Estate Sales 101
In speaking to people about Stash Estate Sales, I have become increasingly aware that not everyone is familiar with estate sales and how they operate. If you are a seasoned pro, this post may not be for you, but if you find the topic a bit mysterious—read on.
What is an estate sale?—First of all, estate sales differ from garage sales, yard sales or typical tag sales in that they consist of the entire contents of a home. So rather than being set up on the exterior of the house, they are set up throughout many, if not all, rooms of the house—meaning there is much more inventory that is actually for sale. Reasons for estate sales can vary, but the most common reasons are the downsizing of a home, perhaps for retirement, or the settling of an estate of a family member who has passed away. And the sale itself will either be run by the family or a professional estate sale company.
Privately Run Sales vs. Estate Sale Companies—People often ask about the benefits of bringing in a third party to run the sale so it helps to know what an estate sale company can bring to the equation. A reputable estate sale company (sometimes referred to as a liquidation company) will have a qualified team to sort, appraise and price the contents of the home. This requires a knowledge of the value of items and the ability to bring in outside help when needed for appraisals and pricing. Prices at estate sales are usually set at that sweet spot between pricing for a quick sale and getting the best possible price for their clients. Once items are priced, they are staged throughout the house usually in a way that shows them in their best light bringing in tables, shelves and display cases as needed. It is also the responsibility of the estate sale company to promote the sale. This is often done through traditional means like classified ads and signage as well as online listings, email campaigns and social media. An established company will have a presence online that will bring customers to the sale that might not know about it otherwise. Estate sale companies will have a knowledgeable staff on hand during the sale to assist with questions and often to facilitate getting your items to a “hold” area. The checkout process is an important part of their responsibilities as they process payments from the customers which often includes credit card processing. Lastly, after the sale, the estate sale company will give the client a reporting of what sold along with the proceeds, once their fees are paid which are often based on a percentage of the proceeds from the sale.
Shopping Estate Sales—People often wonder if estate sales are open to the public. The answer is, yes, at scheduled times. The best way to stay current on estate sales in your area is to join the mailing lists of local estate sale companies and check in regularly to sites that promote sales like Estatesales.net. If there is an estate sale that you would like to attend, it is also a good idea to do a bit of research. There may be sign up sheets either online or at the location itself which will be used to organize entry, especially on the first day. While it is not necessary to sign up, it will allow you to be one of the first to enter which can be advantageous if you have your eyes on something specific. Most sales will also have photographs posted online which can help you determine what will be included in the sale and help you to make a strategic plan. It is also a good idea to find out if there are any specific directions, parking instructions or gate codes needed for entry. Most estate sales run by companies will accept major credit cards, but you may want to check to be sure. And if you have your eyes on something large, you will most likely need to bring help to load the item once purchased. Estate sales usually run for 2-3 days and often will have reduced pricing after the first day, so always check to see if it might be worth coming back on the following days. See something you love, but it’s out of your price range? Many companies will accept offers or bids on items if you are willing to wait until the last day, so don’t be afraid to ask. And always remember, the company is trying to do the best for the customers as well as their clients, so it is in their best interest to sell the entire contents of the home while providing the family with a fair market value for a lifetime of goods.