Estate sales typically occur after a death or other event that causes the inhabitants to quickly move away from the home. Estate sales usually take place over several days and are open to the general public. Most of the time, a professional estate sale organizer holds the sale on behalf of the family members. Once you’ve decided an estate sale is the best option for you, Ruby recommends taking stock of everything you are looking to sell. “Keep in mind that customers who shop estate sales will buy just about anything you have in your home. This means linens and Tupperware through to clothes and shoes,” she says. Knowing how many belongings you plan to sell will help you figure out how long it will take to organize and price your items, as well as how many days you should reserve for active selling. At estate sales, people typically part with items of varying value, including valuable décor, jewelry, vehicles, and more.
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“From the price tag to the item’s quality, there are so many incredible advantages to sourcing pieces for your home from estate sales.” Estate sales are often a great opportunity for shoppers to find bargains. So, you can pick up items, take them to the checkout and negotiate the price. However, if someone else is willing to pay more for that item at the same time, you’re unlikely to win the bid.
To deter theft, keep only one entrance/exit open and place your checkout table nearby. Do not leave an entrance or exit open and unattended, and make sure someone is available to monitor these places. Also, keep cash and loose change in a secured box and do not leave it unattended. It is also a good idea to keep high value items, like jewelry, at the cashier’s table, where it will be kept under constant supervision. You can post some of these photos in your online advertising, or use them to separately place some of your most desirable items for sale online. While it likely won’t be possible to account for every single item in an estate sale, be sure to record any items that are valuable. Jotting down a description and taking a photo will help you keep track of everything, and will come in handy should anything go missing.
District Court for the Western District of Missouri that seeks class-action status covering anyone in the U.S. who sold a home in the last five years. It names the trade association and seven brokerage companies, including Redfin Corp., Weichert Realtors and Compass Inc. When I attended my first estate sale in November at a Beverly Hills home, a stunning vintage Teac A-7010 tape recorder caught my attention. As I brushed my hand along one of its wheels in awe — I wasn’t familiar with the device beforehand — I felt like I was breaking some sort of trespassing law. Not only had I been given free rein to roam through a stranger’s home — minus a few blocked-off sections — but I could also forage through their prized possessions. I eventually felt more at ease once I saw other people slinging open kitchen cabinets, peeking under bed frames and rummaging through closets without any interference.
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Preparing for the estate sale of a loved one can serve as a great reminder for how imperative it is to get our own assets in order. For some of us, the idea of having our belongings auctioned or sold off to strangers is unimaginable. Unfortunately, this is often the outcome when an estate goes through the probate process, or the deceased person’s Will did not properly designate how their property should be distributed. You’ll also want come up with an estate sale business name and become a Limited Liability Company, or LLC. This is for tax purposes and other protections, so you don’t get gouged as an independent contractor.
Getting professional help on even just one aspect of your sale could make a world of difference. Now that we’ve gone over the three stages of an estate sale, you likely have some follow-up questions about how estate sales work. Below you will find the answers to some of your most burning estate sale-related questions. There are also a fewestate sale professional organizationsto join. Max Bennett Kelly, 26, of Hollywood, loads the back seat of his car with items he purchased for friends at an estate sale. She wanted to search for tchotchkes and other quirky items for her home in peace. That’s good news, as this New York Times articles shows.Unfortunately, the word has gotten out, and you’ll also find more competition for estates now than even a few years ago.
The standard commission rate structure applies to many estate sales. Several factors may cause the estate sale company to increase their commission rates. Most estate sale companies take a standard commission, typically 30 to 40 percent of the gross sales, for an estate sale that fits normal parameters. At an estate sale, the contents of a home are sold to the general public, usually after the homeowner’s death or a foreclosure. Because this often involves cataloging and pricing large amounts of material, many people choose to hire an estate sale service. However, with abundant planning and patience, it’s possible to hold a successful estate sale yourself.