How Estate Sales Work

Over time people tend to accumulate an excess of stuff. To elevate the crunch of space, people tend to donate items to charity or even hold a garage sale. However, there are times when it is necessary to get rid of large chunks of items. And even times that an entire house of items from a full house all at once? At some point in many people’s lives, this occurs when a family member dies. While the process can be overwhelming, there are many professionals out there, like The Diamond Spot, that can help organize estate sales and sell the items efficiently.

Similar to auctions, estate sales provide an opportunity to liquidate items efficiently. Typically, they are held after someone passes on but also tend to occur during bankruptcies, divorces, and even long-distance moves. Estate sales are a great way to pay off debt regardless of the reason forced the sale to happen. These sales are often an excellent spot to locate bargains, antiques, and unique items for the shopper.

In some areas of the country, estate sales are known as tag sales. What makes them different from garage sales, since a majority of the time, they are run by a professional company, whose goal is to sell all the items remaining at home. 

Most estate sales are open to the public and have them invited to tour the house. This gives buyers the ability to look through all the items that are available to purchase. Sale prices are marked clearly but bargaining for a lower price is a possibility.

When planning an estate sale, the first step everyone needs to take is deciding on hiring a professional company or handling the sale on your own. 

A majority of people let the professionals handle the estate sale due to the overwhelming amount of work that is involved in an estate sale. These tasks include:

• Create an inventory of every item in the house.
• Determine which items should be a part of the sale.
• Determine the fair prices for all items.
• Set up the space to present items in a professional manner
• Advertise the sale (Local flyers, online, and newspapers typically are the most efficient way to promote the sale).
• Organize a game plan to ensure things at the sale run smoothly and fairly.
• Keep an eye out to make sure there are no thefts at the sale.

If an Estate Sale seems overwhelming, there are companies like The Diamond Spot, that will handle all of this for a predetermined fee. Additionally, The Diamond Spot has appraisers that will help determine the value of various items.

When determining if a company is the one for you, ask lots of questions. Such as what they estimate you will make from the sale, and what their policy is on any items left over at the end. If you have any valuable or rare items to sell, make sure the company has people with the right expertise to get you a fair price. Don’t trust a company that won’t answer all your questions directly. 

There are a few signs to look out for to determine if a company is reputable and professional:

The Estate Sale company should have a license and have the legal authority to provide its services.

• The company should be bonded. It is a form of third-party insurance that guarantees that the company honors the contract and agreement. If for some reason, the contract is broken, the third party (the bonding company) will pay you compensation.
• References and feedback from previous clients should be readily provided upon request from any reputable estate sale company.
• There should never be a charge by a. company for an initial interview or inspection of the house. The Diamond Spot never charges this initial interview or inspection.

 Once you have chosen an Estate Sale company that you want to partner with for the estate sale, it is crucial to complete the contract that details all the and that you understand everything in the contract before its signed. Once that’s done, you’ll be able to relax and let the Estate Sale company manage the rest of the sale.

For your next estate sale, entrust us – call (617) 816-5710 for more information and begin the estate sale process with The Diamond Spot’s professional staff.