People hire an estate sale company for a whole host of different reasons. Whether you’re downsizing, facing a divorce, or handling an estate for someone who has passed away— holding an estate sale is frequently the best option. Leaving estate liquidation to the experts will save you time and huge headaches in the long run.
Advantages of Using an Estate Sale Company
Very few of us have the expertise or knowledge regarding the current market value of the vast variety of different antique or collectibles along with second-hand items out there.
Another downside is that many leftover estate items may represent strong emotional ties and memories that can seriously detour your ability to go through many rooms filled with objects and ephemera.
The best rule of thumb is to separate items of sentimental value, and distribute them amongst family members and love ones, avoiding any hurt feelings or potential disputes.
At this point, it’s the ideal time to call in an estate sale professional for a consultation and to prepare for final liquidation. A reputable estate sale company will effectively advise you as to when and how to run a sale.
Tips for Finding the Right Estate Sale Company
Most estate sales companies offer a free consultation. They can effectively assess items that you have for sale, giving you a general idea of the cost and time needed for an estate sale.
Get an honest opinion. It’s not in your or the estate sale company’s best interest to run a non-lucrative or inefficient sale.
Do Your Research Searching for Estate Sales Companies Online
Make sure that the estate sale company has adequate insurance and that they are bonded.
Also, check that they will provide security during the sale. You want to ensure that you protect your property and belongings as many buyers may wander through your house during the day(s) of the sale.
The cost of the sale is usually commission-based ranging from about 30-50% of sale revenue. Be sure to come up with a firm price that will include the set-up and staffing of the estate sale.
Most companies will not handle the clearing-out and clean-up after the sale. Though they will often time be able to recommend services that can assist you with getting your house tidied and prepared for the real estate market.
A good estate sale company should be perfectly honest with you about your sale potential. And will explain the process clearly and concisely.
Remember: Do not let your emotions get in the way. This is a professional transaction.
Look at the estate sale company’s past estate sales on their web page or Facebook, and ensure that the estate sale company has a solid database of contacts, for the marketing of your sale. Check their track record and online presence.
Make sure that the estate sale company will price most items individually, and be sure that they accept credit cards, charge sales tax, and have adequate staffing for the sale.
Organizing the Estate Sale
Keep in mind that you will need to make sure that you and your family have already moved out of the home. The estate sale company will need to entirely take over the house at least two weeks prior to the sale to set-up, price, and display merchandise.
The estate sale professional will need to make sure that your physical location has adequate street access, parking, and that the sale will not be too disruptive to the neighbors. It’s a good rule of thumb to let the people residing in the area know about the sale.
Other Important Questions to Ask Before Having an Estate Sale
- Does the company and/or their staff, have permission to purchase items from the sale?
- Are buyers permitted to have a preview or purchase before the day of the sale?
- When will the sale itself be scheduled?
- Can the seller attend the sale?
What Will Happen After the Estate Sale
When the sale is finished, be sure to have a cleanup strategy. Plan on donating or discarding unsold merchandise, and ask the estate sale company if they have any cleaning crew resources.
Usually, full payment from the sale will occur within 7 business days after the sale. The estate sale company will subtract their fees and sales tax and then provide you with the final payment.
Income tax and any reporting of the revenue from the estate sale is purely your responsibility. The estate sale company does not participate in this process.
Benefits of Hiring an Estate Sale Company
Life is filled with twists and turns. When confronted with divorce, the loss of loved ones, a professional move, financial upheaval, or maybe even a change of health, it is imperative that the liquidation of your assets and property happen as quickly and efficiently as possible. Hiring an estate sale company to assist with the selling of assets and property may be the most efficient way to complete the process quickly and painlessly.