Many people associate estate sales with the passing of an older relative who may not have had many family members to whom to distribute belonging. But there are actually many reasons why someone may want to have an estate sale for themselves or for the passing of an older family member. Setting up an estate sale for yourself or others may seem like a large and unfamiliar task, but it can be simple and efficient with a few easy steps.
Misconceptions surrounding estate sales
One common misconception around estate sales is that they’re arranged after the passing of a person who may not have had any living or close relatives. In reality, estate sales may commence simply because an older adult is looking to downsize, and estate sales are the quickest and easiest way to find new homes for furniture and other items. Profits made from the estate sale can then be used for a smaller place to re-furnish and invest in pieces that are more senior-friendly.
Estate sales may also be arranged by a family member if surviving relatives do not want or need a majority of the physical belongings left after the passing of a family member, especially if the surviving relatives live far away and transportation of items unneeded or wanted may be found to be difficult. This can also help to clear out the property so that it can either be sold or used by family members as a new home.
Benefits and beginning
Estate sales have several draws that make them an attractive option: you have a firm date that all items will be out of the home, you have professionals to assist in the estate sale which relieves pressure from your role, and this can help make money to cover funeral costs or the furnishing of a new and smaller home.
To decide how to price items, you may find it helpful to hire an appraiser to give you ballpark items for the worth of items. If you believe there may be valuables in the home that relatives do not wish to keep, this can be a good option to ensure they are being sold at a fair price. It is good to keep in mind that those shopping an estate sale likely have no emotional ties to the items as you may have, so pricing the items based on their financial value keeps prices fair for both parties and ensures more items are likely to sell.
When you set a date for an estate sale, aim for a weekend day and ideally a non-holiday with good weather to attract more buyers. Buyers often find estate sales through online or newspaper ads, which can easily be set up on your own or through a professional estate sale company.
Running the Sale and Remaining Items
Once you have values and dates, running the actual estate sale can typically be handled by a professional estate sale company that exists to take care of some of the nitty-gritty like supervising and handling sales, transportation of items, and estate sale taxes and other financial matters. This can take some worry from you and help you focus on moving into a new place or mourning the loss of a loved one.
You may find that not all items sell in an estate sale. If you have no desire or need for the remaining items, you can have a crew come in to take away the items and donate them. A good catch-all may be donating to places like Goodwill, or you may also be interested in looking into local charities. Many cities have homeless shelters or local charities that will take bedding, mattresses, furniture, and clothing items.
In sum, estate sales are a great way to find new homes for physical belongings that may not have emotional significance to the family, or simply to pass on these items to a new home that can cherish them.
— Missy Roney
