Category Archives: Professional Liquidators
Even with thousands of estate sale companies, there are so many baby boomers on the move, many companies are already booked until August. Let’s do a brief review of what is truly important.
Be sure to ask about their experience. There is nothing wrong with new estate sale companies as long as they have previous experience working side by side with another experienced estate liquidator. An apprenticeship if you will. During the time that they work with someone with knowledge and experience they should learn about staging (or set-up) of the sale, recognizing what is being sold and pricing (general household) usually is priced by what prices are being reallized at other sales in your area, and of course knowing where to research unique, rare, unusual, or antique items. It is also important to have a certified appraiser that an estate sale company can use as well.
Ask about their education in the estate sale business, but it takes more than just reading and answering tests. Experience gained with a working estate liquidator is important.
It is beneficial to be able to speak with past clients. Written testimonials are helpful, but speaking with a client that they worked for within the last year is also a key component to deciding on whether or not you may want to hire them. Ask about their overall experience, but keep in mind financial results aren’t always the deciding factor. Were they on time, responsible, insured, and did they do what they agreed to. They may provide you with a brochure which is a great way to lay out their services. Keep that for future reference. Ask them if they have memberships with any associations or societies and if so what that means for you.
Do a complete review with them of their contract. If they don’t have a contract simply put – look at another company. If you are unsure of the contract ask to take it to your attorney so that all parties understand and begin the process with a good working relationship. Make certain that everyone understands what will and won’t be in the sale and if there is a penalty for removing something after the sale begins. If everyone is on the same page when the estate sale process starts it helps relieve stress and can forge a good working relationship between client and estate liquidator.
It is always important to look at any estate sales a company may be holding and if possible visit a company during a sale. Observation can be very informative.
Do not make the mistake of choosing an estate sale company by commission. That should be the “last” consideration.
This is just a quick review. For more information look at the orange tab on the top left side of our Front Page. How To Choose An Estate Sale Company.
No one can guarantee you that the estate sale company you choose will be perfect. All any company or group can do is remove them from the website and discontinue their membership. What matters is that you, the client, did your due diligence so that your final decision was yours. It is your financial bottom line and your responsibility. If you have questions contact us at email@example.com We welcome your questions and comments. Please visit us on Facebook and Twitter and check out our Pinterest page.
Lately, I have been thinking about the “COST” of conducting a house sale. What does it take financially to conduct a sale in someone’s home.
Starting with payroll, in order to have a staff that can work fast and hard both in the set up and the selling of items the conductor needs to pay them a reasonable wage. If you begin at minimum wage – $10.00 per hour and the employee works for 2 days setting up at 6 hours per day as well as two days of the sale at 8 hour minimum, that makes each employee’s wage $200 for the sale. This of course is a sale that is easy to set and sell. If the sale is a large one then you have to figure the payroll just goes up and up. But for this example I am going to use a simple sale – 3 employees (not including the principles of the company) x $200 for the sales is $600 payroll.
Next you will need supplies – a set of 5 non carbon sales books cost $14 approx. You might need 10 total for sale. Plus you need pricing stickers – a pkg of white removable stickers cost $7. each. So for this purpose, a trip to the office supply store will cost you $80.
Then you have to consider the town you are working in – is there a permit needed. Did you cover in the contract that the client pays the permit? If not, that cost can be $60 per sale in a town that requires a permit, such as Oak Park, IL. There goes some more money out of your pocket.
If this is a new business for you, you will need table, cloths, display items, string tags, secured diplay boxes (so your shoppers cannot help themselves) – all costing you more and more money.
And what about after the sale – what does it cost you to get all the items out of the house? How many hours of labor does it take to wrap and take the items that are saleable. How much does it cost to have the refuse taken away? How much does it cost to have a person stay and sweep up after everything is removed? And who is removing the items? A moving company or you in your own vehicle. This all costs money!
Oh, and of course you have to consider the cost of advertising. If you belong to a website, there is a monthly fee for that. If you have a special sale then that cost just went up from maybe $100 a month to an additional $200 just for this one sale – all costs against your profit.
All of these fees and costs do not inlcude: databases you subscribe to, books you buy for research, t-shirts or uniforms you might use, phone service, credit card fees, bank fees, gas, tolls, and all sorts of items you have to take into account when figuring out what commission to charge so that you actually might make some money to put in your own pocket.
The estate sales business is not for the faint of heart. It is also not a charity, it is a business – you are intending to make a profit. When you consider what to charge as your fee, you must consider all of these things and more.
When you choose your estate sale company along with a complete and thorough review of the estate sale contract, ask to see proof of liability insurance and do not be surprised when the estate liquidator asks to see a copy of a homeowner policy. In todays’ world it is important that both the liquidator and the property be covered by insured.
If the estate sale company belongs to any associations ask to see some type of ID (appraisers, education, etc.)
More and more liquidators are bringing professionally prepared brochures, but they should contain pertinent information about the company, name, address, phone number, email address, how long they have been in business, (license number if required by state or municipality) educational information (if any i.e. appraisal or fine art courses, estate liquidation courses), where they list their sales and advertise, and a list of their services showing fees or commission charges. It should also include if they have insurance or are bonded.
Following all this information, the estate liquidator should take photographs (if possible) to start the listing of the sale.
Access to the property should be arranged for pricing and staging and the dates and times of the sale.
If either party has any concerns about the sale this is the time to express these concerns. If the home is overflowing (commonly referred to by many as a hoarder) and you have an issue with this term discuss it with the estate liquidator. Television shows have promoted the use of this term and many times this can help encourage buyers to attend the sale. The term is not intended to be disrespectful.
As a seller when the estate sale company is ready to leave the property you should have trust and confidence and if not this is the time to settle any further concerns. You have hired a professional to sell the personal property and they need to do their job. Keep in mind most estate liquidators conduct sale after sale and they want your estate sale to succeed too so eliminating concerns and reducing your stress is good for you, the seller and the estate sale company.
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Many people who hire estate sales companies are elders or their families who are downsizing and relocating. Whether it’s making home modifications, moving across town to an independent living community or across the country to an assisted living facility to be close to family, the stress level is usually intense. Enter the Senior Move Specialist. These experts in the Senior Move, Relocation and Transition Industry are equipped with the expertise and contacts in a variety of fields that facilitate this transition with ease.
Consider these decisions (whether you or a family member makes them): do we make home modifications to allow for aging in place in the current home; do we downsize to an apartment in an independent living community; do we choose a CCRC (Continuing Care Retirement Community); do we move into Assisted Living; when is it time to consider skilled nursing; who will help advise us on living and care alternatives; what legal/financial/medical documents are needed; what do we do with all the accumulated possessions; how do we sell the house; how do we coordinate the move. These and other life-altering decisions must be managed during what is considered by many to be one of the most stressful times in life – late life relocation.
This important life transition is completed through a team approach. Consider this partial list of professionals needed to complete a senior move: real estate agent, estate sale/liquidation company, appraiser, Elder Law attorney, Geriatric Care Manager, Senior housing administrator/move-in coordinator, architect, interior designer, home stager, contractor, professional organizer, physicians and medical support professionals, healthcare facilities and agencies, (short-term care/rehab centers; nursing homes; adult day care; hospice; home care agencies), packers, shippers, and movers. The entire process needs someone to coordinate all of these important services. The Senior Move Specialist or company handles all this with expert advice and experience.
Since the industry is unregulated, it is important to choose the most qualified person or company to provide services and/or refer to other qualified professionals. CRTS – Certified Relocation and Transition Specialist is a select group of professionals that meet national professional standdards and have passed an assessment exam demonstrating their knowledge of core competencies in senior move management, relocation and transition services.
Since 2004, the mission of CRTS is “to establish industry standards for late life home transitions and to further those standards through examination and evaluation of core competencies”. There have been over 1,000 individuals certified since the inception of the CRTS designation.
The franchises of Caring Transitions and Grasons.Co. require their owners to be CRTS. There are many estate sale companies that have CRTS trained staff.
When facing the decisions that accompany senior relocation, it is important to realize that it takes a team.
You can find out more about CRTS by visiting crtscertification.com
When you are interviewing either as a perspective seller or as an estate sale company this is a business venture and as with all businesses a contract must be in place to set out in writing the terms, responsibilities, and consequences of the estate sale.
This is protection for both parties. It is not just about a date, address, or commission/fee. It is about who is responsible for utilities (seller), who prices and stages the contents being sold (the estate sale company), who advertises and pays for the ads (usually the estate sale company), which party will get the permit if needed, how will the sale be paid out (daily, at the end of the last day, within a precise time period after the sale), will the seller be paid by cash or cheque, and the list of what must be in the contract goes on. Please use our search feature to read other articles about the estate sale contract.
Each estate liquidator has their own contract that should delineate all terms including the consequences of removing items from a sale that were to be included (it is common practice for a seller to be charged the commission/fee for items removed once the contract is signed and was not excluded), but this is up to each liquidator. Sellers should make sure they know who is responsible for the clean out of the property after the sale, how it will be done, will there be additional costs or fees for that service and when it will be done.
It is the responsibility of the estate sale company to review the entire contract with the seller before signage. It is the obligation of the seller to ask the estate sale company any questions they may have and understand all the terms and responsibilities. If you aren’t sure, ask for a night to review it, seek legal advice, but once the decision is made and the contract is signed, remember this is business, especially for the estate sale company. They pay mortgages, utilities, staff, etc.
Estate sale companies work hard to achieve the best results possible. It is in the interest of both parties. The better the financial results, the better payout for seller and the better commission for the estate liquidator. They cannot guarantee results or control weather or economic conditions. Understanding what cannot be controlled is also key to a successful working business relationship.
A friend posted an article on Facebook that appeared in the Washington Post on March 27th written by Jura Koncius in the Home and Garden section. The article was titled Stuff it: Millennials nix their parents’ treasures. Here is the link to the complete article
Today as ThrowBack Thursday it seemed appropriate to discuss what is taking place with baby boomers downsizing and moving across the country and this article and my friends’ comments about her own family and dilemna along with the 930 comments that were on the internet WAPO.ST is a testament to what the baby boomer generation faces.
The boomer generation is the largest group of individuals to date. The amount of “stuff” that we have collected is larger than any other generation. Many of us inherited our parents and grandparents possessions and with the monetary success that many baby boomers have enjoyed they used their money to purchase and fill their homes with furniture, art, household items, collectibles and just about anything you could think of. The job of downsizing has become a burden. Especially when the younger generations have purchased their own belongings, want different styles and are unaware of the value of many of your possessions in your home. The minimalist movement has also had an effect.
With millennials lack of interest in their parents possessions this is the time to find and hire an estate sale company or estate liquidator. They understand the plight of baby boomers and understand the task of preparing and selling their personal property. Estate sale companies are aware of the thousands of estate sales that are required and taking place weekly to assist this on the move generation.
What is important is finding an estate sale company that can accomplish the task in a professional manner with honesty and integrity. Knowing what to ask and expect from an estate liquidator is vital and no one source can guarantee you that the choice you make will be the right one. Following on Judy Martin’s article about “Why Bother To Research” the same principle applies to making a knowledgeable decision that requires you to do your own due diligence (research) as well as using the resources of others to choose an estate sale company to place your trust and confidence in to sell your personal property.