7 Tips to Help You Navigate an Estate Sale With Ease
Holding an estate sale is no easy task. You often have to sort through a loved one’s belongings, set prices, advertise the sale, and manage the event, all while trying to keep up with your own roles and responsibilities. Still, it can be done with a bit of planning and forethought. If you need estate sale help, keep reading. We’ve got the tips you need to plan an estate sale like a pro.
7 tips for having an estate sale
Consider hiring a professional
First and foremost, if you’re dealing with a large estate, particularly one that has non-traditional assets like real estate mortgage notes, you might consider hiring an estate sale service. A professional estate sale company can help you coordinate all the necessary logistics to ensure a successful sale and take a lot of the work of organizing the sale off of your plate.
Also known as “estate liquidators,” these professionals will help you sort, clean, photograph, and market the items in the estate for resale. Many will also help you navigate the estate sale on the big day. In return for the assistance, liquidation services often take a percentage of any profits made from the sale.
Create an inventory
On the other hand, if you decide to tackle one of these sales without hiring an estate liquidator, the first step is to make an inventory. For this, you’ll need to make a few lists: one for items that will be included in the sale and another for items that you won’t be selling.
Your “selling” list should include information about the item’s condition as well as any fixes or improvements that need to be done to it before the sale, including cleaning the items and removing personal information from any electronics. Your “not selling” list should specify where the item is going and any steps that need to be taken before it can reach its new destination.
Price your items
Next, it’s time to price the items that made your “selling” list. Take some time to research the going rates for the items on your list. Then, do your best to price your items accordingly. Remember to take their overall condition into consideration. Plus, don’t forget that estate sale shoppers are often looking for a deal, similar to those who frequent garage or yard sales.
Take quality photos
Photos are often the key to a successful estate sale. After all, they are often the thing that will help get interested buyers through the door. With that in mind, you’re going to want to make sure to highlight any valuable items or collectibles that you have in your inventory.
Do your best to take photos that are clear and well lit. If your phone doesn’t suffice, there are many professional services that you can hire to help you with this task.
Once you have your items organized and photographed, the next step is to advertise it everywhere. You can put an ad in your local newspaper, place an ad on Craigslist under the ”garage sale” category, and post about it on social media. In addition, you can also place signs around the neighborhood and use word of mouth to inform family and friends.
Enlist help for the big day
Holding an estate sale is no easy task. On the big day, you’re going to be managing the flow of traffic, answering questions, and making sales. To that end, you may need a pair of estate sale helping hands to get through the day.
A professional is likely your best, however, family members can also be of assistance here. Most people have had experience with a yard sale or two and this is a similar skill set.
Make a plan for unconventional and unsold items
It’s unlikely that all of your items will sell during your estate sale, so it’s a good idea to make a plan for what you’ll do with any unsold inventory. For example, items that aren’t worth much can be donated to charity.
On the other hand, sometimes you may need to connect with other professionals to settle the estate’s assets. If the deceased was involved in any seller financing arrangements, for instance, you may need to connect with an experienced mortgage buyer to help you navigate through the paperwork.