No matter the reason for your interest, there are a few steps everyone should take when organizing this large undertaking. Here, two experts explain the step-by-step process of planning your own estate sale. That’s the dispute at the center of a class action lawsuit that has the potential to upend the real estate business. Today on the show, we’ll explain how real estate agents and the National Association of Realtors allegedly conspired to inflate home prices by pushing agents to share fees. And why the industry says the plaintiffs should be careful what they ask for. After appraising and pricing estate sale items, an estate sale company sets up and organizes the estate to get in good shape for shoppers.
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EstateSales.org’s University blog is also full of great estate sale business tips. After the sale ends, there are still more tasks to take care of. A good estate sale company keeps detailed records for tax-purposes and a copy of this should be included in their services. Figuring out how to handle the remainders or leftover items may also be an extra charge. Some estate sale companies will charge more to handle clean out and charity pickups and donations. Seek assistance from professional estate sale organizers or conduct independent research to determine fair market values for various possessions.
Tips
Separates your personal assets from your company’s assets, which is necessary for personal asset protection. Using dedicated business banking and credit accounts is essential for personal asset protection. You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee. Having some extra hands will make things go far more smoothly. Advertise your sale everywhere you can think of including local newspapers, Craigslist, Facebook, etc.
“It is important that there are no credit cards, bank statements, or family photos in the home during the active sale to ensure your privacy is maintained,” Ruby explains. Ultimately, Ruby says the most common days for a sale are Thursday, Friday, and Saturday. “If you have a more sparse grouping of items to sell, try starting your sale on a Wednesday to beat out competition in your area,” she notes. For those determined to conduct their own estate sale, consider hiring a professional appraiser as a compromise.
Accepting credit cards is a bit more work but provides a lot of convenience for customers. Make fresh posts each week online if you are holding the sale over more than one weekend. Include details like category, size, age, functionality, etc. Do a thorough and neat job, and print out multiple copies, especially if there are multiple people (e.g., siblings) with a financial stake in the estate. It’s the seedy side of the business, but like it or not, there are thieves out there who will try to rip you off. Luckily with affordable technology at our fingertips, going vigilante is easier than ever.
Questions to Ask Your Estate Sale Pro
A few companies charge one flat fee for all estate sale services. This practice could be detrimental to their bottom line, as they won’t be compensated for extra work. While an estate sale is a good place to find home furnishings and household items, there are better places to shop for certain products. If you’re in search of light fixtures, hardware, electronics, tile, or shelving units, head to a demolition sale instead. They’re usually organized by the same people who put on estate sales, so they can clue you in on upcoming events.
However, if you want to maximize profits, you will need to take much more care in presenting and cataloging your items. If you can’t find any buyers for some of the items, look into donating them to charity. Throw out items only as a last resort.Especially if you anticipate having some excess stock at the end of the sale, make contact ahead of time with any charities or trash haulers. That way, you can clear out the house more quickly and efficiently. While some items, like artwork or furniture, might be better left in their typical setting, it’s best to group most items together by type on display tables. Place valuable items like jewelry near the checkout table, or even under lock and key in display cases. Additionally, you may want to create a separate category for especially expensive items.
Today many customers rely on electronic payments, so it’s important to have a plan. You may also want to rent or purchase a mobile credit card reader. Your estate is the collection of assets that make up your net worth, including real estate, furniture, bank accounts, cars etc. Estate planning is a way to organize what will happen to each of these assets upon your passing.
These organizers specialize in evaluating the value of various possessions and ensure that each item is priced appropriately. Professional estate sale organizers offer a range of services tailored to meet the specific needs of their clients.