A Guide to Preparing for an Estate Auction
Figuring out what to do with an estate can be a stressful time. In many cases, selling an estate includes everything inside of it. You might be unaware of the many steps that go into estate planning. An important consideration is whether to sell or auction an estate. Many people have no idea how to have an estate ready for buyers or an auction house. It’s perfectly normal to feel confused by the entire estate planning process. Knowing how to properly prepare estate sales ensures everything goes smoothly. In this post, you will learn how to prepare your estate for sale or the auction house.
Cataloging Items: Planning for an estate sale often begins with cataloging each item in the home. In larger estates, cataloging is a task that will take some time. It is best to set aside a set amount of time to catalog each room. You’ll want to completely price one area before moving on. Not having a plan when pricing could mean forgetting items entirely. Not being organized could risk pricing items incorrectly which you will want to avoid.
Understanding What Not to Sell: There are certain items that simply have little to no value. Those pressed for time will not want to waste the time with research prices for nearly worthless items. It is best to speed up your estate sale prep time by eliminating items of little to no value. Having less clutter will help you focus clearly on pricing the remaining items.
Pricing Inventory: Cleaning out unnecessary items is great but now you will need to start pricing. The area of pricing is often where one person has the most difficulty. There may be certain items you have a general idea of concerning pricing. However, you’ll want to have accurate numbers for more expensive items. Pricing an item too low could mean losing out on large sums of money, especially when done multiple times. It is worth the extra time to ensure each item is properly priced. It is wise to research prices using either pricing books or searching around the internet.
Knowing Where to Advertise the Sale: Research shows that many estate sales sell off 70 to 90 percent of all items. The previously mentioned range depends on items for sale, days of the sale, and economic conditions. Advertising is a vital part of any estate sale to ensure you receive the most traffic possible. You will want to start advertising an estate sale one to two weeks before the sale. Taking this task on yourself, while getting items ready, is often too much to do by yourself.
The Decision to Hire Help or Not
It’s understandable to look at the previous items and feel overwhelmed. However, there is a way to reduce the time that goes with planning an estate by hiring a professional planning team. These professionals will help let you know whether to auction or sell an estate. If you have a set amount you need to sell for, a sale is best.
Selling an estate is advisable when most items in the home need to be sold and they have a value over $3,000. There are situations where auctioning an estate is the wiser choice. If a home is in poor condition, you might want to auction to receive any amount of money. An estate planning company will advise you of whether to choose a sell or auction. In many cases, these companies are part of an auction house that will have your home ready to be auctioned.
In closing, there are many aspects that go into getting rid of an estate. You can choose to either sell or auction an estate. You’ll need to take inventory of all items within an estate. Eliminating clutter or items with no value is important. It is important that you research all items for sale to ensure pricing is accurate. Advertising a sale is vital to ensure you have the best chance of selling an estate. There are situations where taking an estate to an auction house is advisable.