The Keys To Maximizing The Profits Of An Estate Sale

Posted on: 29 September 2019

When a family member passes away leaving an entire life's worth of stuff in a house, the family will often decide to host an estate sale to liquidate the assets and get rid of the things. If you are trying to decide if this is the right option for you after being left with your parent's house, you should know that it likely is. An estate sale is the best way to liquidate the contents of an entire house, and your estate sale could be very profitable if you handle it properly. As you plan for this, here are the keys to maximizing the profits of your upcoming sale.

Know the Value of the Things You Are Selling

One of the hardest parts of hosting an estate sale is knowing how much money things are worth. While there might be certain things you can sell that you would easily know the values of, there will likely be a lot of items you find in the house that you really have no idea what they're worth. If you do not know what the items are worth, you could end up cutting yourself short from the profits. For example, you might find a vase that appears old and decent, and you might think that it is worth about $15. If this vase is really a rare collector's vase, it might be worth $500. Someone who attends the sale might know this and buy it right away when they see the $15 price tag. Not knowing the value of things is a big problem when you host an estate sale yourself.

Draw a Large Crowd

The second key to a profitable sale is drawing a large crowd. If there are few people at an estate sale, it can be hard to sell all the things there, and the prices will usually be lower than when an estate sale has hundreds of people there. When there are more people there, people will be willing to pay more for the items, as they will be bidding against more people. This will result in collecting more money from the sale.

Hire It Out

The other key to know is that, while you could host the sale yourself, hiring it out to a company that does this for a living will always result in a higher profit, even though it will require paying a fee. You can learn more about the services offered by estate sale organizers by contacting one today. A company like Remember When Estate Sales, LLC can give you more details about what they do and how an estate sale works.