Summer may be winding down, but the estate sale season is still hot! In fact, some professionals say winter can be its busiest time, especially with older adults who decide to move when it becomes more difficult to care for a large home during tough winter months.
“Many adult children visit parents over the holidays and find that it may be time for mom and dad to move to a safer place that offers more support for their mental or medical needs,” said Meredith Morris, an Oak Park resident who is owner of Caring Transitions-Chicago Western Suburbs, which helps take the stress out of moving, downsizing, and emptying a home. “This may prompt the need to downsize or empty a home and prepare it for market. Our CT Online Auction option helps us hold a sale in any weather, since the items are advertised online for open bidding.”
We caught up with Morris to find out a bit more about holding a successful estate sale. Here is an abbreviated version of what she had to say.
1. How does an estate sale differ from a garage sale?
Estate sales aim to liquidate a full home’s worth of items accumulated over the years. The items typically still have value in the marketplace and can still be cherished by new owners for aesthetic, monetary or sentimental reasons. Garage sales, by contrast, are for unwanted, less valuable goods — items that families have outgrown or no longer use.
Furniture, clothing, jewelry and collectibles sold at estate sales can command higher prices than items at garage sales. We often partner with appraisers, dealers and auction houses to be sure clients get the full value of what’s for sale.
2. How can an estate liquidation help to empty one’s house?
People hold estate sales to help rid a home of its contents when they are downsizing or when a family member has passed away. Ideally, this process will help prepare the home for market and also yield revenue. Proceeds from sales can offset other moving costs when an older adult relocates to a senior living community, or proceeds can be distributed to heirs. Most successful estate sales include a full gamut of furniture, decorative objects, collectibles, jewelry and other items for sale.
When run professionally, an estate sale will pair items with people who understand their value and who will collect, enjoy and/or resell them. Professionals can also help identify items of real value to an estate that may have been long forgotten in basements, attics or garages.
Because a great deal of time and labor goes into sorting, pricing, advertising, staffing and running a sale, an estate sale is the best option for a consumer who has a lot of valuable items to sell.
3. How does one find the right estate sale professional?
There are more than 14,000 estate sale companies in the country. To get the full value from a sale and avoid being caught in scams, consumers should look for professional organizations they can trust with access to their home and assets, and that will do their best to provide a return on the sale items.
The estate sale industry is completely unregulated and, unfortunately, some companies use unethical pricing and resale practices to take advantage of the consumer.
When considering an estate sale, people should be sure to work with a company that requires a contract, will honestly assess the value of what will be sold, and will provide detail regarding the true cost of holding the estate sale.
Consumers should look for estate sale companies that are fully insured for liability and worker’s comp and who also pay their employees a good wage – and do not pay them from your belongings. Companies must also reconcile the proceeds after the sale and clearly explain to the client what will happen to any items that are not sold in the sale. Companies like Caring Transitions adhere to the highest standards in the industry, which is why we have been growing so fast.
4. What is the most unusual, unique and/or beautiful item that you’ve ever come across?
My taste runs toward the unusual. I like encountering Victorian mourning hair, vintage toys and art. One of the most fun pieces we sold was a very large Art Deco/Nippon vase with a desert oasis camel scene. Our company has sold everything from large farm equipment to cars to dainty dance costumes.
5. How do you put a price tag on other people’s belongings?
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Caring Transitions prices estate sale items according to their market value. We always advise customers to consult with us before they give anything away. It is often difficult for customers to understand that their very expensive dining room table may no longer be in vogue, but they may have a vintage toy, kitchen gadget, clock, or coins worth quite a bit. It is often the smaller items that bring more value in today’s market. The items clients may think have value are often not those that sell the best.
Felicia Dechter is a freelance columnist for Pioneer Press.