Estate Sale Basics

It can be daunting for seniors to downsize. It’s a time with a lot of decisions, and people can be emotionally maxed out. Services of estate sales providers are a tool that may ease the process.

Estate sale companies have a range of experience and knowledge, and different specialties – like expertise in pricing and selling high-end antiques and jewelry, or a focus on mid-value furniture and household items – and varying levels of service and speed for selling or clearing out what remains after your sale weekend.

• Free consults are standard. You can do this before the move. Point out special items.
• 40% is a standard commission rate. Some may lower the rate on high value items, like a vehicle.
• Most won’t charge fees, but may be selective. Fees may be charged when anticipated sale total of the estate is below a certain threshold.
• If you have high-value antiques or jewelry, ask how prices are set. Look for experience and research. Some companies may contact larger specialty auction houses to sell special items at a higher price.
• Antiques sell at lower prices right now – modern is in vogue.
• Jewelry should be priced above the “melt value” that most jewelers pay whether or not they intended to resell. The resell price may be half the “appraised value” insurance companies use as replacement cost. Diamonds and pearls get lower prices than you may expect. If you have one or more very expensive pieces, ask if the company reaches out to other buyers or auction houses.
• Declutter to prepare for the consult, but don’t get rid of a lot – we often don’t realize what people will value!
• In a major life transition, look for a higher level of individual attention and people-skills.
• What do you expect post-sale? Consider the speed and ease you need. Some do a follow-up online auction or resell limited items themselves. Most also refer or coordinate an outside service to clear out the house. Some of those services will take everything, and may or may not give a donation receipt.