HOW TO HAVE AN ESTATE SALE: THE COMPLETE GUIDE

You’ll want to make sure the dates you choose to sell do not coincide with holidays or any local events. If there are other estate sales in the area at the same time, you may lose buyers to them. It is to be expected that self-run estate sales will not attract as many buyers as a professionally run estate sale. Professionally-run sales will always attract more buyers because their operators are established and have a following.

Estate sale companies have access to private databases that aid them in pricing. Since you will not have access to these, you will have to rely on what you can find by doing limited online price research. Some of what you find may not be accurate or up to date. An “asking price” is not the same as a “sold price.” You could use the same price as someone else, not knowing that it was actually one buyer who overpaid for an item. In that case, most buyers would never pay that price.

Demand for items can vary by city or region. Your personal property item may not be exactly the same as someone else’s personal property item. What’s more, demand for the same asset can change at any given time. If you price something based on what it sold for months ago in another part of the country, your item may never sell.

• Make sure there is ample parking and consider how additional traffic will affect your neighbors. You may need to station helpers outside to direct traffic in order to minimize neighbor conflicts and problems.
• 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. (You may, however, try to keep kitchen items in the kitchen.) You can rent tables from a banquet supply house or wedding planner. If you simply place items on furniture that you are also selling, potential buyers will have a hard time inspecting it. It will also become a problem if people want to buy that furniture, and then need to move it.
• Make sure you have enough people to help answer shoppers’ questions and provide assistance. You will likely need more help than you think, since you will not have the benefit of an experienced estate sale team. Hiring people to assist you is an option.
• Make signs for easy navigation around your home and yard. Items should be clearly marked with prices. Avoid marking something as, “best offer.” Some potential buyers will not stop to ask.
• Have sufficient cash and change available, but not so much as to encourage theft.
• Many potential buyers will expect you to be able to take credit cards. You’ll need a way to do that, or your sales will be lower.
• Accepting checks is risky. On the other hand, you may sell fewer items if you don’t take them.
• Many buyers will expect written receipts. Be prepared for this.
• You may be legally required to collect sales tax and submit it by a certain deadline. If you fail to do this, you will have to pay the full amount yourself along with penalties and interest. If you are not utilizing an estate sale company, you will need to find out how to do this on your own prior to the sale.
• Consider how you’ll deal with pets on the premises if you have them. You might want to have a friend or neighbor take care of any pets while people are present and then return them home afterwards.
• No matter what your estate sale entails, it’s best to get started as soon as possible, since the process requires a lot of time, planning, and details.

Theft can be a problem with strangers on your property. It is highly unlikely you will be able to observe everything, even with lots of help. You should probably anticipate that some items may turn up missing. Thieves prefer to target individual sellers since professional estate sale companies have more experience in spotting and deterring them.

You will need to be vigilant. It is best to have only one entrance open, and it should be attended. You’ll want to keep any cash secured and never left unattended. Any high-end item, or otherwise valuable item should be kept in a place where it can be under constant supervision.

You’ll want to set up barriers so people don’t get into any room or areas where they’re not allowed. You might also need a secure cash box for handling money and change.

Be sure to secure your own personal valuables and belongings as well. You don’t want them “walking off” when you are distracted.

Recruit helpers. Lots of them. The more friends, family members, or other helpers you can round up for the sale day(s), the better. You will need lots of help selling. Place people both outside and throughout the home to guide customers, answer questions, and keep an eye out for theft.

Recruit reliable, trustworthy, and knowledgeable people to help out. You will probably need more help than you think.

Start your sale early in the morning and be willing to stay open late. Some avid buyers like to show up very early in the morning to get the best selection, while others like to slip in later to get the best deals. If you’re trying to sell as much as possible, go the extra mile to liquidate your items. This will require multiple, long days. You will spend a lot of time talking to and answering questions for people who don’t end up buying anything. Many people go to estate sales as a hobby. Be patient and avoid showing frustration, since there may also be buyers scattered among all the “lookers.”

A lot of people will expect better deals and special discounts later in the day, and on the last day of a multi-day sale. Consider beforehand how low you are willing to go in order to liquidate an item. Don’t be upset when items you thought would bring more sell for much less. Many buyers will expect an independent seller to make bigger concessions and accept much less than they would pay at a professional estate sale. If you don’t accommodate them, they are unlikely to buy, and you will have unsold items when it is all over.

Having an estate sale will require the help of multiple people and involve many hours of preparation. There will likely be unexpected surprises, so proper preparation is essential. After evaluating their options, the vast majority of people usually choose to utilize a professional estate sale company or estate sale liquidator. That way, they save time, avoid costly mistakes, and can often earn more than if they went it alone. It will also be a lot easier and less stressful.

It’s important to know that most estate sale companies won’t be able to help you if you’ve already sold off much of the contents. This is because what is left may not be sufficient to cover their costs and expenses. For this reason, you should seriously consider – at the very beginning – if it might be better to utilize the expertise of a professional estate liquidator. Ultimately, they can help you make more money.

For valuable tips about choosing the right estate sale company for you, you will want to read this article: The Ultimate Guide To Choosing The Best Estate Sale Company.

For free, expert help with your specific situation, call the Estate Hotline at 1-901-254-8200. You can also request a referral to a probate or estate attorney, estate planning specialist, or real estate agent. Whatever your need is, the estate hotline is ready to help you. There is no cost or obligation for this free service.