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• What service does an estate liquidator provide?

 

Estate liquidators provide an invaluable service by setting up, merchandising, pricing and selling household items right out of a house. Having an Estate Sale is the very best way to get the most amount of money for your things. Remember that all you have to do is sort through the personal items and let the professionals do the rest.

 

• OK, I have an estate that needs to be liquidated. Where would I start to locate an estate liquidator?

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There are many avenues that you can cover. First there’s word of mouth - ask around to see if anyone you know has used this service before and if they were satisfied with the results. Look in the yellow pages under Estates. Visit an ongoing Estate Sale and see how they operate (check for attitude, salesmanship, number of staff, etc.). You may also want to interview more than one estate liquidator and pick whomever you are comfortable with. There should be no charge for a consultation and also be aware if someone wants to buy something at the consultation-chances are it’s more valuable than you realize.

• How is an estate liquidator usually compensated for their work?

 

Most estate liquidators work on a percentage basis.

 

• What percentage commission does an estate liquidator charge?

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There is no industry standard and the commission charged varies from one company to another. Some do a flat percentage 20, 25 or 30% and others use a sliding scale depending on location of sale and the amount and quality of the items to be sold.

 

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• What other questions should I ask?

 

Randomly you should ask - do you have liability insurance and how much coverage, can you provide references, how many staff members would be working at your sale, what about security, do you give an itemized list and how much each item sold for, what is done with things not sold, how are the prices determined, what type of experience do you have, how will the estate sale be promoted (advertising, signs, etc.), how am I paid after the estate sale is completed. After the estate liquidator has seen what will be for sale the most common question asked of them is how much do you think its all worth - it is impossible to generalize a dollar amount on a house full of things and be very cautious of anyone who tells you what you want to hear - you will probably be disappointed!

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• How are the prices determined?

 

You must feel confidant that whom you have chosen does indeed know how to price your items. Many times I have found hidden treasures that the owners are unaware of and if there is ever a question on price I research it. For the most part I find that owners and/or heirs have an inflated idea of the worth of their possessions and it is up to the estate liquidator to gingerly guide them into reality. The difference from primary market prices (new) and secondary market prices (used) can be vast one must listen to the professional.

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• How do customers find out about estate sales?

 

First there is advertising. Be sure to ask in what newspapers your ad will be placed and in what sections. In order to get people to attend your sale it must be advertised well and you should be prepared to shoulder some of that cost. Strategically placed signs can be equally as effective not only guide those who have read the ad but to also alert those who are just driving by. Many times someone who came because of a sign can spend a lot of money. Lastly, be aware of any liquidator who does not charge you something for advertising (you’ll probably get an obscure little three line ad) and only takes a small percentage- cheapest is usually not the best!

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