ESTATE LIQUIDATION
- What Does Liquidation Sale Mean?
- What Do Estate Liquidators Do?
- How Much Do Estate Liquidators Charge?
- How Much Does It Cost To Have An Estate Sale?
An estate liquidation sale refers to the selling of the personal property belonging to an estate. Estate liquidations are typically conducted after the death of a loved one in order to liquidate their personal assets. However, people also use estate liquidations in order to declutter or downsize before a move, make extra money, or help elderly parents relocate to assisted living, etc.
No matter the reason to liquidate an estate, a team of professional liquidators can play a key role in a successful liquidation process. An estate liquidation sale refers to the selling of personal property belonging to an estate. Estate liquidations are typically conducted after the death of a loved one to liquidate their assets. However, people also use estate liquidations to declutter or downsize before a move, make extra money, help elderly parents relocate to assisted living, etc. No matter the reason to liquidate an estate, a team of professional liquidators can play a vital role in a successful liquidation process.
What Does Liquidation Sale Mean?
The individuals tasked as the estate manager will work with an estate liquidator, like the Estate Pros, to price and catalog any sellable items. In most cases, this personal property sells in an estate sale or auction-type setting, and the items go to the highest bidders. Occasionally, an estate liquidator may offer a cash buyout to purchase all estate contents. Learn more about what an estate sale is here.
What Do Estate Liquidators Do?
Estate liquidators, like the Estate Pros, bring together and manage all the different parts of an estate sale and oversee all of the operations of the estate liquidation. We are qualified professionals whose expertise in the industry enables us the efficiency necessary to manage all estate sale liquidation services. An estate liquidator (or estate liquidation company) or professional estate sale company such as the Estate Pros will manage your estate sale and provide the estate liquidation services necessary. The process typically includes the presale, sale-day, and post-sale tasks.
Pre-Sale Tasks
During the presale, the estate liquidator carefully sorts the furnishings and other household items for sale to appraise their value. In some cases, items may be valuable antiques or family heirlooms that require a trained eye to appraise and price them correctly. When pricing estate sale items, the estate liquidator often performs Google photo and lens searches and researches eBay or other online auction “sold” listings. The estate liquidator may contact local specialists or auction houses about fine art and rare items. Like the Estate Pros, professional estate liquidators price each sale item. People often call estate sales “tag sales” or “moving sales” because almost everything across the estate sale has a price tag.
Presale duties of the estate liquidator also include organizing, setting up, and staging the estate sale items for sale. The estate liquidator attractively displays the home’s contents before opening the doors to potential shoppers.
The estate liquidator also advertises the sale as a part of the liquidation services, and they hope to promote a good turnout. The estate sale company will list the deal on their social channels and major estate sale industry websites. They will also send email notifications to their subscribers and, in some circumstances, place newspaper classified ads. They will also set up prominent street signs to attract adventurous shoppers.
Sale-Day Tasks
On sale days, the estate sale liquidator monitors all aspects of the event, including handling sales transactions and customer service duties, managing traffic throughout the premises, and overseeing an onsite staff of sales associates and perhaps security personnel.
The estate sale liquidation staff answers shoppers’ questions about sale items and assists in making the actual sales. When customers are ready to pay for their items, staff members will direct them to the cashier to handle payment. The cashier records each transaction, whether cash, credit cards, or digital payments, and answers any last-minute purchase questions.
Post-Sale Tasks
It’s rare to sell every item during an estate sale. As part of an estate liquidator’s duties, they dispose of any remaining items. After closing the estate sale, the homeowner usually decides what to keep, dispose of, or donate to charity. Then the estate sale company coordinates this donation process. The estate liquidator may allow for next-day pickup when handling large, paid-for “sold” items. Staff members may also ship paid-for items to other locations.
From here, the estate sale liquidators or a hired cleaning service will clean the home and ensure it for transition to the new owner. The agreed upon estate sale service fee or commission percentage in the estate sale contract will be deducted from the proceeds to pay the estate sale company, then the homeowner gets the remaining funds. The company also draws a transaction report detailing sold inventory. That’s it, you’re done!
How Much Do Estate Liquidators Charge?
Typically, sellers do not pay the estate liquidator directly, and instead, estate liquidators take a portion of the estate sale’s gross proceeds. Estate sale service fees, or commissions, usually range from 25 to 50 percent. As a result, the estate liquidator and the seller benefit when the estate items sell at the highest possible prices. Learn more about estate sales. See a detailed breakdown on how much Estate Liquidators Charge.
Common Estate Sale Commission Structures
Estate liquidators use several methods to determine an estate sale commission percentage.
Most commonly, estate liquidators use a set commission percentage for all of their estate sales. Some estate liquidators will use a sliding scale commission structure (i.e., higher-grossing sale incurs a lower commission percentage, and vice versa).
While structured and consistent, these methods of commission percentage need to account for the size or complexity of the estate sale. Sometimes, the estate liquidators evaluate the estate to determine how much work is involved in preparing for and conducting the deal before deciding their commission percentage. For example, a well-organized home will require less presale prep work than a house full of clutter, resulting in a lower commission rate. At the same time, the liquidator evaluates the return they’ll likely get for their time investment. Consider these factors before arriving at a percentage commission.
Many estate liquidators will provide add-on services for an additional fee, including donation services, post-sale house clean-up, junk removal, etc. When considering estate liquidators, make sure you have clarity on any extra estate sale-related fees.
How Much Does It Cost To Have An Estate Sale?
As previously mentioned, most Estate Sale Companies usually charge a commission of 25% to 50% of the Estate Sale. However, if you decide to run an Estate Sale on your own, you must pick up all the costs yourself. Here are some of the typical expenses you may incur::
Supplies
You will likely need a way to organize and price your estate sale items and their buyers. Folding tables, shelving units, boxes, sorting containers, etc., are typically purchased. You will also need to identify what each item will cost. Sellers typically buy price tags, stickers, and a pricing gun. Consider buying floor protection or shoe covers as well. Advertising signs are also helpful when placed at the end of the street and in your driveway. Be mindful that these supply costs will start to stack up.
Advertising
How will people know about your Estate Sale? You’ve got to advertise! You can advertise for free on social media, Craigslist, NextDoor App, etc. If you’d like to spend a few bucks, you can even spring for some ads on estate sale industry websites such as EstateSales.net and EstateSale.com. These sites cater to individuals looking to shop at Estate Sales. It may cost you $100 or so to list on each site, but it’s well worth it. The ads serve as highly targeted marketing to individuals looking for Estate Sales
Labor
Hopefully, you’ll have friends and family available to assist you in running your Estate Sale. Otherwise, you may have to pay a few people to help out. Consider the need for the following roles:
- Cashier.
- Door person for greeting and security.
- A few people walk around and assist shoppers.
Permits
Check with your city, township, county, and other governing groups to see if permits are required and how much they will cost.
Feeling overwhelmed yet?!? It’s ok! Hiring an estate sales professional like the Estate Pros can maximize your profits while minimizing your involvement. These services may be absolutely priceless when dealing with a death, divorce, or downsizing.
Go with the Estate Pros!!!
The Estate Pros are consistently ranked amongst the top estate sale companies in America, as recognized by EstateSales.net, EstateSale.com, and others. We specialize in assisting families and individuals who require residential liquidation, donation, clean out, and personal property appraisal services.
The Estate Pros is an estate sale industry authority with hundreds of years of combined experience amongst our ownership and staff. Our owners, sales teams, and support staff hold the highest professionalism and experiential service standards, treating our clients and shoppers with the utmost care, compassion, and respect.
The Estate Pros pay meticulous attention to detail as we handle every aspect of the estate sale process from start to finish. Our experts will work with you from the initial free consultation to the complete execution of your event and everything in between. You don’t need to lift a finger; we take care of everything for you!s Contact the Estate Pro!!! Learn more about hiring an estate sale company.
Thinking about hiring an Estate Sale Company?
Contact the Estate Pros!!!
Call 248-266-9817Free Consultation
The Estate Pros are the most professional estate sale company in the area serving homes like yours all across southeast Michigan. We are consistently ranked amongst the top estate sale companies in America, recognized by EstateSale.com and other industry authorities.
We pay meticulous attention to every detail as we handle each aspect of the estate sale process from start to finish. Our experts will work with you from the initial free consultation to the complete execution of your event and everything in between. You don’t need to lift a finger; the Estate Pros will take care of everything for you!
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