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.
How to plan a successful estate sale?
- Intro: How To Hold Your Own Estate Sale
- Loss of a Loved One: Deal with Grief and Undertake a Healthy Bereavement Process
- Handle the Legalities: Don't Get the Cart Before the Horse
- Organize and Declutter: A Five-Part Strategy
- Hire a Downsizing Specialist
- Rent a Dumpster
- Hire an Estate Sale Concierge
- Use Your Personal Network: Your Friends and Family
What to do to sell an estate?
They may include:
- Getting rid of old furniture
- Changing old window coverings
- Removing wallpaper
- Changing carpeting or other dated flooring
- Refinishing hardwood floors
- Applying a fresh coat of paint
- Eliminating all signs of pet ownership, like stains and other damage
- Installing new fixtures
- Updating lighting
How to price property at an estate sale?
coupled with a recent surge in the prices of cryptocurrencies, that are really making a splash. They’re buying up properties using Bitcoin. And it’s a local real estate agency facilitating the innovative sales model. “Ray White Lebanon is the first ...
What to know about an estate sale?
- How many years have you been in business? Established companies are less likely to be scams or use unfair practices.
- How many estate sales have you conducted? A company that has conducted many sales will have more industry knowledge and have past experience to learn from.
- How do you advertise your sales? ...
What is typically sold at an estate sale?
Estate sales are often overflowing with furniture, home furnishings, and assorted household items. Buyers may also discover artwork and fine jewelry. Antique dealers and private collectors flock to estate sales in search of antiques and collectibles from varied eras.
Do you negotiate at estate sales?
Negotiating at estate sales does happen and can help you get more knocked off the price, but there are a few things to consider first. The goal of an estate sale organizer is to get their client as much value as possible for their belongings.
What happens to things not sold in an estate sale?
Buy Remaining Items – Some estate liquidators will purchase the remaining items for a minimal price. If you decide to go this route, please remember that you will not receive anywhere near the price you had on the items during the estate sale.
How do you get rid of stuff after an estate sale?
3 Things to Do With Estate Sale LeftoversDonate Them. There's always someone who could use clothes, appliances, toys, and other items that you're selling. ... Liquidate Them. If you want to make money on the items, there's always estate liquidator services available. ... Store Them. ... More From Storage King USA.
What is the best month to have an estate sale?
Winter may just be THE BEST time to hold an estate sale. During spring and summer there hundreds of Garage Sales or Yard Sales to compete with in the winter. There are also fewer estate sales companies doing sales, which leaves us (and you) on a pinnacle.
Are estate sales good?
Estate sales can be a gold mine for shoppers in search of unique, high-quality goods at reasonable prices. Estate sales can be a gold mine for shoppers in search of unique, high-quality goods at reasonable prices. These include everything from clothing and jewelry to furniture and home décor.
What sells best at an estate sale?
But estate sales offer the potential for finding lots of great stuff you can either use in your home or sell for a profit.01 of 06. Art Prints and Paintings. RG-vc / Getty Images. ... 02 of 06. Kitchenware. JotWu / Getty Images. ... 03 of 06. Small Appliances. ... 04 of 06. Books. ... 05 of 06. Jewelry. ... 06 of 06. Conversation Pieces.
What is the best way to sell estate items?
10 Tips for Liquidating an EstateAppraise Valuables. ... Hold an Estate Sale. ... Auction Off Items. ... Sell Pieces at a Consignment Store. ... Use Online Resale Platforms. ... Hold a Garage Sale. ... Donate What You Can't Sell. ... After the Goods Are Gone, Sell the Property.More items...•
How do you run a successful estate sale?
Estate Sale SuccessDo Advance Research on Items. ... Clearly Mark Prices. ... Make Sure the Entire House is Properly Staffed. ... Set Up a Table for Purchases. ... Get a Cash Box and Make Sure You Have Change. ... Clearly Mark Parking Areas. ... Be Prepared for Large Crowds Early. ... Provide Beverages for Sale.More items...•
How do you sell a house full of everything?
You can hire an estate sale company to sell your stuff all at once. Estate sale companies will send someone out to review the contents and let you know if it makes sense and is worth hosting a sale. If you want to move forward, the company may hold the sale at your house or at their location.
How do you sell something after someone dies?
You can work with an estate sale company who can conduct a multi-day sale and do everything from managing the details of the initial evaluation of your items to writing you a check when the sale has been completed. An estate liquidator service can expedite the process selling estate assets.
How do I liquidate my home contents?
Here are 12 ways to liquidate the stuff you no longer need:Give some things to your children and grandchildren (ask them for a list)Donate to charity.Have an estate sale.Call appraisers for specific items (old toys, silver, art)Send items to auction and see what they bring.More items...•
What happens before an estate sale?
What happens before, during and after an estate sale can change depending on the estate sale itself. Some estate sale procedures will remain the same, but very often will change depending on the clients’ requests. Those requests are agreed upon during an estate sale interview, and should always be documented in the estate sale contract .
What does it mean to stage an estate sale?
Professional companies generally stage an estate sale. This means items are properly placed and displayed for potential buyers to purchase. Throughout the day and at the end of each day, the staff will often re-arrange the items and have them ready for the next group of buyers on the second, or third day of the sale.
How long does it take to get paid after an estate sale?
Payment Procedures After an Estate Sale. In an unregulated industry, there’s no specific number of days required for payout to the client, however clients do expect to get paid as quickly as possible. Depending on the method of payment accepted by estate sale companies, the final pay-out time could vary.
What is the goal of estate sales?
The goal of every estate sale company is to minimize the number of items left at the end of each sale. By properly marketing their upcoming estate sale, they reach buyers to sell out the items, leaving them with less leftovers to get rid of. However, most sales will have items left over. It’s not set in stone, some items left over are valuable, ...
Is estate sale considered professional?
As a professional estate sale company, you go out of your way to advertise and market your business, you can’t afford negative impressions, and leaving items on the street after an estate sale is not considered professional. Any amateur can easily do that!
Can you put a sign back up for an estate sale?
Depending on the geographical area, local jurisdictions may have estate sale sign restrictions. Estate sale companies must remove all their directional estate sale signs placed throughout the area, and put them back up for display again the next day. The fines for improper sign placement can be hefty.
Can you donate after an estate sale?
Donations After an Estate Sale. Many clients choose to donate the items left after a sale to an organization of their choice, or let the estate sale company choose. It may be a good idea to list a few on your estate sale contract, and allow the client to choose one.
What happens during an estate sale?
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.
How does an estate sale work?
Estate sales usually work either on a first-come, first-serve basis or the number system. First come, first serve, means just that. If arriving to an estate sale before it starts, it’s customary to form a line, just as one would for concert tickets or Black Friday deals.
Why do estates need to be liquidated?
Estates usually need to be liquidated quickly -- and completely -- due to downsizing, debt, divorce, or in some cases, death. Many estate sale companies advertise estate sales online, so potential shoppers can see ahead of time which items are for sale.
Do estate sales have discounts?
Again, this depends on the estate sale company and how they choose to run their sale. Estate sales often hold discounts, too, to sell items quickly.
What is estate sales?
Estate sales, often held on-site, are public sales of the personal property contained within a household. Photo by Matthew Daniels on Unsplash.
Who manages estate sales?
According to the National Estate Sales Association, estate sales generally: Are managed by estate sale companies or liquidators if they are more complex or valuable. Photo by Becca McHaffie on Unsplash. If you’re wondering what sells at estate sales, think broadly.
What was Zsa Gabor's estate worth?
Among items sold was a “Dah-ling” nameplate diamond necklace for $20,000, Gabor’s passport for $4,250 and sketches she’d drawn while at her trial for slapping a Beverly Hills cop in 1989 ($2,125).
How much did Anthony Bourdain's knife sell for?
Of the 202 items up for sale, the most expensive was Bourdain’s custom Bob Kramer chef’s knife, which sold for $231,250.
How much commission do estate sales make?
For example, estate sale professionals can ask for 20 cents on the dollar or may instead make a consignment arrangement whereby they would make a 35 percent commission. If estate sale companies are ensuring that all items will be sold, they often won’t accept anything less than a 40 percent commission.
What are the three D's of estate sales?
The Three D’s: Death, Debt and Divorce. Families or individuals, wherever they might own property, may hold estate sales after major life events. Some of the most common catalysts for estate sales include death, divorce, downsizing or moving, or filing for bankruptcy. Other major life events may also call for an estate sale, ...
Is estate sales on the rise?
In fact, estate sales have been on the rise in America. Naturally, if not held within a massive mansion, estate sales may be limited to a certain amount of individuals at a time to avoid overcrowding.
What is an estate sale?
It is the liquidation of a property and everything that it contains and is usually ordered by a probate court .
How To Hold An Estate Sale
Before the property can be listed, it has to be emptied of all personal belongings. The easiest way to accomplish this is to do an estate sale.
How much do real estate agents make per sale?
Most estate sale companies will charge a percentage of your sale as their fee. This is usually a flat fee, somewhere between 30%-50%. Some companies charge a sliding scale, instead. In this case, the more money your sale makes, the lower the percentage that they will charge.
What happens after the sale?
When the sale is over, there may be some items that did not sell left in the house. Depending on the item, you can decide what you want to do. Some items can be dropped off at a charity shop, if they are not worth much. Other times, you might be able to take an unsold item to a specialty shop or consignment shop.
Who gets the money from the sale?
This is the question most people worry about when they want to know how estate sales work. Unfortunately, there is no easy answer. It depends on what the probate judge has mandated.
Why do people do estate sales?
Though they're usually held after someone dies, they can also be necessary because of long-distance moves, divorce and bankruptcy. Whatever the reason, estate sales can be a good way to pay off debt or make money off unwanted possessions.
How to plan an estate sale?
Planning an Estate Sale 1 making an inventory of all the items in the house 2 figuring out whether they should all go in the sale 3 finding out what fair prices would be for all the items 4 setting everything up so it looks professional 5 publicizing the sale 6 making sure everything runs smoothly and fairly 7 making sure no one steals anything
What is the first step in planning an estate sale?
The first step in planning an estate sale is deciding whether or not to hire a company to manage the sale for you. Most people choose to do this, because organizing one on your own is an incredible amount of work. Major tasks include. making an inventory of all the items in the house.
What to do with items left over from an estate sale?
If there are items left over after the estate sale that you don't know what to do with, often donating them to a charity is the best solution. Most charities will send someone out to pick the items up for you.
What percentage of the total income is taken from an estate sale?
Estate sales are usually run by an auctioneer or a professional estate sale agent. These people take a percentage of the total earnings of the estate sale as payment, typically between 25 and 35 percent.
What does an agent do at the end of a house sale?
They're generally also responsible for clearing out the house at the end of the sale and leaving everything clean and tidy. Advertisement.
Why do sales managers try to sell?
You can trust that the sale managers will try hard to sell your items, because the more money you make, the more money they make. The managers will also take care of publicizing the sale -- advertising in newspapers and online, and putting up signs in the neighborhood.
How do estate sales work?
Most estate sales operate on a first come, first served basis. This means the first folks to show up at the door—often before the opening time—will be the first allowed inside the house. The folks who arrive second will be let in right after them. In terms of how quickly you can get into the sale, there isn’t a huge difference in being first or tenth in line as long as you arrive before the opening time. That said, being the first one in the door might provide you the opportunity to spot something you love before anyone else.
What is an estate sale?
An estate sale is when someone opens up their estate in an effort to sell a large portion of their possessions quickly. The seller—or the company they’ve hired to manage the estate sale —places price tags on items within their home. For this reason, estate sales are called “tag sales” in some parts of the country.
What is the difference between an estate sale and a thrift store?
Yard and garage sales feature a small snapshot of a person’s belongings, while thrift stores are a jumble of stuff belonging to many different people. At an estate sale, you’re seeing a more whole picture of a person’s belongings. “At an estate sale, you feel an intimate connection to the owner of the items being sold, as you are walking through a home where they have lived for many years,” says Judkins. “It’s as if you are walking through their life with them and their items are telling a story. You’ll sometimes even see photo albums of vacations they took, pins from events they had attended decades ago, and other really interesting items that tell their story.”
How long does an estate sale last?
Estate sales often last at least two to four days over the course of Thursday through Sunday. Sometimes, the company or owner will extend the sale across two weekends if there is a lot to sell. By their very nature, estate sales have to be short-lived events. Signs often direct you to estate sales in the area.
Why is estate sales important?
Estate sales are an effective choice when money becomes more important than stuff. This is often because of one (or a combination of) the “Four Ds”: Downsizing, Debt, Divorce or Death. Perhaps Grandma Sue’s collection of antiques was meaningful to her, but now that she has passed, you could benefit more from the money.
Why do people host estate sales?
These scenarios are typical reasons for hosting an estate sale. Most people host an estate sale because of one of the four D’s: death, downsizing, divorce or debt. Image by Jeff Turner. Deaths are perhaps one of the most common reasons.
How to get the best deal on an estate sale?
1. Allow Yourself Time. If you want to get the best deals, plan to commit some time to shopping an estate sale—at least two hours. “I spend between 45-60 minutes at an estate sale, and a big chunk of that time is spent in line waiting to check out,” says Kay.
What happens during an estate sale?
During the estate sale staging process or an estate sale, there’s a large flow of shoppers, many questions, unexpected issues that arise, negotiations that take place on the spot, competition between shoppers and verbal comments that freely flow as people shop.
Why is the estate sale industry so unique?
The estate sale industry is unique because it involves many variations that you are faced with on a daily basis. From location of sales, type of items within a sale, and the estate sale shoppers served. The dynamics of each sale vary greatly.
Do clients receive money from estate sales?
Clients will receive their funds from the estate sale after the sale has completed . All estate sale companies follow a distribution of funds policy, but the amount of time it takes to distribute may vary from one company to another.
Do estate sales have commissions?
There are no set estate sale regulations on commissions. Every company will make their own, but should have it clearly outlined in an estate sale contract to the client. Of course, additional fees many apply based on other factors, but the majority of liquidators will charge commission as one of their estate sale rules.
Is there a governing body for estate sales?
Although the estate sale industry has been around for years, there is no governing body that establishes estate sale rules, industry regulations or estate sale guidelines for companies to follow. Professional liquidators establish their own rules and guidelines to follow, and those may even change from one sale or company to another.
Do estate agents have to have a contract?
Most professional estate sale agents will only perform a sale with a written estate sale contract. There are no estate sale industry guidelines on what type of contract to use, or a government accredited contract to follow. Companies will establish a contract between them and the client which outlines all the details and responsibilities ...
Do estate sales have to respect employees?
Shoppers are required to respect employees on site and vice versa. Estate sale company reserves the right to refuse service to anyone. Etc…. Whatever policies you establish, let it be known, make it visible and readily available on-site in order for shoppers to follow.
What happens if you don't clear your hard drive before selling?
If that isn’t cleared before selling to rid it of personal information, you could be held liable for what that hard drive contains and how it is used in the future. Used/Retired Baby Gear – toss it! Used baby items can be sold to a limited extent.
Is it illegal to sell ivory?
Antique ivory, if proven to be so, is not illegal to sell. However, some states like New York say that it is illegal no matter what.
Can you sell used baby items?
Used baby items can be sold to a limited extent. For example, antique cribs are popular for collectors and used clothing is a great way for a new family to save money. However, the line is drawn at items used to ensure the safety of the child. These items include car seats, cribs, toys and high chairs, just to name a few.
What happens if an estate owner passes away?
This means if the estate owner passed away weeks or even days prior, there could be a lapse in coverage. This is not something you want to find out the day of the sale, or worse, when it’s too late. Make sure the home insurance policies are current and can cover the cost of damage in a worst case scenario.
Why can't estate sales sell pesticides?
There are no particular regulations concerning this, but some estate sale companies refuse to sell lawn chemicals and other pesticides because they are hazardous to people, pets, and the environment. Again, it’s your call.
Why do people hire estate liquidators?
An estate liquidator faces numerous liabilities when walking into someone’s home with the intent to open it up to the public. This is one reason why people hire an estate sale company in the first place. A professional knows how to make sure everyone stays protected, bodily, legally and financially. Selling to the public can open up ...
What to look for when walking into someone's estate?
Julie Hall suggests to train yourself to look in the nooks and crannies where critters might like to congregate. Infestations can occur between walls, so pay attention to scurrying or buzzing sounds. The last thing you want is for a bee attack to happen, where a shopper gets stung and sent into anaphylactic shock. Sure, this is a worst-case scenario, but the point is: bugs are more than just a bother—and if they’re inside somewhere—they can get out!
Is selling firearms a political issue?
Firearms. Not only is the subject of selling firearms a huge grey area, it’s also a hot political topic. It’s true people have a right to own guns, and when they die, someone has to handle the estate’s firearms. As an estate sale liquidator you have a few options: a.
Is it illegal to sell pornography?
Pornography isn’t illegal, and different estate sale companies have their own ideas about selling it. Generally, we all know there are different levels and kinds. If it’s cheesecakey vintage photos or celebrity-related, it’s probably fine for an estate sale and likely will sell quickly. Some companies may want to restrict sex-related items to a restricted room in case of children present.
Can you sell over the counter drugs?
Just say no. . . to selling drugs that could potentially hurt your customers and get you in trouble. (To be safe, just say no to selling drugs of any kind). It’s not unusual to find over-the-counter medications and prescriptions drugs at an estate. Here are a few items bound to pop up:
