How Estate Sales Work
So you’re moving. Maybe to a smaller home, a bigger one, or even out of state. You might be re-locating a parent or grandparent to an independent living or assisted living facility. Perhaps you have inherited a home full of stuff or maybe even a loved one has recently passed away. Whatever the case may be, you should know how an estate sale works. By arming yourself with the right knowledge and calling upon the experts, you can ensure the job gets done right. By reading this blog, you are putting yourself in the right place to take the next steps, so good work!
What is an estate sale exactly?
An estate sale is a full home liquidation that occurs within the home rather than in the garage or driveway. This means that everything, and we mean everything in the home is for sale! From general items like clothing, non-expired food, furniture and vehicles to large collections, jewelry, luxury items and high end antiques. You name it, we can sell it! For more information on what an estate sale is, visit our website HERE.
So, what happens first?
The first step is to go through everything! An estate sale company will do this as well but think of them as a second line of defense. They may find what you missed but should not be the ones removing the personal statements and memorabilia from the home. They also cannot decide what is sentimental to you or what items could be useful to family and friends. It may seem like a daunting task depending on the situation and your timeline, but it is very important that you at least skim through every room. Whether you are moving to assisted living, downsizing or have experienced the loss of a loved one, you’ll be thankful you took the time to do this.
- Pro Tips:
- We suggest tagging anything you know you are taking with you but cannot remove from the home with sticky notes or painters tape (items like large furniture) and removing any small items from the property entirely before a company is interviewed.
- Do not spend time throwing things away (unless it is obvious garbage or expired food).
- Do not bother grouping like by like. The experts you hire will take care of that work for you. The most important thing is to ensure you are taking everything you want. Once the estate sale happens, you aren’t able to get the items back.
You and your family have what you want, so what’s next?
Now you’ll want to book your free consultation with the companies that appeal most to you. There are a few different ways that companies charge for their services; Fixed fees, set percentage, sliding percentage scales etc. and in order to determine the cost for their services, they must view the property and all sellable contents. The consultation is when they will view the home with you, discuss how they charge, answer all questions regarding their service and review their contract.
- Pro Tips:
- Do not wait until the last minute to take this step! It is important to know that most companies are typically booked 4-6 weeks out. This means if you wait until a week before the closing date, you might not be eligible for an estate sale.
- Before you call, decide on dates and times that work for all family/friends that should be involved on the consultation so you’re prepared for any potential dates the company provides.
- Ensure that all items family/friends are interested in are either clearly marked or removed from the home entirely.
- Know your potential move out date if living in the home.
- Know the closing date if the home has sold.
- Have a list of acceptable weekends for the estate sale that fit your time frame.
You’ve chosen the company, now what?
At this point the home should be cleared of all items deemed “not for sale” and ready for the company to enter and get to work. You can expect to furnish the company with a key or garage code to enter the home as they need to get the job done. Their process will include bringing in tables and signs to stage the home similarly to a store, appraising and pricing the contents within the home, advertising, and then finally hosting the sale which can be anywhere from a 1 to 4 day event. The estate sale process from beginning to end (meaning the first day the company begins to work in the home until the close of the sale) takes roughly 1 to 2 weeks.
- Pro Tips:
- Relax! Take time with family and friends or decorate your new space. Now is your chance to sit back and reap the benefits of making the decision to hire a professional.
- Try not to interrupt the process. Estate sales happen on tight deadlines so it is important that the company has the space to complete the job efficiently.
- Collect your check! Expect a check and a detailed list of what sold within a couple of weeks following the sale.
What happens with the sale leftovers?
You can expect anywhere from 5% to 25% of your items to be left-over after the sale has come to a close. In order to get rid of the rest, most companies will offer clean-out services. Each clean-out service is charged differently if at all and it is important to understand what the company you choose offers. Common clean-out options include:
- A flat fee provided prior to the sale
- An hourly fee per employee per hour
- A quote on the final day of the sale
- No charge and the company owns all items remaining
- A combination of the above with consignment options for leftovers
- No clean-out service – to be outsourced
- Pro Tips:
- If there is no charge, ask why. This could be positive, however there is a small chance the company will over-price your items so they may sell them elsewhere after the sale.
- If the company charges you a flat fee regardless of what is left, find out what the cost includes.
- If the charge seems high, ask if a dumpster is included. If a city has a strict curbside trash policy this may be why the cost is higher than usual. If the trash is unlimited at the curb the high cost is cause for concern.
- For tips to ensure a successful estate sale including the consultation, download our free estate sale checklist HERE
- For tips on how to prepare for a consultation click HERE
- For information on how to make sure you choose the best estate sale company for your situation, click HERE
If you have any other questions, need guidance, or if you would like to schedule a consultation to see if our services work for you, call 248-955-3082.