A few years ago, I was having coffee with my friend when she mentioned she was planning an Estate Sale. I almost asked her, “Who for?” but that would have been rude. Don’t get me wrong, she and her deceased husband had a very nice house, but it didn’t expect to see it on Lifestyles of the Rich and Famous!

Well, it turns out that you don’t have to be one of those houses with the long, long driveways to have a successful estate sale. Instead, you just have to have quality furniture and possessions that people want; which is just what my friend Esther had.

So, I followed her progress and “tagged” along as she visited a few other estate sales. Along the way I met the experts who run these things. Here are a few things I learned.

First of all, hire a professional. They know what will sell and what will not. Their consultation should be free, and they will be able to tell you immediately if you have the makings of a successful sale.

If you find a good estate liquidator, you will have very little to do to prepare for the estate sale.

Do not throw anything away. If you’ve hired a professional estate sale company, they know what can be sold and what can’t. You’ve hired them to do the work for you so let them do it. You may be quite surprised at the things that sell! Prescription medicines, open or expired foods and alcohol cannot be sold. Firearms may need special handling or permits depending upon the age. But again, let the professionals handle it. They’re well-versed in getting you the most out of your estate.

Don’t worry about “tidying the place up”. That is just part of what an estate sale company does. And it’s likely that during the process, you’ll toss out something sellable. Let the experts do their job.

Don’t sell anything. You will likely be confronted by friends and neighbors who may want to buy items they have admired. It’s very difficult for most people to price items – particularly to friends or neighbors. You will nearly always lose money.

Additionally, an estate liquidation company will not be as interested in taking your sale if you sell the most interesting or most valuable things yourself. In the estate sale business, they have a saying: “Let the best sell the rest” – Meaning that your best items are what they use to draw the crowds who will then buy your more common items while they’re at your sale.

So, if you have quality possessions you might want to give an estate liquidator a try. You’d be surprised at the things a professional can sell.

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What Are Your Options

When working with an estate sale professional, there are typically five primary alternatives based on the volume and value of items you wish to sell. These are:

Traditional Estate Sale: A traditional estate sale is the standard option, where the estate sale company organizes and conducts an on-site sale at your property. This option is usually suitable for larger estates with a substantial volume of items and higher-value belongings. The company will handle all aspects of the sale, including pricing, advertising, staging, and managing the event. They will typically charge a commission based on a percentage of the total sales generated during the event.

Consignment or Buyout: If you have a smaller number of items or items of higher value, an estate sale professional might suggest a consignment or buyout option. In a consignment arrangement, the estate sale company will take your items to sell through their consignment store or another appropriate venue (such as an online auction). They will handle the pricing, marketing, and selling of your items, and you will receive a percentage of the final sale price.

In a buyout scenario, the estate sale company purchases your items outright, typically for a negotiated lump sum. This option can be suitable if you need to quickly liquidate your assets or do not have enough items for a traditional estate sale. However, keep in mind that buyout offers may be lower than what you could potentially receive through a traditional sale or consignment, as the company is taking on the risk of reselling the items.

Online Auctions: Online auctions have become increasingly popular as an alternative to traditional estate sales, especially when the sum of the items you are selling is not enough for an on-site event. They can be an effective way to sell items with high-value or unique items that may attract a wider audience.

Auction houses: If you have valuable or unique items, consider contacting a local auction house to consign your items for sale. Auction houses often have established networks of collectors and buyers who may be interested in purchasing your items.

Donate or gift items: If you don’t have enough items for a sale and cannot find other alternatives, consider donating your belongings to a local charity or giving them to friends and family members who may appreciate them.

The best option for you will depend on the size of your estate, the types of items you have, your timeline, and your financial goals. It’s important to discuss your specific needs and expectations with the estate sale professional to determine which alternative is the most appropriate for your situation. •