An estate sale can be defined as a sale or auction to eliminate any considerable part of any material that had a recently deceased person. These sales are also made by people who are willing to sell their possession to facilitate a move. It plans to sell any household materials in a short interval of time. Estate sales can be beneficial to gain money by promoting old items for selling. These sales are usually open to the public and are held for typically 3 to 4 days.
In most cases, a professional estate sale organizer holds such sales on behalf of family members. It is not similar to yard sales as some people make out of it. As the name estate sales suggest, it means to sell one’s entire estate. Everything which is up for sale is marked with a certain market price.
Why do Estate sales take place?
Estate sales is an easy approach to sell tons of household items and possessions in a short interval of time. It’s the most direct way to sell and attract buyers. It is said that most people buy from these sales every weekend. The most common reason why an estate sale takes place is the death of any family member. Sometimes families prefer to get rid of their possession as they might not have much space or choice. At times these items are also sold when directed by any will or documents. Or simply, it can be held when residents of a residence are moving away. So they might need cash. To put it simply, it happens when someone needs their resources and asset to be sold in exchange for cash in any circumstance.
How does it take place?
Running an estate is a gruesome task. So it is better to contact a professional organizer to carry out these estate sales. Staging, marketing and conducting the sale would be their responsibility. The organizer separates the items according to their niches. They examine their quality and set a value to be sold by the market value. The organizer places the price tag of the valuables before the sale. The organizing and displaying of the items for sale need to do. After finalizing and confirming the order of display, the doors are opened to the buyers.
On the day of sale, there needs to be a systematic order for the buyers to look and buy items. Sometimes the buyers are required to follow up in a certain order. Or sometimes, they are required to draw numbers to determine their turn to go through the items. The buyers are allowed to move around freely and to go through the items. It is the responsibility of the organizer or company to check if the sale is going smoothly. They are required to check and manage the traffic while resolving pricing issues as well. As the shoppers are willing to buy an item, they need to pay either through cash or cards. It is also the responsibility of the company to look into this matter.
After the sale, it is up to the company or organization to take care of the leftover items. They can put them on online sites or can sell them in an antique shop. If it doesn’t end up anywhere, then it ends up in dumpsters.
Estate sale Vs Estate auction
People often confuse the terms estate sale and estate auction. While both of this purpose is to sell an estate to buyers, it still has distinct features.
An estate auction is where there is the highest bidder. To put it simply, the estate is being auctioned among bidders. The auctioneer has to call out for each item, and then it is sold to the highest bidder. Certain rules and ethics strictly follow estate auctions. On the other hand, estate sales do not follow any strict rules. The buyers do have to maintain a systematic order. They are free to look at every item and buy if they are willing to. They don’t have to compete against any other customers for prices. They can buy it at their leisure. But in an estate auction, there is a cutthroat competition of buying an item.
Estate sales Vs. Garage sale
Some people would claim that estate sales and garage sales are the same. Well, they are not wrong because it’s somewhat similar. But both of them still have their differences. While they both have the same purpose, place on house premises and are open to the public, estate sales are quite different.
While in Garage sales, only some items are being sold, but in estate sales, every possible thing which belongs to the estate is being sold. Garage/Yard sales typically take place in a yard, but the buyers are not limited to only one premise in estate sales. They can freely look around throughout the estate. Estate sales mostly take some days, while yard or garage sales may not.
This was all about estate sales. If you’re looking for estate sales or selling an estate, make sure to know all this information. Millions of sites are available on the internet that is looking for potential sellers and buyers.