Should You Have An Estate Sale?

Estate sales are a form of liquidation or auction to sell off a high amount of unwanted materials. This is typically associated with someone who has died or someone who is going to move. Most estate sales are not operated by the owner or inheritor of the estate. Instead, a professional who regularly handles estate sales will operate the entire event for a certain percentage of the total revenue. Alternatively, some estate sale liquidators will change a flat rate to host the estate sale.

The Various Reasons to Have an Estate Sale

There are several common reasons why someone might decide to have an estate sale. See if any of the reasons fit your situation. If so, it might be time to start thinking about having your own estate sale.

  • A deceased person’s will has stated that all of their estate should be auctioned off, perhaps with the proceeds going to charity.
  • The heir of an estate simply has no interest in the majority of the belongings left by the recently deceased.
  • There is a conflict among multiple heirs concerning what to do with the rest of the estate of the passed person. In these cases, sometimes a court will rule that there will be an estate sale with the proceeds split among the heirs.
  • The heirs might not be able to store all of the deceased person’s belongings and opt to liquidate it.

These are the most common reasons why an estate sale will occur. In less common situations, estate sales are held when someone is moving and wishes to get rid of most of their possessions. This can happen when someone moves into a retirement community as well.

Having an Estate Sale

As mentioned earlier, estate sales are conducted by professionals. Typically, these professional estate sale companies will handle estate appraisals, advertising, labor, security, research and even refreshments.

The scope of everything that is involved in a proper estate sale can often overwhelm those new to the process. This is why it is advisable to hire a professional. They already know how to price items, operate the sale and even know how to dispose of unsold goods in a profitable manner.

Since many people are likely to attend the estate sale, professional liquidators may hand out numbers early on the first date of the sale. When the sale begins, they will call out the first 15-30 people to view the items. As people leave, more people are called in. It helps control the crowd and reward those who arrived first. 

Contact a company like International Auction Gallery for more information about estate sales.

No comments yet.

Leave a Reply