Do you need to sell most items in your house because you move out and you can’t take them with you? Or, is one on your family members deceased and you have to sell everything in the house before you can sell it? Or, do you need money for some debts and you need to sell some things from your vacation home? Regardless of the reason you need to sell those items, you are here to find out how the estate liquidation works. Right? The time required and the profits you can make depends on the method used, this article will help you choose between estate buyout, sale or auction.
What is an estate liquidation?
It is a complex process, but, luckily, it can be broken down in several steps. Starting with the selection of the items you need to sell, to the appraisement of them all, and, lastly, choosing a sale method and its implementation. You can choose to do everything yourself or hire professionals, like us, to do the job in your stead.
Do it yourself or hire professionals?
There are 2 main factors you need to consider before you decide:
– Time. Do you have the necessary time to invest in the process? It can take from days to months, to sell all the items. You can invest your time in it, or pay a small commission to let others do most of the job for you. If you are in a hurry, then, you can even choose an estate buyout, meaning you can call us to come and appraise everything you need to sell, after which we’ll make an offer to buy everything from you.
– Know-how. There are several skills you need. If you don’t have them then you’ll lose more money and even more time by doing it yourself than by hiring professionals. Firstly, can you correctly appraise all the items? You can spend the time to search their value online, but you’ll be many times slower than a professional and the prices you’ll find may not always be correct. Do you know how to market them and do compelling ads? These are necessary skills if you want to find clients and to sell them for the right price.
Now that you have an idea of what an estate liquidation implies you should be able to make a choice. If you want to hire a professional then you need to understand how the process works. Next, let us tell you how our firm handles the process.
How do professionals like us handle liquidations?
You can call us and ask any questions you may have and after we answer all your questions, we’ll make an appointment. Our professionals will meet with you and they will explain everything about the process, including the fees.
After you agree to work with us the first step is to appraise all the items you want to sell. You can tell to our professionals if there is anything in the house that you don’t want to sell. After every item has been appraised, the next step is to decide how you want to handle them. There are mainly 3 methods, estate buyout, sale or auction.
It will be your decision through which method you want to sell your items. We can make a recommendation that we consider would be best for you, and here you can see how the methods work and the factors on which we base our recommendation.
This simply means that we’ll make you an offer to buy everything on the spot. If we agree on the right price then in the next few days, we’ll come to take the items and next we’ll wire the money to you.
This method is mostly used when our clients are in a hurry or they need the money very fast. They don’t have the time to go through a sale or an auction. Some of our clients also use this method when other methods don’t worth the time and effort needed because the value of the items is too low. If we don’t agree on the price, you can always choose another method.
Another option to finish an estate liquidation is to organize an estate version of a garage sale. Meaning it will be the same concept, but much more organized and the customers will enter the house one by one to choose the items they want to buy.
Together with you, our professionals will choose a day for the sale. Until that time, we’ll advertise your items on our website. The sale itself will take a maximum of 3 days and all the process would be maximum a week.
This method is used by our clients that consider that the value of their items is not worth an auction, or they simply don’t want to wait a long time to sell these. After the sale is done, we may consider to make you an offer for what remains unsold.
If some of the items you want to sell have a high value, then we will recommend an auction. The time we’ll suggest for marketing and advertising will depend mostly on their value, but you will make the final decision.
We recommend this method if your items have a high enough value to be worth it for both you and us. It can take up to a month to organize an auction, this is the longest period an estate liquidation can take. Most of the time will be used for marketing and advertising. Generally, the higher value of the items, the more time we’ll suggest because this will cause more hype through marketing and ads boosting the maximum prices bidders are willing to pay. This will mean higher profits for you and us.
We can even make the auction online, this way it would be more convenient, and this will bring more bidders. If there are items unsold, and we consider they are valuable enough, we may recommend an estate buyout, meaning we may make you an offer to buy all the remaining items.
There are times when our clients don’t agree with the period we consider, some of them think it’s too long, and they are not comfortable to wait for that much time. Even if they will make less money, we’ll make sure they understand this point before making a decision. We hope you’ll understand that we base our recommendations on years of experience, and they are optimized to bring the best profits for you.