Estate sale items in a home
Estate sales are more than simply displaying items on tables for others to walk in and purchase. Whether downsizing, dealing with an estate or just changing life circumstances, a professionally managed estate sale can help make the entire process easier from start to finish.
What Professional Management Covers
Sometimes after downsizing or inheriting a loved one’s possessions, it can seem overwhelming to know where to begin. From furniture and collections to paperwork and tools, it may be difficult to know what to keep, donate, sell or dispose of. Instead of taking photos of everything, pricing it all yourself, placing online ads and fielding interested buyers, professionally managed estate sale companies in Dallas, TX can help simplify the process.
When working with professionals, expect services that may include:
- Cataloging and sorting items by type, condition and desirability
- Appraising certain items
- Setting up the sale so customers can walk through the space safely
- Establishing prices and rules for the sale
- Handling customers and payment during the sale
- Assisting with donation and disposal services after the sale
While some possessions may hold little financial value, others may surprise you. From everyday objects tucked away in drawers to items packed up in boxes, there is often demand for possessions that may seem ordinary. Working with professionals can help make a cluttered and chaotic process feel manageable and can help free you up to focus on more pressing matters that don’t have a price tag.
Preparing the Home and Family Decisions
Before setting prices and getting things ready for a sale, it’s a good idea to go through the space and pull out anything that absolutely needs to stay in the family. From sentimental items and mementos to heirlooms and important documents or photos, these should be set aside before the sale preparation process begins. Having a “keep” area set up can help avoid hurt feelings down the road, as one family member may see an old chair as clutter while another may associate it with happy childhood memories.
As you’re going through belongings, take note of valuables, sensitive information, medications, keys or anything else that should not be for sale. If the home or storage space has been empty for a while, you may be surprised by forgotten items you discover tucked away in drawers, cabinets and desks.
It’s a good idea to hold off on getting rid of anything before meeting with an estate sale professional. No matter how worthless or dated items may seem, there may be a collector, hobbyist, decorator or shopper looking for just that piece.
What Determines Item Pricing?
Household goods prepared for an estate sale
An item’s value doesn’t necessarily reflect what it would cost to purchase new. Depending on the type of sale, items may be sold as-is or prices may reflect an item’s age, condition, completeness, maker or other identifying marks, desirability and the local market (I bookmarked https://investopedia.com/terms/f/fairmarketvalue.asp for this).
Keep in mind that not every item will receive the same level of attention. While everyday items like kitchenware and dishware may be bunched together for sale, other items may require special attention:
- Furniture may be priced individually with special attention paid to size and condition
- Collectibles, jewelry, antiques, artwork, vintage items and other one-of-a-kind items may require more research before being priced
Questions for a Liquidation Professional
When considering working with a professional liquidation team, ask as many questions as you can about the process. From advertising and sorting to pricing and payment, each company does things a bit differently. It’s also helpful to ask about the people who will be working on your sale and who will be at the actual sale. Other things to consider:
- How will valuables be accounted for?
- How will items be protected during the sale?
- Who is responsible if an item is damaged when being removed by a customer?
- How will donations be handled and what kinds of items will be donated?
- What reporting/accounting will I receive?
Be sure to go over all of your expectations thoroughly and make sure any services, exclusions and special requests are documented in writing. While you can’t predict every situation that may crop up, you can be sure of where your responsibilities end and the liquidation company’s begin.
Depending on your situation, it may also be a good idea to designate certain rooms or spaces that should remain closed to customers during the sale. This could be an office or storage unit with a lock or may simply include items that you’ve already claimed.
If you’re in the middle of a life transition and aren’t sure how to tackle everything that needs to be done, breaking things down into bite-size pieces can help:
- What absolutely needs to stay in the family? (Go ahead and make a list before contacting a company.)
- What’s okay to put up for sale?
- Are there any valuables or special collections that require extra attention?
- What needs to be taken care of after the sale?