The family should do the following before an estate sale company looks at the house.
1. Take everything they want. If it too bulky to get right away, put a not for sale.
2. Throw out obvious trash. Otherwise, leave it for estate company to go thru. Some estate sale companies have found a small fortune in the trash / dumpster.
3. Do not store stuff in boxes or take to storage. This results in more work and higher labor costs.
4. Do not hold a garage sale. First, in many locations allowed a limited amount of garage sales / estate sales. Also, you will get much less for items in a garage sale vs estate sale. This will take away from the overall value of the estate sale.
There was an estate sale company that did a consultation and calculated the sale would do $50,000. He came back and a bunch of stuff was gone ( about $30,000 in sales) that the family sold in a garage sale for $1100. He walked away from the sale costing the family tens of thousands because of their greed. I have worked with several greedy business owners and their poor actions cost them tens of thousands also.
I can think of at least two reasons, the estate sale company walked away. The family could not be trusted to do something else dumb in the sale. Secondly, you would think well there was $20,000 left to make. Because of the best items were gone, the company would have only make $10,000-$15,000 would be my guess.
5. Do not attend the sale. Auction companies will tell you that estate sale companies are hiding stuff and don’t want the family to see. Maybe, a few companies are, but the reasons listed below are the primary ones.
The family will hear negative remarks about certain objects or the house in many cases. Family gives sentimental value to an item and wants it at a higher price which results in it not selling. Family members getting in the way which results in less sales. Family members having arguments with estate sale shoppers.
The estate sale company will stage the merchandise, research it and then price it. They will also advertise the sale and after the sale have the house broom swept and any leftover merchandise gone.
As the sale goes along, will determine the proper price to sell to maximize revenues.
By following this guide you can avoid many of the problems that may overly complicate a process that is both simple and straightforward. It is important to have and follow a considered plan for your estate sale. By having a plan in place, you can share it with others to show that your sales follow an established norm.
Thinking about having an estate sale but are unsure how to prepare the home for interviewing companies? Here are some simple tips to ensure you and the home are ready! Don’t donate anything – Why do the extra work to declutter?
What is an Estate Sale? The words “estate sale” can mean different things to different people. There are indeed multiple ways to interpret the definition of an estate sale. For example, most people who are not real estate agents think of an estate sale as an auction where furniture and other household possessions are sold off to the public.
There are many factors that contribute to the success of a sale. Properly staging an estate sale for potential shoppers is one of those factors that can be quite labor intensive. Impulse purchases with shoppers account for a big chunk of consumer spending. According to a study by Marketing Support, Inc.
It’s a situation many of us will face one day, if we haven’t already: A relative dies or goes into a nursing home, leaving the survivors to figure out what to do with all the nice things left behind.