Tips for a Successful Estate Sale If you’ve lost a family member, or another loved one, you may find yourself responsible for arranging an estate sale. Planning and pulling off an estate may be an entirely new experience for you. There are some tips and tactics to bear in mind to pull off a successful, profitable estate sale. Satisfy Legalities Before you can move ahead with an estate sale you need to make certain that all legalities are met. Depending on the facts and circumstances surrounding the deceased individual and his or her death, there may be a need to pursue a formal probate process in court. On the other hand, the facts may permit planning and executing an estate sale without the need for pursuing an estate proceeding in probate court. Select the Dates Once you make the decision to hold an estate sale, schedule dates. Most estate sales not undertaken via an auction are conducted over a 3-day period. On the other hand, an auction itself is slated for one day. However, the property being auctioned typically is set out at in advance to give people an opportunity to view items intended for sale up close. Be sure to avoid major holidays. By scheduling your estate sale in a proactive manner, you will know the timeframe within which you must prepare for the event. Inventory the Property The next step in preparing for an estate sale is making an inventory of property. The initial part of inventorying is sorting property into different categories: Keep Store Donate Throw away ·Sell After you’ve sorted the property into these broad categories, your focus needs to turn to those items selected for sale. You should attempt to place the items intended for sale into natural categories. Some of these categories are quite obvious and include such collections as furniture, housewares, clothing, and so forth. As you go through this process take photos of major items that will be part of the estate sale. As you publicize the estate sale you can use the photos to promote the event. If you are going to have a direct sale, you need to place price tags on all of the items being sold. If you will be having an auction, you need to set a minimum price for which the property is sold. That technically is known as the reserve price. If the reserve price is not met, the property is not sold unless you elect to alter the minimum price. Sale Setup If the estate sale will occur at the deceased person’s home, you can leave at some of the items being sold in their exiting locations. This works if you will be having a direct sale and not an auction. If you are having an estate sale by auction, an auctioneer is likely to want most, if not all, of the property put into one location. Advertising the Sale At this juncture in time one of the truly effective ways of promoting your estate sale is through social media. There are Facebook pages dedicated to promoting estate sales in different locations around the country. In addition, if you reside of any size, there are likely to be at least one Facebook page devoted to community events, something of a community calendar. There are other promotional options available to you on other social media platforms like Instagram. You will also want to consider placing an ad on Craigslist. Craigslist has a special section devoted to garage sales, estate sales, and the like. There are hundreds of geographic locations on Craigslist covering a tremendous number of cities in the United States. Help During Estate Sale Make sure you recruit plenty of help or the day of the estate sale. It’s better to have to many people prepared to assist than not enough assistance on hand. Last Dale of Estate Sale If you are having a direct sale as opposed to an auction, be prepared to mark down prices (and perhaps significantly so) on the last day. It typically is best to sell items at a bargain on the last day than to try to deal with storing or getting rid of property following an estate sale. Keep in mind that there are estate liquidation services that can assist you with all aspects of an estate sale. Typically, an estate liquidation service takes a percentage of money generated via an estate sale.
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Tips for a Successful Estate Sale If you’ve lost a family member, or another loved one, you may find yourself responsible for arranging an estate sale. Planning and pulling off an estate may be an entirely new experience for you. There are some tips and tactics to bear in mind to pull off a successful, profitable estate sale. Satisfy Legalities Before you can move ahead with an estate sale you need to make certain that all legalities are met. Depending on the facts and circumstances surrounding the deceased individual and his or her death, there may be a need to pursue a formal probate process in court. On the other hand, the facts may permit planning and executing an estate sale without the need for pursuing an estate proceeding in probate court. Select the Dates Once you make the decision to hold an estate sale, schedule dates. Most estate sales not undertaken via an auction are conducted over a 3-day period. On the other hand, an auction itself is slated for one day. However, the property being auctioned typically is set out at in advance to give people an opportunity to view items intended for sale up close. Be sure to avoid major holidays. By scheduling your estate sale in a proactive manner, you will know the timeframe within which you must prepare for the event. Inventory the Property The next step in preparing for an estate sale is making an inventory of property. The initial part of inventorying is sorting property into different categories: Keep Store Donate Throw away Sell After you’ve sorted the property into these broad categories, your focus needs to turn to those items selected for sale. You should attempt to place the items intended for sale into natural categories. Some of these categories are quite obvious and include such collections as furniture, housewares, clothing, and so forth. As you go through this process take photos of major items that will be part of the estate sale. As you publicize the estate sale you can use the photos to promote the event. If you are going to have a direct sale, you need to place price tags on all of the items being sold. If you will be having an auction, you need to set a minimum price for which the property is sold. That technically is known as the reserve price. If the reserve price is not met, the property is not sold unless you elect to alter the minimum price. Sale Setup If the estate sale will occur at the deceased person’s home, you can leave at some of the items being sold in their exiting locations. This works if you will be having a direct sale and not an auction. If you are having an estate sale by auction, an auctioneer is likely to want most, if not all, of the property put into one location. Advertising the Sale At this juncture in time one of the truly effective ways of promoting your estate sale is through social media. There are Facebook pages dedicated to promoting estate sales in different locations around the country. In addition, if you reside of any size, there are likely to be at least one Facebook page devoted to community events, something of a community calendar. There are other promotional options available to you on other social media platforms like Instagram. You will also want to consider placing an ad on Craigslist. Craigslist has a special section devoted to garage sales, estate sales, and the like. There are hundreds of geographic locations on Craigslist covering a tremendous number of cities in the United States. Help During Estate Sale Make sure you recruit plenty of help or the day of the estate sale. It’s better to have to many people prepared to assist than not enough assistance on hand. Last Dale of Estate Sale If you are having a direct sale as opposed to an auction, be prepared to mark down prices (and perhaps significantly so) on the last day. It typically is best to sell items at a bargain on the last day than to try to deal with storing or getting rid of property following an estate sale. Keep in mind that there are estate liquidation services that can assist you with all aspects of an estate sale. Typically, an estate liquidation service takes a percentage of money generated via an estate sale.
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