If you are downsizing and you want to liquidate some material possessions, estate sales are something you should consider. Here is a list of a few facts about estate sales that may help you in your pursuit for a solution:
- It is possible to hold the estate sale on your own, but it is recommended that you hire a professional. An estimate sale company will assess your items to determine their worth. They will help to price them so that you do not price items so high that no sales are made or too low so that you do not get what they are really worth. Additionally, most estate sales companies have been in business for a long time. This means that they have more exposure to customers.
- While hiring an estate sale company may ease the burden of liquidating your estate for you, it is important to know that, currently, there are no accrediting bodies that regulate the estate sale industry. Any individual can start an estate sale company without any knowledge of how they operate. Choosing an estate sale company should, therefore, be guided by thorough research and referrals to avoid being swindled or short-changed.
- You can hire a liquidator for your estate sale without any upfront cost. This is because instead of charging upfront money, some liquidators get paid from the proceeds of the sale. They earn a commission which is based on the selling price of the items when the sale is over.
- The value of your materials and possessions may not be what you think it is. It is always advisable to have realistic expectations as some items may be worth far less than you think while others may be worth more.
- Estate sales may come with some liability. For instance, in case of an accident at your estate sale and someone is injured, you may be liable. It is important to ensure that you engage an estate sale company that carries insurance to protect yourself against such liability.