Before deciding what movers to hire or how to downsize, consider if an estate sale is right for you and what is the proper etiquette in doing so.
An estate sale or estate liquidation is a sale or auction to dispose of a substantial portion of the materials owned by a recently deceased person or who must dispose of their personal property to facilitate a move. Wikipedia
In other words, it is a sale of all the belongings of people who are moving, downsizing, or have passed away. This sale is usually held at the home itself, with an “everything must go” mentality. If you have some extra money set aside for home goods, try perusing an estate sale in your area before going to the big box stores and overpaying for cheaply made goods. Estate sales are great spots to find quality-produced goods and antiques.
If you are the one considering hosting an estate sale, there are a few things to keep in mind.
First, you’ll need to decide if you want to hire a professional company to manage the sale or if you’re comfortable doing it yourself.
If you choose to do it yourself, be aware that it’s a lot of work, and you’ll need to be very organized and have a solid understanding of pricing.
How do you organize an estate sale?
- Take an inventory of the items you want to sell
- Price items strategically
- Get professional appraisals for items of value
- Decide if anything is worth a quick fix
- Consider temporary storage (local moving companies have container storage options available)
- Host it on a weekend day, typically Thursday to Sunday
- Advertise and include pictures of the best items
- Set up the selling area to best maximize sales (Presentation and flow can be essential factors when you have an estate sale. You want to make sure that everything is organized and easy to find. You should also clearly mark the prices of each item. Make sure that the layout of your sale does not cause traffic jams)
- Decide if you are going to donate, discard or auction
- Know and understand estate sale tax laws
Should you follow these guidelines, hosting estate sales can be a great way to get rid of unwanted items and make some extra money.
How much does the average estate sale make?
Gross incomes vary from sale to sale and region to region, but according to a recent industry survey, the average sale grosses over $18,000. Know that this is just an average. Some may bring in more revenue, while others may not even come close to this figure suggested. It all depends on the quality and quantity of items that are being sold.
An average estate sale company will charge a 35-50% commission on all sales, so after the sale is over, you can expect to receive around 60-70% of the total gross income. Although it may seem like a lot, keep in mind that these professional companies provide a valuable service by managing the sale, handling all of the advertising and marketing, and dealing with customers. Moreover, it’s what they do so they will naturally know the current trends and strategies.
What sells best at estate sales?
Some of the most popular items at estate sales are listed below. But, of course, what sells best will depend on the overall quality of the items being sold as well as the taste of the buyers in attendance.
Valuable Items to Buy at Estate Sales
- Art Prints and Paintings
- Kitchenware
- Small appliances
- Books
- Jewelry
- Conversation pieces
When shopping at an estate sale, it’s important to remember that you’re not likely to find any real bargains. Prices are usually set at fair market value or slightly below, so don’t expect to score any significant deals. However, if you’re patient and lucky, you might just find that perfect item you’ve been searching for.
What are the best days to have an estate sale?
Thursdays through Sundays are the prime days for estate sales. Avoid holiday weekends as many people go out of town, especially in the summer months when the kids are out of school.
The best time to start an estate sale is early morning, around eight or nine am, giving people plenty of time to browse and make purchases before the crowds get too large and chaotic. Most last anywhere from two to four days; however, some go on for a week or more, depending on the size of the property’s estate and the number of items to be sold.
When deciding the days and times, be sure to work with a professional and line up the moving company ahead of time so you can quickly move things out at the end of the sale. Moving companies are a good resource too for items that need to be stored in containers during the sale and moved later.
What happens to items left over from estate sale?
If you don’t want to sell your remaining items, you could give them away to a liquidator for a very low price. However, you should be aware that you will not get nearly as much money as you would if you sold them through an estate sale. So, be prepared to let them go for very cheap.
You can also donate the remaining items to charity. This is an excellent option if you do not want to deal with the hassle of trying to sell them yourself or if you cannot afford to pay for a professional estate sale company. Just be sure to get a receipt from the charity for tax purposes.
If the items are in bad shape or you don’t want to deal with them, you can always throw them away. This is not the most environmentally friendly option, but sometimes it’s the only thing you can do. Just be sure to check with your local laws and regulations regarding the disposal of certain items such as electronics.
There are a few different options to choose from when it’s time to deal with the remaining items after an estate sale, so take your time and decide what’s best for you. There’s always Facebook Marketplace to unload “free” items quickly. Always make sure you are aware of all the safety precautions before engaging with random people online.
Etiquette for estate sales shopping
It’s also essential to understand the etiquette of estate sales. For example, it’s considered rude to ask the family for discounts or to lowball them on prices. It’s also important to be respectful of their belongings and not to damage anything while you’re shopping.
When shopping at an estate sale, there are a few things to keep in mind in order to make the experience enjoyable for everyone involved.
First, be respectful of the property and be courteous! Remember that when going to an estate sale, you are in someone’s home, and it is important to respect their property as well as the people working the sale.
Avoid making insensitive comments, and refrain from shouting or talking loudly. The owners or family members may be nearby or present. Again, this is someone’s home, and even though they are no longer living there, it’s still important to treat it respectfully. Don’t go rummaging through drawers or closets, and be careful not to damage any of the furniture or walls.
Next, be patient. Estate sales can get very crowded, so be patient and take your time when browsing. There’s no need to rush; everything will still be there when you’re ready to check out.
Lastly, be prepared to haggle. Most people expect that you will try to negotiate on the prices of items, so don’t be afraid to do so. However, don’t lowball the sellers; remember that they are trying to get rid of these items and need to make a living too.
Estate sale etiquette
In conclusion, whether you are hosting the estate sale or you are the one shopping, it’s important to be respectful, courteous, and patient. Following these simple tips can make the experience enjoyable for everyone involved.