4 Things You Need to Know About How Estate Sales Work

Are you thinking of becoming an estate salesperson? Or maybe you just want to know more about the process. Read on to learn more about how estate sales work.

At least 61% of people over 60 say they have too much stuff. An estate sale can become an excellent option for downsizing and passing on some of the items that aren’t useful anymore.

Whether you’re looking to attend an estate sale or planning one, it’s important to understand how estate sales work. With better knowledge, you can walk out on either side with a better deal.

Estate sales aren’t your average yard sale; they’re usually much larger and tend to have higher-quality items. Find out the four essential things you need to know about how estate sales work.

When Are Estate Sales Necessary?

To understand how an estate sale works, you need to know when they’re necessary. Usually, families conduct estate sales when someone is recently deceased and their loved ones need to get rid of their possessions.

It may also be necessary for people to help pay for bankruptcy, clear assets during a divorce, or get rid of possessions before a big move.

Anyone in the public can attend an estate sale, just like a yard sale, though there are usually many items, both big and small.

What’s for sale at an estate sale?

Estate sales can include everything from furniture and décor to large items like cars and boats. Unlike a yard sale, they won’t only include old items that need to go. Some estate sales can include excellent deals on new or modern items that the family or owner just needs to get rid of quickly.

If you’re shopping at an estate sale, it may operate similarly to a yard sale, where everyone can browse and choose items to purchase. Some operate on a first-come, first-served basis, where you need to line up outside the sale before entering a few people at a time to browse and shop.

Who manages an estate sale?

Some families choose to manage estate sales on their own, but it can easily become unruly. The easiest way to manage the sale is through estate sale companies, like an Estate Sale Franchise.

Franchised companies have experience managing estate sales throughout the country, so they know how to plan one efficiently. Through working with a company, the family or owner gets the majority of the proceeds while the company takes a small cut of their business.

How are estate sales planned?

A lot of work goes into estate sales. To start, the owner or family needs to audit all of the items and figure out what to sell and what to keep.

Once there’s a selection of items, there’s extensive research that needs to go into understanding fair prices. After each item is marked, the sale needs to be set up and publicized.

To get the word out about a sale, you can put up estate sale signs or post them in the local news and on social media. Marketing the sale is just as important as setting it up so you can make sure enough people come to clear out most of the items.

Understanding How Estate Sales Work

Now that you know how estate sales work, you can become an expert customer or sales manager. The best thing you can do if you’re running the sale is to get the help you need to make sure you have a smooth and fair process.

For more about estate sales, visit our blog.