Tag Archives: Estate Sale Process
Understanding The Estate Sale Process
Understanding the estate sale process is very important as the liquidation business continues to grow.
Estate sale companies cannot commit until they have seen everything you are selling. The company needs to decide if there is enough in the sale to make it profitable for them.
Estate liquidators have many expenses such as insurance, staff, supplies, security and the time needed to prepare the sale. Liquidators have to include their advertising costs to compete with the growing number of estate sales.
Sellers hiring an estate sale company should recognize that they have a multitude of expenses. Working to create a successful sale for you to the best of their ability requires knowledge and marketing experience.
Estate liquidators also need empathy in many cases for clients.
A strong estate sale contract that protects and explains the estate sale company obligations and the sellers obligations is very important in the process. Many estate sale companies have their contracts prepared by attorneys.
The estate sale company may have a membership in associations such as the NAOEL. These associations and societies charge a fee to join and a yearly fee for membership. They also provide education that they charge the estate liquidator for.
The estate sale company incurs the cost of excepting charge cards. Fees are accessed and each company decides whether to charge them to a seller or absorb them. This may be part of their commission. Each estate sale company is different.
Sellers should understand what is required to prepare and conduct a sale. Reviewing the estate sale process with any estate sale company you are interviewing is important to avoid future misunderstandings.
Getting Ready For An Estate Sale – Understanding The Process
Sellers now that you have chosen your estate sale company with due diligence and care what happens next?
As we approach Labor Day Weekend next week let’s review what an estate sale company will be doing to get your sale event ready, somewhat abbreviated.
An estate liquidator may take a few “staged” photos of unique, rare, or unusual items in the sale for immediate advertising. They will probably do a walk thru to determine how many tables will be needed, any additional lighting, if extension cords will be required, where to set-up the check out counter, whether they will utilize one entrance and exit only or one of each, and check out any special requirement (port a john) etc. that may be needed depending on the size of your sale. They will also arrange when they plan to start preparing the sale and ask you for a key or code for access to the property. This is also the time they will decide on security measures including hiring off duty policemen if required.
Every liquidator works different hours. Some start very early and finish each day in mid to late afternoon and some start later in the morning and work well into the evening. They also have to decide what special jobs may need doing (polishing, cleaning, etc.) and if there are additional charges that should be included in your estate sale contract. Some estate sale companies have factored that into their commission, others charge an additional fee depending on the amount of work to be done to prepare the items for sale.
Once they start working at the sale most estate liquidators will assign staff to different rooms (some may not) and the sorting of items begins. Discovery of what may be of significant value will take place as well, and these items will be set aside for showcases or other secure locations. After the sorting, cleaning, polishing, etc, comes the room by room staging of the personal property. Next the liquidator will begin the pricing process, and if needed researching the value of items that may be of high value or unknown origins or provenance.
All of this can take anywhere from 3 days for a very small sale up to a month for a large sale. Hours and hours are spent not only working on the estate sale on site, but on the advertising of the sale which is usually done in the evening or early morning at the home of the liquidator. It is not unusual today to see 500 or more photos on an estate sale listing website along with a detailed list of most items in the sale. Many companies use more than one site so double the work and then there is the social media work to be done, i.e. Facebook, Twitter, Instagram, Pinterest, Google+, and YouTube to name the major social media sites.
Usually the morning before the sale the estate sale company will post signs inside and on the exterior of the door to let buyers understand how they will be handling the sale including entrance (crowd control), sales (cash, cheques, or charge cards) and the rules of etiquette including if they will be considering discounting after day one of the sale or accepting written interest in items that have not sold on day one.
The morning of the sale signs (depending on the community) will be placed in appropriate or approved locations directing buyers to the sale. All of this work leads up to the opening of the door on day one of the sale. Announcements may be made prior to permitting entrance perchance there are any last minute changes or additions to the sale. The door opens and those words “welcome to our estate sale”. Day one begins.
Learn About Estate Sales – Estate Sales News Your Internet Source
Yesterday when I went to the hair salon I was waiting for a shampoo and a lady sitting next to me over heard my conversation about today’s trip to Chicago to cover an estate sale.
The woman asked me what I did and how I was involved. When I explained to her that I was the editor of Estate Sales News, an online source to learn about estate sales, what they are, the process, how to find and hire an estate sale company, etc. she said do you have a business card?
She proceeded to tell me about two different friends. Different circumstances and locations, but both of them had homes filled with personal items and they needed to sell the contents off. One had just gotten divorced and the contents were part of her settlement, the other needed to drastically downsize.
Estate Sales News is not a site listing for estate sale companies or estate sales, but we do provide you with the information about what an estate sale is, where to look for estate sale companies, what to look for in an estate sale company, interviewing, the estate sale process, how they price, security, and many more facets of the estate sale industry. EstateSales.Net, the largest and oldest estate sale listing site has us as a resource for estate sale companies listed on their site.
Recently we have had estate sale companies contacting us about how to find insurance, the clean out process, marketing, and a host of other topics of benefit to them.
If you are looking for information about estate sales, news about the estate sale industry and of course news worthy estate sales we hope you’ll find it here or contact us at contact@estatesalesnews.com
Back from Chicago later today.
