An estate sale is a means of selling a home’s entire contents (or nearly all of them). Estate sales are most common following a death or other incident that forces the residents to leave the house immediately. Estate sales are normally held over a few days and are available to the public. The sale is usually held on behalf of the family members by a professional estate sale organiser.
An estate sale, often known as a tag sale, is a method of disposing of your own or a loved one’s belongings in a systematic manner. Everything has a price tag and is up for grabs, so it’s much more than a yard sale. So, what exactly is a “estate sale”? It literally refers to the sale of a person’s entire estate.
In most cases, the family will save a few prized pieces. If the house has been put on the market by a realtor, the new owners may demand certain goods, which they will specify in the contract.
Everything else has a price tag with a clearly indicated price. This is why it’s also known as a tag sale.
Estate sales take place for a variety of reasons. Frequently, the estate’s former occupant passes away, and the estate’s heirs undertake an estate liquidation on the property.
Estate sales, on the other hand, can occur for a variety of reasons. Perhaps the residents of the house are relocating due to health issues, a career change, or a divorce.
Simply simply, an estate sale occurs when the assets of a residence must be sold or otherwise liquidated.
An Estate Sale Company’s Role
It takes a lot of planning and effort to put on an estate sale. Furthermore, family members are frequently emotionally attached to the objects up for sale. This is where an estate liquidator comes in, as they manage the sale objectively from start to finish.
Estate Auction VS. Estate Sale
The terms “estate sale” and “estate auction” are frequently interchanged. Both gatherings are accessible to the public and are designed to liquidate practically all of someone’s personal goods. According to Wikipedia, each item is auctioned off and sold to the highest bidder during an estate auction. An estate sale, on the other hand, is not a one-by-one sale.
During an estate auction, the event is overseen by an auction firm and a competent auctioneer. The auctioneer belongs to a state and national auctioneers’ organisation and follows a strict code of conduct. The auctioneer calls out each item one by one, and the highest bidder receives the thing.
There is no auctioneer in an estate sale. Shoppers are free to browse the assets of the house at their leisure. The prices are fixed, and customers do not have to compete for things.
How does it work?
So, how do you go about having an estate sale? First, the estate sale organiser sorts the things into categories and assesses their market value. The organiser then sets price tags on each item a few days before the sale. On the day of the estate sale, the organiser walks around the house one more time before letting purchasers in.
Buyers are admitted on a first-come, first-served basis if there is a line. Some estate liquidators use a numbering system, in which buyers are assigned a number that corresponds to their position in line. Other estate auction organisers use a lottery system to choose which purchasers get into the house first.
Throughout the sale, customers are able to roam throughout the house, inspecting each marked item. As shoppers pick them up and pay for them as they leave.
Cash, cheques, credit cards, and debit cards are all accepted methods of payment. The option to pay with a credit card can often encourage people to buy high-end things. The estate sale company chooses which payment methods to accept.
The estate liquidator ensures that the estate sale runs successfully by regulating traffic flow and addressing pricing difficulties. Keep in mind that most estate liquidator contracts forbid family members from attending the estate auction.
This is because it can be upsetting to watch strangers rummage through your personal items or those of a loved one. If you wish to keep access to your property throughout the process, choose an estate sale business that allows family members to participate.
Estate Sale Merchandise Types
Furniture, home furnishings, and other household items are frequently overflowing at estate sales. Artwork and exquisite jewellery are also available for purchase. Estate sales attract antique dealers and private collectors in quest of antiques and artefacts from various eras. Also popular are power and hand tools, automotive products, and specialist items.
Techniques for Pricing an Estate Sale
The estate sale organiser sets the price for the majority of the things based on their market value. This is how the price of each item is determined.
However, for specific things, organisers can do on-the-spot pricing. Typically, organisers discount things after the first day to encourage consumers to take advantage of the bargains. Discounts might be as much as 75% off the original price.
Following the Sale
The estate sale organiser selects how to dispose of unsold things at the end of the sale. If the organiser operates an antique store or an online antique business, the antiques and artefacts for sale in that location may be packed up. Craigslist and eBay are two examples of online markets that could be useful.
Some estate sale firms collaborate with non-profit organisations, which are pleased to accept unsold things at the end of the sale.
Many home things may still be available, even if the antiques and other valuables have been sold. Additionally, if there is no other location for the objects, the estate sale organiser can dispose of them in an onsite dumpster.