After losing a loved one, you might feel like you have a million things to take care of, from planning a funeral to settling your loved one’s estate. One big task is taking care of your loved one’s belongings. While hosting an estate sale may help you clear away items you don’t want to keep, it can be challenging to do it yourself. But using a professional estate sale company can help! If you’re considering hosting an estate sale, here are a few pros and cons of working with an estate sale company.
NOTE: If there are any disputes regarding the estate, wait until those conflicts are resolved before hosting an estate sale. Also, honor any bequests in the legal will before putting items up for sale.
Pro: Estate sale companies take care of organizing and pricing items.
One of the most daunting tasks that comes with hosting an estate sale is sorting through and pricing all the items in the house. For most people, that’s the most significant benefit of using a professional estate company; they do all the organizing and pricing for you. Estate sale companies are familiar with typical estate sale pricing and know which items may be worth a lot of money, which means they can set you up for success.
Con: You’ll still need to do some sorting on your own.
While an estate sale company can help with a lot, there are still a few things you’ll have to take care of on your own, like pulling out any items other family members want or sorting through sentimental items like photos and scrapbooks. Even if you and your family want to sell everything, you’ll still need to check for sensitive documents and important papers.
Pro: Some companies will remove leftover items after the sale.
Depending on your contract, the size of the company you work with, and whether they are also estate liquidators, the company might clean out leftover items after the sale. If your family plans to sell the house after the estate sale, this service can be a huge help since you won’t have to worry about moving furniture or deciding what to do with leftover pieces. Plus, some companies may offer cleaning services as part of their contract.
Con: Estate sale companies are mostly unregulated.
For the most part, estate sale companies are unregulated, so it may be challenging to find a reliable company. An inexperienced company may price items too low or too high, resulting in lower profits or fewer sales. A dishonest liquidation company could price valuable items especially high so they don’t sell and the liquidator can resell the items themselves, making a greater profit that you don’t benefit from. If you decide to use an estate sale company, do your research, look at reviews, and read over any contracts carefully before you sign.
Pro: Estate sale companies can bring in more business.
Many estate sale companies advertise the sales they host in local newspapers or on websites and their social media pages. They often have large followings of enthusiastic buyers who are always looking for new sales. The estate sale company’s extra advertising and name recognition can bring more people to your sale than you might get if you do everything on your own. The company knows where their buyers are and can bring more traffic to your sale.
Con: Estate sale companies typically take a portion of the profit as their fee.
Many companies will take a percentage of the profit from the sale as part of their contract. This percentage typically ranges from 30%-50% of gross sales, which helps the company pay for labor and the time spent organizing and pricing items. Plus, there may be additional fees for removal of leftover items or cleaning. While this may sound like a lot, remember that an estate sale company’s experience can help boost your sales. You may not get 100% of the profit, but you may still make more money than you would on your own!
While there are pros and cons to both hosting an estate sale yourself and using a company, consider what will best fit your needs. No matter what you choose, take time to look at all your options and do your research before making a decision.
