6 Tips for a Successful Estate Sale

Next Avenue’s Richard Eisenberg recently wrote a post called “Sorry, Nobody Wants Your Parents’ Stuff.” He’s right, generally speaking, but it also kind of depends on what stuff your parents had. If there’s value — or at least value in the eyes of others — an estate sale could be worth trying.

Simply put, an estate sale is a sale of virtually everything in the house. An estate sale is probably way more stuff than you’d be able to haul outside for a yard sale. If you hire a professional estate sale company, which is a smart idea, the business will take a commission of typically 35 percent to 50 percent of the sale’s gross proceeds.

2 Types of Estate Sale Buyers

An estate sale needn’t have high-dollar items in order to be successful, though.

As William Oliva of Babe & Snooks Estate Sales  in Chicago says: “There are two types of buyers: Dealers or re-sellers and regular folks. Of course, having high-end items draws more people — the curious and those hoping to negotiate for a lower price.”

6 Tips for a Successful Estate Sale

If you’re thinking about selling your parents’ possessions through an estate sale, follow Oliva’s six tips below:

First, you’ll want to see if the stuff even warrants an estate sale. So, find a reputable estate sale professional to do a walk-through and to give you an assessment. “There should be no fee for the initial consultation, ever,” said Oliva.

To choose a good estate sale company near you, start by asking friends and family members for references. Alternatively, look for companies online. Sites like EstateSales.net and Estatesales.orglet you locate firms locally or will contact them for you. You’ll want to be sure any company you hire is bonded and carries liability insurance.

Interview multiple estate sale firms and check them out on the Better Business Bureau site to eliminate ones with legitimately negative reviews. Ask for references you can check before committing to an estate sale company.

Second, do not throw away anything. Sometimes, what may look like junk to you may be a treasure to someone else. Estate sale staffers are trained to know what is desirable and can help you determine what to junk or give away. After a loved one passes away, family members usually want mementos in remembrance of the deceased. It’s important not to allow the family to take only the valuable stuff and leave rubbish.

Third, allow a window of about a month in advance of the sale to properly set up the home. An experienced estate sale team should take about five days to get things ready. Thursdays through Sundays are prime days for estate sales; the only days that sales don’t happen are Christmas and Thanksgiving. click here to continue reading.