You should interview more than one, and preferably several companies. Contracting with the first individual who comes to your home is a big mistake. A contract should be signed only after careful consideration and comparison analysis between different companies, not just because they are available at that moment or offer what you want right away! There are many estate sale representatives that work in a field and it’s important to find one who will best suit your needs.
Attendance at sales events can be an excellent way to find out about upcoming estate sale offerings. It is important to maintain the privacy of your research. Do not make company aware that you are researching potential estate sale service providers and walk around as if a customer, but rather just explore what they have on offer before making any decisions about which ones will work best for us! It is important to notice how the staff interacts with customers. Are they being nice or aggressive? Why do you think this person has chosen your establishment over others in town for example: prices of items, offers given on sale days subsequent products discounts offered if paying cash.
You should always read the contract before you agree to buy anything at an estate sale. Make sure that there are no surprises by looking over this document with someone else who has legal knowledge of their own, like your attorney or another trusted individual in case any questions come up during consultation time.
When an estate sale is over, what happens to any valuable items that don’t sell? Make sure you ask the company if they will take them away or leave for disposal. It’s not worth losing money on precious metals like gold and silver by leaving it up in a warehouse somewhere when there are buyers out here looking!
Estate sale companies have been known to offer a clean-out service, where they will come and remove all your unwanted items for an added fee of $1000 or more. The clean-out process can be a fun way to get rid of unwanted items from your house. Estate sale companies often offer this service, but it may not always end up being worth the money you spend if they don’t sell anything at their disposal and just waste all that hard work on trash! The most important thing about an estate sale? Be wary when dealing with these types or events because there will probably never know whether something had any value before hand – so make sure whatever is brought in won’t go straight into anyone else’s pocket while also ensuring everything gets taken care off properly after completion
Contact ezDownsizing.com today for a free consultation on how we can assist you with your estate sale services needs.
What is your commission? Are there additional fees included? Do you have a minimum fee? (Keep in mind that just because an estate sale company charges a higher commission, does not mean you will receive less money. Ask the estate sale company for an estimate of the total value of the estate? If they are experienced, they should be able to tell you within a few thousand dollars how much you should expect to receive at the conclusion of the sale – clean-outs included!)
May I have list of your RECENT referrals? (If a company is touting they conduct several estate sales each month, ask for several referrals within the past few months. Do not settle for referrals that are year’s old. Call and speak to referrals and get a sense of their expectation and their satisfaction of the services performed.)
Are you licensed, bonded & insured?
May I put reserve prices on certain items? (If you have items of significant value you’d like a specific amount for – let the estate sale company know. Additionally, do not be apprehensive about asking for reduced commissions on high-dollar items. Estate sale companies would prefer to have the car or motorcycle or Aunt Katherine’s diamond ring in the sale and sell it at a reduced commission rather than not have it in the sale at all.)
Do you sell items early, prior to the posted sale date?
How many days will the sale run?
Do you have a shop or store location? What is the address at which you can be reached? (Ensure the company provides an address, and not just a P.O. Box. If they are licensed – they have a physical address).
May I stop by during the sale? (Many estate sale companies prefer owners not be present during the sale, which is common. NO estate sale company should prohibit owners from stopping by briefly to witness how the sale is being conducted. In fact, they should encourage it so you can have peace of mind your sale is being run professionally, and in turn be able to comfortably leave them a good referral based on the conduct of the sale.)
Do you allow employees to purchase items from the sale?
Do you have certified appraisers on staff? What is their experience and with whom are they certified?
Do you charge sales tax? (Licensed businesses are required to charge sales tax).
Do you accept payments by credit cards or checks? (If a company is reluctant to incur any type of electronic funds tracking, it may be a red flag.)
What type of sales details are provided upon completion of the sale? Do I get an itemized list of what sold and for how much, or just a check of the total sale, less commissions and fees?
What happens to the items that do not sell?
Do you offer a clean-out service?
How long after the sale until I receive payment?
We know that when you’re faced with the decision to junk or sell items, many people think their first step should be donating them. But we urge caution! There are other options for disposing of your unwanted goods instead – don’t throw away any money until after consulting us about what will work best in this situation because there may still have value left inside those things from which it can extracts some enjoyment while also making financial sense too.
Thinking of hiring an estate sale company to liquidate your parent’s life-long accumulation of stuff? Founder and owner of ezDownsizing.com, Bryan McDaniel, says there are 10 things you want to be sure not to do.
Estate sale consultants are often faced with the challenge of finding an opportunity in front-and there isn’t one. The family will typically try to quickly donate or dispose their items, but if you let them do it over again then these precious Heirlooms could be lost forever! This is where Roll Away Dumpsters come into play – they allow professionals like us get our hands on everything that needs sorting before being sold off cheaply so only valuable pieces remain.
An estate sale is not just about the big stuff. It’s also important to showcase all of your smaller items, like furniture or dishes; these will make up 75-90% percent value in terms too! If buyers know an earlier sales event happened at this house they’ll look elsewhere before finding themselves disappointed again with what you have available for sale.
Heirlooms and sentimental items should remain with the family and close personal friends. Do not remove all the tools, jewelry, antiques, collectibles and designer purses. Savvy estate sale shoppers look at photos and descriptions of items being offered and decide to shop those sales based on the quality of items available. Most estate sale companies charge a percentage of the sale proceeds or a minimum (typically from $3000.00 to $5000.00), whichever is greater. You don’t want a company to sell only the ‘less than valuable items’ and at the conclusion of the sale end up owing them $2000.00 because the minimum was not met. A reputable company would not accept the sale if they did not believe they’d make their minimum and leave something in it for the seller. There are inexperienced companies who may believe based on the quantity of items remaining, they will do justice by the client and themselves. Without having quality items to draw buyers, regardless of the volume of lower dollar items, the potential for a successful sale is limited.
There is an endless list of estate sale companies who would like to conduct your sale. If you’re able, attend estate sales being conducted by prospective agencies and observe how they conduct business. Interact with them as a shopper and get a feel for their professionalism in representing the seller without alienating buyers. They don’t need to know you’re shopping for a company initially. If you like what you see, ask for a card or to speak with an onsite manager about a potential sale. Plan on meeting with and interviewing at least three companies, who should all offer a free in-home consultation. Have a list of the same questions prepared for each company and take notes. Despite your satisfaction with the first one you speak with, be sure to meet with the other two. You may end up going with number one in the end, but you’re in a better position to justify the reasoning to not only yourself, but perhaps those who may have a stake in the estate.
Estate sale company commission rates typically range from 25% up to 40% and can go as high as 50% in unusual circumstances. Rather than the seller being concerned with the commission rate, the primary factor should be the return rate, or what they will they realize at the conclusion of the sale. If every company was capable of generating exactly $30,000.00 for the same items, then the 25% rate would be the most advantageous to the seller. If, however, the amount realized varied between $20,000.00 for the 25% rate and $35,000.00 for the 40% rate, the return to the seller would be $15,000.00 and $21,000.00, respectively. Choose your estate sale company based on what they can return to you, rather than what type of discount they are willing to provide to secure the sale.
Call and speak to individuals who have dealt with the company in recent months. If a company boasts of doing 100 sales a year and provides references from 18 months ago, there are 150 sales they’ve conducted since then and there should be at least a few who have had a favorable experience they’d be willing to share. Don’t settle for ‘stale’ references. Previous employees may have left, and new employees may be working the current sales. Even if you’re very comfortable with the company, you owe it to yourself and potential stake holders, to follow-up on the references. ‘Trust but verify,’ is a great policy.
It’s not a terrible idea ask companies to email you a copy of their contract in advance of meeting with them for a consultation. Reviewing the contract provides you an opportunity carefully look it over and share it amongst attorney’s or stake holders. Gather questions from those reviewing it and be prepared to address them with the consultant when they arrive. If a company claims to be licensed, bonded and insured, ensure the relative information is included on the contract should you need to draw from it.
Estate sale companies accept sales based on the quality and quantity of items being offered. Many estate sale company contracts will have a clause that if items are removed, the company may charge the seller a commission based on the appraised value. Because the estate sale company is typically the one doing the appraising, it rarely works out to the seller’s advantage. Also, if the company advertised the item for sale and it is not available to the individual who may have waited since midnight the day prior to be first in line, it not only upsets the would-be buyer, but impacts the company’s reputation. If there is any doubt the item may not be available for sale (perhaps Aunt Jenny may or may not want the set of four vintage Pyrex mixing bowls), be sure to let the company know up front so they can avoid advertising them.
Unless you have a great deal of experience with selling used household items, do not suggest to the company what you believe the 1980’s plaid upholstered sofa is worth. In addition to having professional appraisers on staff, estate sale companies rely on trends, online resources and references, and previous sales’ results when pricing items. Shoppers show up with cell phones in hand to ‘price check’ everything from the lawn mower to the unopened bottle of window cleaner. If you’re aware of a piece of inconspicuous Baccarat crystal or a unique or unusual item, please point it out to the estate sale company so they can research it and assign it a value. If you absolutely require a minimum on an item, let the estate sale company know during the consultation so they can determine if it’s achievable and whether or not to include the item in the sale.
Companies do not want the clients at the sale for the sake of the client. There is an emotional toll seeing memories bartered and carried off. Shoppers are insensitive about ‘used stuff’ and seek to get better deals by typically pointing out perceived flaws – in everything. Companies also sense a lack of trust if owners feel the need to ‘supervise’ the sale. If you don’t trust the individuals conducting the sale, you’ve chosen the wrong company. Most estate sale companies welcome you to briefly stop by during the sale and observe how they operate. They are anxious to demonstrate to you their professionalism and provide you with a level of comfort that you picked the correct estate sale company. They also would like a positive referral from you and without you witnessing them in action, you’re limited in the scope of feedback you’re able to provide.
The necessity to conduct an estate sale rarely results from unfortunate circumstances. It is also a thankless job for the individual responsible for ensuring the property is liquidated both cost-effectively and efficiently. Remove your burden by involving as many stake-holders as practical in selecting what appears to be the most qualified company, and stand back and let them do what you’re paying them to do.