The State of Estate Sales and Auctions

Posted by Jane Edison on January 15th, 2020

An Estate sale or an estate auction is never an easy thing to deal with. That’s because they usually come after a not so pleasant event in someone’s life. A loved one has passed away or there is a divorce, or even bankruptcy, and you are left in the most uncomfortable position of dealing with both the emotional situation itself as well as with the administrative part of the matter. In such cases, people often search for a company to handle the latter. But how do you choose the right company? Before signing any kind of contract, you need to know what you’re getting yourself into.

Sale vs. Auction

In the estate liquidation game, these are the two most popular methods of getting things done. Of course, each has its pros and cons, but that is why you seek advice from specialists. The estate sale is a very good strategy if you don’t want to move stuff to an auction house, thus cutting back on transport costs. Also, you can advertise it through social media, local newspaper ads and even word of mouth, estate sales usually being a multi-day event. Here are some other pros to having an estate sale:
• Items can be individually priced.
• You get professional help from the company.
• Reasonable commissions.
• Usually, estate sale companies take no more than 2 weeks to settle with their clients.

If your late great-granduncle had a Degas lying around or some ancient coins in the penny jar, then an estate auction is what you want. They do tend to draw in a smaller crowd, but those people know what they want, and they are prepared to pay more for it. An estate auction takes longer to arrange, and there’s always the possibility that your items won’t sell. But nevertheless, people with high-end possessions need a high-end way of dispensing of them. Here are some other pros for such an auction:

• You are still in charge of your items. You can set the starting price, with the guidance of a certified appraiser. You can even refuse sale even after the bids are in.
• Auctions being a one-day event, and depending on the size of your estate, you can sale all your items quicker.
• Auction houses not only help you sell, but they also help with the cleaning of the items before the auction and the moving of the unsold items afterwards.

So, after meeting with an expert, you can decide which solution best suits you and your estate.

Choosing the Right Company

The first step in liquidating an estate is to choose the right company for it. But how do you go about doing that? Well, there are several things you can check for, before signing on with a company:

1. Get referrals
Ask people you trust (your attorney, your accountant, friends that have done this before) about such companies and their work with their clients, what kind of commissions they charge, and how fast do they get the job done.

2. Never settle on the first company
If possible, try and get information and even meet with people from 2 or 3 places that handle such affairs. Try and avoid going with the first name you hear only because it’s the fastest way.

3. Don’t be pressured
Time is definitely a factor in the whole thing, but don’t forget that there are no do overs when talking about sales. Try and stay focused on the matter at hand and ignore any disturbances until you are certain you’ve made the right choice.

Another good way of getting to know such a company and how it operates is to go to a sale they manage. They don’t even need to know who you are or what you’re looking for. Just go in, mingle with the crowd, interact with their staff and try to get a feel about how they treat their customers. This is probably the best way to get a general impression about a company.

So, either you are having an estate sale or an estate auction don’t forget to make sure that you get the most out of it and that you are not alone in this. There are trained professionals out there that can help you, and make this experience as stress-free as possible. All you have to do is pick the right ones for the job. After you have done that just try and stay focused, follow their advice, and let them do the heavy lifting for you.

There are many professional companies that offer services such as estate sale or estate auction. Each option is suited for a certain type of sale according to the valuables in your property. Choose a company that is highly recommended and has plenty of positive reviews.