Considering and estate sale, stop and re-consider an auction.
The article below a good Facebook post from another auctioneer. I always discuss this with potential clients that have a need to sell lots of personal property. Whether an estate, divorce, or bankruptcy, auctions work and should be your first choice in personal property liquidation! Here is why…
Auctions have multiple advantages over estate sales.
At auction the person willing to spend the most amount of money will be the successful buyer.
At estate sale, the person who is the first one to get to the item will be the successful buyer. Never mind that somebody further back in line would have paid more, they won’t be given the opportunity.
At auction, the public determines the selling price. He who pays the most, wins.
At estate sales, the manager prices the items. Is it realistic to expect that one person will know how to accurately price every item in the sale? Remember that at its essence, an estate sale is nothing more than a fancy rummage sale.
At auction, get a bid number and start bidding. Immediately.
At estate sales, get in line, sometimes hours before the sale, sometimes the night before. Then hope that the list showing the order that you’ve arrived in will be honored by the estate sale company. If it is, you’ll still have to wait to be admitted 10-15 people at a time. Did I mention that it’s raining cats and dogs while you’re waiting?
At auction, the playing field is level. The auctioneer is contractually bound to sell the items to the highest bidder.
At estate sale, the company is often times allowed to buy items privately, ahead of the sale. Also, preferred buyers are offered choice pieces before the general public is allowed in. Lots of opportunity for favoritism.
Lastly, at auction, everything is sold by competitive bidding.
At estate sales, if the item is priced too high you are invited to leave a sealed bid. After the sale is over, the bids are opened and the piece is sold to the highest bidder. You might recognize this process. It’s known as an “auction”.