Maximize Your Estate Sale with Professional Liquidators | Tips for Downsizing Homeowners

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Someone pays $10 for $2,000 worth of gold coins and $30 for a $3,000 1960’s Gibson acoustic guitar.  

These are extreme examples, but some homeowners sell their family estate items at big losses because they didn’t know the values of those items.  Also, some coffee mugs sell for $100 and vintage bottle caps sell for $20 each.

If you are downsizing and have time, then you may research sale values and how to market to those who will pay top dollar.  However, if you are clearing out your parents’ home, you may not have time or emotional energy to take on estate sales yourself.  This is when estate sale company/liquidators can help.  Not only can they get you more money from the sale, but also include full clean out and/or consignment services at no charge or additional costs. 

How to find a good estate liquidator:

1. First, make sure to communicate with any estate/personal representatives, an estate attorney and the probate court before selling or taking anything.
2. Check the American Society of Estate Liquidators and search by your zip code: https://www.aselonline.com/for-consumers/
3. Google selected vendors’ reviews & ratings and check the Better Business Bureau BBB
4. Find 2 or 3 vendors and interview them to find a good match for yourself (see questions to ask below)

You certainly want to hire a professional, ethical, reputable and experienced liquidator. so…

Avoid these vendors: 

1. Don’t return your call
2. Don’t keep appointment or no follow up. 
3. Lack of work knowledge, don’t know pricing of common items
4. Not organized in presentation and/or communication

Hire these vendors:

1. Recommended by other professionals, like attorneys, realtors, CPAs, etc.
2. Have been in the industry for 5+ years with decently booked schedule
3. Good communication over the phone and in person
4. Have good marketing on their website, showing clear process explanation and value proposition and past sales info portfolio
5. Good overall rating and reviews
6. Customer references available for you to call

Questions to ask when interviewing

1. What’s included in the service, like organizing, pricing, sorting, display racks, researching, full clean out, process of unsold items…
2. Any additional fees for any of the services?
3. What is the fee? (the national average is around 35-40% of the gross proceeds as of year 2023)

Preparing for the sale

1. Put away important documents: will, trust, insurance policies, bank accounts, investment accounts, deeds, house keys, passwords, crypto keys, drives and cash.
2. All items you want to keep should be locked in one room.
3. Do value research on obviously high value items and consider separate sales or consignment.
4. Ask for detailed appraisal of certain high value items.
5. Clear attic and other hard-to-access areas
6. Don’t throw away anything before the appointment. Your trash might be a collectible item to someone else.
7. Take inventory and take photos of financial and sentimental value items.
8. Check for hiding places like attic, mattress, books, floorboards, drapery hems. See 20 Secret Hiding Places here (https://www.familyhandyman.com/list/20-secret-hiding-places/)

Things to consider if you’re also selling the house…

1. Hundreds of people walk through during an estate sales, so either have the visitors take off shoes/wear booties or expect to have some wear and tear on flooring, especially carpets.
2. Consider having estate sales after selling the house first (get it under contract) if the house is well presented with existing furnishings. Make sure to put away valuable items.
3. Often buyers might want to purchase furniture with the house.
4. Consult with your experienced realtor.

Contact Shawn Yu to talk about your estate/house sale.