Should you hire an
estate sales professional? Holding your own estate sale involves a
tremendous amount of preparation... far more than many people realize.
Organization and research will demand a great deal of your time and
energy. With emotions running high and energy running low, trying to
do it all alone.
An
estate sale is the liquidation of a home's
contents often due to the illness or passing of a loved one. Estate
sale services may also be used by individuals who are moving, or empty
nesters who are simply downsizing. Estate sales will typically be held
over a two or three day period, depending on the size and contents of
the home.
Whether you are downsizing, getting divorced, or dealing with the financial assets of a loved one who has passed, stress is involved. For many people, these situations mean going through an accumulation of a lifetime of belongings. What do you do when you can't take on one more thing?
Call an Estate Sale Professional. When dealing with personal belongings, there is a psychological aspect of attachment. An estate professional doesn't have that personal attachment, and it's their job to know how much things are worth.
Because you remember your great-grandmother using her tea service every day, to you it is priceless, when it reality, it could be worth very little. It works both ways that ugly vase that sat on the mantel your entire life could be worth several hundreds of dollars.
Only an estate sale professional knows the market value of everyday items and antiques.
Most liquidators will request that you not declutter before they come. They are more skilled in identifying items of value.Choosing an Estate Sale Company
Here are some questions you may want to consider asking when choosing an estate sale company:
- How many days do you think it will take to set up?
- What is your commission?
- Are there fees besides your commission?
- Do you have insurance? What types?
- How long after the sale will I be paid?
- Do you have an appraiser on staff or access to one?
- What is your field of expertise? Antiques, Art, Furniture, etc?
- How many people do you generally have staff a sale like mine?
- How will my home be left? Broom Clean, Empty, etc?
- Do you or your employees buy items?
- Do you have a store?
- Do you have a contract? Can I take a copy home with me to look over?
- Do you pre-sell or allow people early entry?
- Do you charge sales tax?
- Do you have any sales coming up that I could visit to see how your sales are conducted?
- How many days will the sale itself be?
- When would you be able to do the sale (dates and times)?
Estate Sale Services
Sorting and Cleaning
The estate sale professional begins the process by assessing the assets. After acquiring an inventory of the estate, and an estimate of profits, the planner consults with the owner to determine if the potential sale will be valuable enough to move forward. If the owner approves, a contract will be made between both parties and the process moves forward.
Staging and Pricing
The sales professional weeds out the unsaleable or marginal items and either disposes of them or donates them to charity. The items of value are tagged, priced, and staged. The price tags are large and easily visible. Prices are usually set for quick sale but are often flexible for bargaining. After pricing, items are staged in a way that allows optimum accessibility and within easy reach.
Marketing and Selling
The sales professional will advertise the sale for several days beforehand. Most will use multiple media such as Craigslist, newspaper ads, and websites dedicated to listing sales by area.
The sale is usually held over the course of a few days. Factoring in buyer interest and inventory size, sales are generally between one and four days. The house is opened on the days of the sale, while the sales professional and their assistants are present to assist buyers and process all transactions.
Clean Up and Payment
After the sale is closed, any leftover merchandise is again inventoried, and the owner decides what to keep, dispose of, or donate to charity. The sales professional or a hired cleaning service will clean the home and prepare the home for the open market. The percentage agreed upon in the initial contract will be deducted from the profits to pay for the sales professional. The rest is given to the owner.
By hiring a professional, you will be able to maximize your profits while minimizing your involvement. When dealing with a death, divorce, or downsizing their services can be priceless.
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