If you’re looking for estate liquidation services, you generally have three different options: A buyout, in-person estate sale or an online auction. Which one makes the most sense?
I’m rather partial to auctions, so let’s start there. Auctions are scalable – you could auction off just a car or a specific collection of items, or you could auction the contents of an entire home. The bidding format creates competition among buyers, which ultimately helps the bottom line of the sale (plus it’s fun to watch). It’s the ultimate in transparency – you see the item and what it’s selling for in real time. Lastly, because bidding starts at $1, it works really well for clearing out low-value items that just need a new home. Think kitchen items, basement box lots and other stuff you’d rather not deal with. People are willing to spend a few bucks on items that might not sell otherwise.
An in-person estate sale is a great option for mid-to-large estates. These sales have a little more overhead in terms of staffing so there’s typically a minimum threshold in terms of the value of the home contents. Shoppers will come into the house to shop, so this format requires that the majority of items in the house are sellable (in other words, you’re not in the middle of packing). Sales can last one or two days with discount pricing in the final hours to try to clear out as much as possible.
The other option you may consider is a buyout. This nets the least profit, but may be necessary if you’re short on time. Companies that offer this service have to work in the expense of the clear out and storage, hence the low net value.
If you aren’t sure, reach out and I’d be happy to help!