sale company is the low overhead, don’t forget cash for marketing and advertising.