Effectively selling real estate requires building a relationship between the buyer, the property, and yourself. There are various strategies that can help you establish and enhance this connection. Mastering these strategies can boost your sales and expand your business.
Estate sales offer a chance to make extra money and get rid of unnecessary items. However, without the right knowledge about their workings and the elements that make them successful, these sales can be tricky and complicated to handle. Below are 7 tips to help you maximize your estate sale outcomes.
Ensuring a Hassle Free Estate Sales
Bargaining is a common practice at estate sales, but it's crucial to make the buying process straightforward for customers. Without clearly marked prices, potential buyers will need to find and ask you or your family members about the cost of each item. This can lead to confusion and frustration, possibly causing them to leave without making a purchase.
Having just one person to handle transactions is insufficient. Assign family members or others to each room to answer customer questions and reduce the risk of theft. Adequate staffing ensures a smoother and more secure sales process. Designate a spacious area near the entrance where customers can place the items they wish to buy. This setup will facilitate transactions by giving you enough room to handle payments and finalize sales. Additionally, consider keeping small but valuable items near this table to minimize the chance of theft.
Organizing a Profitable Estate Sale
Determine if an estate sale is necessary by consulting a reputable professional who can evaluate the items. Hiring a specialist like an auction company in Kansas City to host and execute your estate sale is a wise choice, especially if you’re trying to liquidate expensive or big-ticket items like hot tubs, homes, recreational vehicles, and other items. The initial consultation should always be free. Interview several estate sale companies and check their reviews online to avoid those with poor reputations. Request references from each company before making a decision. Avoid discarding anything prematurely, items that seem like junk might be valuable to others. Estate sale professionals can help distinguish between what should be sold and what can be discarded. Family members often want keepsakes after a loved one’s passing, but it’s crucial not to let them take only valuable items, leaving the rest behind.
Maximize Your Estate Sale
Allow about a month to prepare for the sale, with the estate sale team typically needing around five days to organize everything. Make the sale appealing by cleaning the house and ensuring that items for sale are in good condition. Buyers prefer complete and undamaged sets, as damaged pieces can reduce the overall value.
Offering a variety of items, from high-end collectibles to more affordable garage sale items, attracts a wider range of buyers. Avoid focusing on items with limited appeal. For instance, if the deceased was a stained glass artist, the valuable items might be the glass-making materials and tools, not the rusty lamps or dirty kitchen appliances found elsewhere in the house.
Attracting Buyers for Estate Sale
Reward yourself for your diligent efforts by attracting a large turnout to your estate sale. Drawing a substantial number of buyers is crucial as it enhances the likelihood of selling all your inventory at desired price points. It's essential to appeal to a diverse range of buyers, including local residents, professionals, and collectors. Therefore, it's advantageous to advertise your sale extensively across various platforms such as Facebook, Nextdoor, estate sale listing websites, local newspapers, bulletin boards, and social media.
Closer to the event, utilize brightly-coloured signs in your neighborhood to guide traffic and catch the attention of passersby. Ensure that all marketing materials include relevant details like dates, times, and the sale's address, along with enticing images and highlights of key items.
Presenting Your Estate for Sales
Consider reaching out to local Realtors if the property will be up for sale, allowing them to preview the estate. They may even bring potential buyers to the sale who could be interested in including specific items in a contract.
When setting up the selling area, prioritize maximizing sales by arranging items in an appealing and logical manner. For instance, use attractive table settings on a dining table to showcase its potential, and keep valuable items within easy view while clearly marking items not for sale.
Aligning Incentives for Success
While offering excellent service can improve the customer's experience and help expand a client base, it doesn't always match perfectly with making sales. Most people involved in estate sales earn part of their pay through commissions or bonuses. Bonuses could be offered for lease renewals or for clients who return for repeat business or refer others. The specifics will vary depending on the role and responsibility, but there should be some feasible way to align incentives.
The Estate Sales Day
On the day of the sale, ensure early preparation, including having a secure cash storage area and a well-placed checkout station. Decide on your pricing policy regarding haggling and be prepared with extra supplies like credit card machines, pens, and price tags. Throughout the sale, periodically check and tidy the display areas to maintain order, and be vigilant about missing price tags. After the sale, devise a plan for any unsold items, opting for environmentally friendly solutions like donating to those in need.
Conclusion
Finding the ideal timing for an estate sale involves considering regional market trends, seasonal fluctuations, and public holidays. Weekend sales typically attract more visitors, but caution is needed during holiday weekends when attendance may be lower. Efficient inventory management is crucial for offering a diverse selection of items and streamlining sale-day operations for a smoother experience for both sellers and buyers.
