Estate sales great for downsizing
A garage sale might be just the ticket for most of us, but when you’re downsizing into a smaller home or retirement community, or liquidating the estate of a family member, it’s time to have an estate sale.
Most estate sales are held in the home and are managed by licensed professionals, usually after the family has removed any items they wish to keep. Some operators take care of all details, from sorting and pricing items to cleaning the house and hauling off items that didn’t sell. Others are only involved in preparing and holding the sale.
Most professional estate sale operators aren’t interested in the contents of a room or two. That’s what garage sales are for. The people who arrive early and line up at the door are looking for a wide variety of items, from kitchen tools to tools in the garage. A successful estate sale incorporates the complete contents of the house.
Whether the sale is to settle an estate or to downsize to a more manageable lifestyle, it’s hard to move through the house where an estate sale is being held and not think of the family that once lived there. But in most cases, what is being sold is what we all leave behind when we move — the extra accumulation of a lifetime.
If you’re planning an estate sale, consider the following tips:
• Don’t throw anything away. Estate liquidators say that too often family members throw away valuable items before calling in the professionals. Old papers, called ephemera, and vintage clothing are often discarded before professionals can get a good look at them.
• Do your homework. An estate sale means that someone with knowledge of the value of antiques and collectibles, as well as household items, will be sorting, pricing and selling your items. Professional estate liquidation companies and estate sale operators are listed in the Yellow Pages, but the best way to find the one that is right for you is to ask for referrals. Ask friends about their estate sale experiences. Compare notes with others who have gone through the process. Visit a few sales and take note of how they are handled. Observe how the crowd is managed and how items are priced.
• Be prepared to sign a contract. Estate sale operators may take a commission of the total sales, or charge a fee for conducting the sale, or both. If you are disposing of a large household, it is a lot of hard work to sort, price and sell the accumulation of a lifetime. A professional is worth the money.
• Most estate sales are held after the property has been sold. Preparing for an estate sale can take time. Give yourself and the estate sale operator enough time to go prepare and hold the sale before the house must be vacated. The sale may last one or two weekends, depending on the size of the estate.
• If family and friends will be removing things from the house, have them do this before the process begins, not after the sale operator has inventoried and priced the contents. Many sale operators hold a pre-sale event for friends and family to have one more chance to buy items before opening the sale to the general public.
• An added benefit of hiring a professional to handle your estate sale, called a living estate sale, or to liquidate the estate of a family member, is that in most cases you aren’t required to be at the sale. In fact, many times estate sale agents prefer that you not be around. It can be emotionally wrenching to dispose of a lifetime of memories and possessions. The sale operator takes the heat for you and gives you a little distance.
• If you have a large estate or household to settle, or there are valuable antiques and collectibles to sell, consider holding an auction. Auctions target specific collectors with advertising, and feverish bidding can raise prices higher than would be reasonable at an estate sale. In some cases, having both an estate sale and an auction is the best way to manage a large estate or collection. Follow the same guidelines for selecting an auctioneer. Ask for referrals and check references.
• Just as is the case with garage sale pricing, it’s important to remember that estate sale shoppers are looking for a bargain. Many operators offer all remaining items for half-price on the second afternoon of the sale and the die-hard bargain hunters know this.
• If you have never been to an estate sale, educate yourself so you will know what to expect. It’s important to pick an estate sale operator you can trust, and let them do the job.