Maximizing Profit When Holding An Estate Auction

Posted on: 24 July 2015

If you have just had a loved one pass away, and you were named the beneficiary to their estate, you will need to go through their belongings to decide whether to keep them, pass them on to another family member, or sell them for a cash profit. When selling a large number of items after a person dies, many people opt to hold an estate auction. This allows potential customers to come into the home to look at belongings and then bid on them in an auction setting. Here are some points to consider when holding an auction, allowing you to gain the most money for the items you have up for sale.

Leave The Home As It Is

Instead of feeling the need to tidy the deceased person's home, leave the items in their original locations. When people walk through the home before the auction begins, they will see the items in a natural setting, instead of being set up in a row on a shelf or table. This allows the people looking at the items the chance to visualize the items in their own homes or businesses, making them more apt to place a bid on them during the auction process. The nostalgia of the home with the decor in place gives the auction an aura that cannot be duplicated when methodically placing items out on a table. However, what you can remove are any religious items or family photos. According to bankrate.com, these personal items make it hard to stage a home and for buyers to focus on the selling items.

Do Not Throw Anything Away

Even the biggest piece of junk can possibly bring in cash. Many people do not realize that something does not need to look nice to be worth something. For instance, buyers may be interested in tarnished precious metals and old non-ferrous metals because the scraps can be melted down for other uses. 

Instead of taking it upon yourself to select which items should go up for sale, have an estate service come to the home to give you an assessment of the items within. They will be able to tell you which pieces should stay and which are better off being tossed before the day of the auction.

Advertise Everywhere You Can

Spread the word about the auction to friends, family members and people you come into passing with daily. Make up fliers to post in local establishments with the date and time of the estate auction. Use social media to your advantage to spread the word as far as you can. Many people are curious about what someone else's home may have looked like inside if they have never been in it themselves. You never know who you may interested with your advertising efforts. The more people who attend, the better profit you will have in return.

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