Are you seeking to have an estate sale of your own? If you have a lot of items, you may be wondering if it’s better to do it yourself or hire an estate liquidator. We recommend that you engage the services of an estate liquidator.
Estate liquidators are people who gather all of the moving parts from an estate sale and put them together. They are certified specialists with extensive experience in the field who can handle all of an estate sale’s duties efficiently. This article will explain everything you need to know about estate liquidators, including what they do, how they get paid, and where you can find one to organize your next estate sale.
Estate Sales and How they Work
If you’re considering having an estate sale, we recommend you go to one first to get a sense of what to expect. Estate liquidators, on average, follow a similar pattern when arranging and conducting their sales. The typical estate sale format is as follows:
- The Estate Sale is held on location both inside the home and across the property
- The sale can take place from two to three days
- Personal items (typically a family member’s) must be sold in order to pay school expenses
- Try to include as many individually priced and displayed items as you can
- Make sure it’s open to the public
- Unsold goods should be disposed of as soon as possible
- Following the estate sale, a realtor may list the property
WHY SHOULD YOU HAVE AN ESTATE SALE?
A real estate agent may be buying personal items from family members who have just lost a loved one so that the home can be sold. It’s also possible that the individual’s belongings will be sold due to his or her mental illness. Will or trust procedures may force this to happen. Complete Estate liquidation sales are a cost-effective approach to selling the entire contents of a deceased loved one’s home.
Other reasons for holding an estate sale include bankruptcy, divorce settlement, and job relocation. In different situations, the homeowner may be quitting or going into assisted living. It’s also possible that they are selling or downgrading to a smaller house with fewer upkeep needs.
Why Should You Hire an Estate Liquidator?
Estate sales are more challenging to organize than garage sales. Clients contact estate liquidators for various reasons, but the most common is their experience. Estate liquidators have the expertise necessary to handle this intricate sale.
Estate sale liquidators may know to evaluate a wide range of goods. The liquidator displays them in various rooms to pique the customers’ interest and encourage them to buy.
When dealing with customers, the estate liquidator employs more salespeople and may hire security personnel if the sale involves precious goods. The liquidator promotes the sale in various ways, and because of their professional connections, they reach many customers. This allows them to quickly sell a large number of products.
At the estate sale, the estate liquidator addresses any concerns. After completing the transaction, they handle large paid-for goods and may send other items to buyers. Finally, the estate liquidator ensures that any remaining unsold items are taken away from the property.
WHAT DOES A LIQUIDATOR OF ESTATES DO?
The estate sale is overseen by an estate liquidator (or estate liquidation firm), a person or firm that handles the sale of real property. A professional estate sale firm usually offers a variety of estate liquidation services.
Pre-sale, sale-day and post-sale activities are examples of services available.
1. Pre-Sale Tasks To Do
The liquidator examines every item in your loved one’s possessions and personal belongings in detail before the estate sale. Each estate sale item is evaluated and priced by professionals. When valuing estate sale items, the liquidator frequently does Google searches and looks at eBay online auction “sold” listings. Where items are liquidated, the liquidator may contact local auction houses about exquisite art and unique objects that might bring significant amounts of money at the sale.
The estate liquidator promotes the sale to encourage a large turnout at their estate auction. The estate sale business will likely run newspaper classified advertisements, advertise the deal on their social media pages, and send email notifications to their followers. They’ll also put up prominent street signs to entice daring consumers.
A great estate liquidation business also has current auctions on its website and advertising. The most famous estate sale websites are EstateSales.org and EstateSales.net, which have over 10 million page views monthly. They maintain a searchable database that goes from New York to Florida to California.
Before the estate liquidation begins, valuers give each sale item a price tag. Because almost everything across the estate has a price tag, an estate sale is commonly known as a “tag sale” or a “moving sale.” Before allowing potential buyers inside, the estate liquidator tastefully displays the home’s entire contents.
2. Sale-Day Tasks To Do
On the day of the sale, the estate sale liquidator keeps a close eye on everything. The liquidator, also in charge of circulation throughout the premises, employs an onsite staff that may include salespeople and perhaps security personnel. If you’re having an estate sale during the Coronavirus epidemic, the estate liquidator ensures that COVID-19 safety measures are in place.
The staff of the estate sale business answers consumers’ questions about the items on sale. Customers pay for their finds after staff members have verified their authenticity. Cashiers must also calculate sales tax, operate a cash register, and process their credit cards at check out (if applicable).
3. Post-Sale Tasks To Do
An estate sale is not the same as a garage sale. Some items are not sold during an estate sale; instead, they must be destroyed as part of an estate liquidator’s duty. It’s time to get rid of everything. Whether they give them to charity, sell off the stuff at upcoming estate sales, or toss them in the rubbish, nothing is allowed. Next, the estate liquidator frequently undertakes a house cleanout. The cleanup is usually included in the estate sale costs, but it may be an extra service.
The estate liquidator may allow for immediate pick up of big, paid-for “sold” items. Staff members may, for a fee, transport items to other locations. Finally, the estate liquidator will provide the seller with a “sold Items” list after the sale. The estate sale liquidator’s service fees will be deducted from the seller’s revenue when he or she receives the sale’s proceeds.
WHAT A LIQUIDATOR ISN’T, AND WHAT HE OR SHE IS NOT DOING
An estate liquidator is typically a veteran in the field of liquidation. Estate liquidators are individuals who buy, renovate, and sell houses for a living. They may run antique shops or operate as licensed auctioneers. Accredited valuers can also become competent estate liquidators.
On the other hand, estate liquidators are not attorneys and cannot give legal guidance regarding estate liquidation sales. They’re also not referees who can assist with disputes between numerous purchasers over the same collectibles.
Finally, remember that family members may be experiencing stressful personal circumstances as they prepare to sell a loved one’s belongings. Estate liquidators are, of course, sympathetic to the problem. They are not trained therapists and do not have the tools to deal with emotional issues.
HOW DO ESTATE LIQUIDATORS GET PAID?
You do not pay the estate sale company directly as a seller. Instead, a liquidation company receives a percentage of the total sale price. Typical estate sale service charges, also known as commissions, ranging from 30 to 40 percent. Naturally, the estate liquidator and the seller benefit when goods sell for the most significant possible sums.
There are Several Estate Sale Commission Structures
The usual percentage for estate liquidators is 10%. You must choose the correct one if you want your price to reflect a lot of work and time sellers spend organizing an estate sale. They typically personally assess the estate to see how much work is involved in preparing for and conducting the sale. A well-organized house, for example, will not require as much pre-sale preparation as a home filled with clutter.
At the same time, the liquidator considers the return they will receive for their time investment. Before deciding on a commission rate, the estate liquidator balances both variables.
Several estate liquidators utilize sliding scale commission rates. The commission percentage decreases as the gross sales amount rises, and vice versa.
A few estate liquidators charge a fixed commission rate for all of their estate sales. This percentage is calculated based on the amount sold, regardless of its size or complexity. Although this approach does not require any assumptions, it does not compensate liquidators for estate sales that need a lot of extra effort.
Estate sale firms also offer services such as notifying relevant authorities, preparing inventories of items to be sold, and advertising the estate sale on their websites for an additional fee. After-sales cleaning, such as trash removal and disposal of large unsold items like pianos, is an example. When dealing with estate liquidators, ensure you understand any extra sale-related costs. Inquire how much the most recent clients of the liquidator paid for particular services.
WAYS OF FINDING AN ESTATE LIQUIDATOR
Finding the appropriate estate liquidator should be simple. Begin by soliciting referrals from the estate sales of your family, friends, and coworkers. Referrals from happy clients are coveted just as much as gold since they are based on favorable outcomes.
Next, for additional information, see the websites of EstateSales.org and EstateSales.net, where you can search for local estate sale firms. When you contact someone, be ready to get a lot of calls or emails back immediately. Offer prospective employees an interview at your home before the estate sale begins. Present the items for sale during the meeting and review your sales procedures.
Determining whether or not to use a professional estate liquidator
Evaluating an estate liquidator is a complicated procedure; you’ll need some detective work. Request three client testimonials from the liquidator’s most recent estate sales.
Contact the references to discover how the estate sale went. Then, if time allows, visit several of the liquidator’s sales and assess their overall performance.
It’s critical to note that the estate liquidation business lacks any regulatory requirements. However, the American Society of Estate Liquidators (ASEL) has created its code of ethics. If an estate liquidator is a member of ASEL, they have committed to following several ethical standards when conducting their business. Consider whether your estate liquidator is a member of the ASEL and review the organization’s standards.
Next, look through the Better Business Bureau (BBB) complaints and client opinions from popular internet review sites. Determine whether the candidate has industry certifications or has completed the necessary education to be more effective in their current roles.
FINDING THE BEST ESTATE LIQUIDATOR IS CRUCIAL.
Choosing the appropriate estate liquidator might be a difficult task, but it is undoubtedly worthwhile. When you discover someone who respects your loved one’s belongings while running an estate sale smoothly, you’ve got everything necessary for a successful event.
If you are looking for an Estate Liquidator in Florida, Contact us today!