Hire a firm to liquidate remaining assets
Two key questions for your consideration in this step are WHO to hire to sell the assets and WHEN to sell them. In considering who will sell the assets for you, find a reputable firm and ask for multiple references. The firm will have access to the assets. You’ll want to hire someone you can trust – and someone who will sell the goods for a reasonable fee.
The question of when to conduct a sale is equally important. While you will be anxious to make progress in completing your duties, you will want to consider any real estate that must be sold prior to conducting the sale. The optimal timing is likely when the home is under contract, so that it will show as well as possible when on the market for sale.
Discuss this issue with your realtor. If the furnishings are old and in poor condition, he or she may also suggest that you clear out the house as soon as possible.
From Executor Team
5 Tips for Hiring an Estate Sale Company
Whether the death of a loved was sudden or after a long illness (or if they move to a senior care or retirement facility) taking care of a lifetime’s worth of belongings can overwhelm most people. Relatives or close friends often have no idea of where to turn. Seeking advice or recommendations from a friend, attorney, or even a realtor, can be useful when hiring a company to handle the estate sale. But even with a referral, you should take a few extra steps to make sure the estate sale goes as smoothly as possible.
1. Understand the Difference between Estate Auction and Estate Sale
An estate auction can be a good solution if you have a good number of items left to sell and those items have meaningful economic value. It can be held in the home of your loved one or at the auction house. Before committing to an auction, try to get a sense of what the overall value of the items to be sold is, and what percentage of the proceeds you’ll pay in commission and fees. The argument for an auction is typically that with an auction, the market will help you determine the value of an item. If something in the estate is worth much more than you anticipate, bidders will help you realize that value as they compete against each other to purchase the item – or items. An estate sale (a tag sale) can be a more practical and profitable solution for many people. Every item is priced and “tagged.” It’s then sold to buyers through a sale held in the home itself. This type of sale, when done correctly ends with most of the contents sold and extra revenue for the property sellers.
2. Check Out a Firm’s Advertising and Visit One of Their Estate Sales
Many estate sales companies use the Internet, email, and other modern advertising methods to attract buyers to your sale. Experienced estate sales companies also will have their own email list and social media following. They might place custom-made signs near the home on the days of the sale. Be sure to visit an estate sale they advertise to see how they work.
3. Ask For a Free Estate Sale Evaluation
Reputable professional estate sale companies will come to your home and evaluate the feasibility of an estate sale at no cost. Experienced estate sale experts will not hold a sale unless they believe it will make a good profit for the family.
4. Find Out if the Company Works Only for its Clients
It’s usually best to avoid estate sale companies who also do consignments or own their own resale stores. This can create a conflict of interest as they might get more money if they pay less to the seller. Better companies only do estate sales and contract directly with the client. They also don’t try to sell other’s items in your sale.
5. Do Your Due Diligence
Getting started in estate sales is relatively easy and requires little or no experience. The best way to avoid getting ripped off is to do some research on the company. Most estate sales companies have a website, so check it out to find out how long they’ve been in business. Another good reason to visit their website is to see how professional it looks and to look for good customer reviews. Be sure to ask for their social media sites such as Facebook, Twitter, and LinkedIn to read what people saying about them. You also should ask if they are bonded and insured and request a list of references from satisfied customers. Finally, trust your gut feeling. Ask yourself if they had a professional presentation when they came to your home and if they answered all your questions. By following these five tips you can avoid additional grief and financial loss from less than reputable estate sales companies and maybe even make extra revenue from the estate sale.
