An estate sale can be a great way to clean out an entire house in preparation for its next occupant. But holding one can be overwhelming, especially when it comes to dealing with the loss of a family member. There are a lot of things to consider when conducting estate sales, such as pricing items to making sure all the paperwork is in order. Here are some tips for getting ready and running an estate sale like a professional.
What Is An Estate Sale?
So, what exactly is an estate sale? The definition of “estate sale” or estate liquidation is a sale or auction to dispose of a substantial portion of the materials owned by a person who is recently deceased or who must dispose of their personal property to facilitate a move. Estate sales can be conducted either by an estate sale company (there are online estate sales as well) or by an individual.
What Are The Benefits Of Holding An Estate Sale?
There are several benefits for holding one: 1) You’ll earn money from selling unwanted materials 2) It will free up space in your home 3) It allows you to shift your focus from worrying about what items to keep or sell 4) You won’t have the stress of finding buyers for each item.
What To Sell At An Estate Sale
Now, if you’ve decided to go ahead with an estate sale, here are some tips for what you should sell: 1) Sell big-ticket items like clothing, antiques, artwork, collectibles, jewelry, and other assets. 2) Tackle the kitchen—you could get top dollar for your appliances. 3) Get rid of old electronics
How To Plan And Organize An Estate Sale
Research Items That Are Being Sold
Take the time to go through clothing, art, jewelry, furniture, and other personal property that are being sold during your estate sale. It’s best to do some advanced research to determine a potential listing price for each item. Keep in mind that things like condition, brand name, and age can affect the price.
Sort Items Into Three Categories: Sell, Donate, Or Trash
When you’ve done your research and have a good idea of what items are worth, sort them into three boxes: 1) items to sell 2) items you should donate 3) trash or stuff no one wants to buy. For example: if you’re moving out of state and there’s no way you’ll ever use that $50 chandelier again during the rest of your life then just get rid of it. If it’s something valuable to others then list it for sale.
Price Items Appropriately
It’s a good idea to find out the going rate for items that are similar in quality and condition on ebay.com or craigslist.org before setting prices. For example, if you know a blender is worth about $30 on these websites then set your price around there when selling it at an estate sale. However, not all of the stuff in your house is going to be worth enough money to make a profit, but you’ll want to keep them anyway since they might have sentimental value.
Advertise For The Estate Sale
One of the most important things you can do when organizing estate sales is to get the word out. You should post flyers around town, or at least convenient stores and gas stations in the area to let people know an estate sale is happening. It would even be a good idea to post an ad in the local newspaper. For a fee, sites like Craigslist will also allow you to post an ad in order to expand your reach around the location. Most local estate sales will begin advertising up to a week before the sale begins just to get plenty of exposure.
Plan An Opening Time And Date
Decide when your sale will begin in advance. It’s best to start in the morning when people are less busy (or even better on a weekend) since that means there’ll be more potential buyers coming through. Ideally, you want to have the sale run throughout a couple of days or the weekend to get the most exposure.
Get Your Selling Areas Set Up
This can be as simple as putting folding tables and chairs in your driveway to make it easier for people to peruse the items or setting up shop inside. You should also provide a calculator so buyers can do some quick math on their own if they want, along with some large garbage bags for them to put everything in when they’re done shopping.
Don’t Forget To Take Some Pics
While getting organized is important before the sale, don’t forget that you’ll want to snap some photos of all of the items you’re selling once the estate sale is underway. That way you can keep track of everything and post them online on sites like Craigslist or Facebook so people that come by and miss the sale will still have a chance at buying the items later.
Take Payments Carefully
You’re the host of this event so you’ll be responsible for making sure that shoppers who purchase things at your sale are aware of how they can pay. Most shoppers will bring cash to an estate sale, but if someone wants to use a credit card then ask him/her if they want to do it at once or during the checkout process. It’s up to you whether or not you’d like to take checks as well!
Apply These Tips Or Hire An Estate Sale Company
After taking these tips you should be well on your way to having a successful sale. However, if this process sounds too daunting you might consider hiring a professional estate sale company. Estate sale companies know the ins and outs of preparing for and conducting sales and will be able to make your life much easier.
What Happens After An Estate Liquidation?
Typically once estate sales have been completed the next step is to figure out what way to sell the house, in the event, you decide not to keep it. There are two ways this can go down.
Option 1: Sell The Property With A Real Estate Agent
If you go with this option then you’ll want to make sure that your house is in good condition and be ready to sell it as soon as possible. You should also be prepared for the aftermath, which includes a mess from moving out, cleaning up after estate sales, repairs or renovations needed on the property, etc.
To give yourself a better chance at being able to successfully sell your home consider pulling some of these tips together to revamp its appearance before going on the market.
Option 2: Sell The House As Is For Cash
If the house needs work, you might be better off selling the house as-is for cash. That way you can save time and money. There would be no need to make any repairs or even clean for that matter. Another perk of selling for cash is that it can typically be done very quickly and the cash buyer will pay for all standard fees and closing costs! Our team here at Millennial Home Solutions has helped several families and heirs unload a property after an estate sale, contact us for a free consultation!