Everything You Need to Know About Estate Sales
It’s not fun to think about, but when a relative passes away, someone is left with the sizable task of clearing out their home. An estate sale — a one-to-three-day clear-out event of the majority of someone’s possessions — can be an efficient solution. The variety and quality of merchandise make estate sales especially attractive to shoppers. Here’s a breakdown of how to get your own underway.
Begin by deciding whether you want to hold the sale yourself, hire a company to do it, or a little of each. For example, you can handle most of the sale yourself but have a professional appraise the value of your items. Liquidation services aren’t cheap, but many people would rather give up some potential profit to save time and emotional energy, especially in a difficult season.
Choosing a Company
Liquidators are not regulated, so do your homework. If you know someone who has been in this situation, you may be able to find a good estate sale company through word of mouth. Otherwise, search websites like estatesales.net and filter by ZIP code and client ratings.
Look for a reputable business that has been operating for a while under its current name, holds several sales per month, and is insured and bonded. Companies that take a percentage of sales instead of a flat rate and do not retain ownership of any remaining items after a sale are more motivated to help you sell.
A good company will give you a written contract explaining their commission rates, their responsibilities and yours, and any additional fees, like disposal or dumpster costs. It should spell out how soon you will be paid following the sale (a one-to-two-week turnaround is standard) and how the payment will be made.
Holding Your Own Estate Sale
The DIY route is more involved, but it doesn’t have to be complicated. Start by going through the house and setting prices for everything you want to sell. Cross-referencing items online or using applications such as Google Lens can help you understand an item’s value. Obviously, you want to maximize the amount you make, but price your items objectively and reasonably. Haggling is expected at estate sales, so be flexible, especially late in the sale.
If the home is part of an HOA, secure any necessary permissions before the sale. Advertise on estate sale websites, social media, and physical signs. Online ads should include lots of pictures and detailed descriptions of unique or high-value items. Stage the home thoughtfully, leaving a clear path to prevent traffic jams and make sure items are visible. Remove or clearly label things that are not for sale.
On the day of your sale, enlist some friends to help keep an eye on things and run checkout. Have a lockbox on hand for cash and set up a sign listing electronic payment options. Many people no longer carry cash, so a tablet with a card reader is a must. Take advantage of the cooler morning hours by opening early.
After the sale, you can offer any remaining lower-value items for free on a local Buy Nothing group or donate them to charity. Higher-value items can be auctioned off or sold online.
Whether you hire a professional to manage your estate sale or hold it yourself, it’s a great way to handle a large and often emotional task. Do your research, expect some curveballs, and don’t stress — you’ll be done before you know it.
Estate sales are often treasure troves for art, knickknack, and furniture collectors. Check out our guide to antiquing in Texas.
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