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Estate Sale Help
Filed under Collectibles, Popular eBay ItemsAbout a week or so ago, a very nice lady emailed me asking what she and her siblings should do with a bunch of collectibles her Mother had collected over the years now that she had passed on. The listing of items she sent was like an estate sale dream. Lots of great old pop culture items as well as more common collectible treasures. No one in her family was very familiar with eBay selling. I wasn't really sure how to answer her question about the best way to proceed, so I'm writing this post as sort of a way to "think out loud" about it.
My first instinct was to think that they could really make a nice chunk of change by selling off items individually on eBay. I even mentioned to her that although I pretty much avoid consignment deals, if I lived closer to her, I'd help her list everything.
For people in this situation, it can be very difficult to know the best way to proceed. I did go through something similar when my own Mother died. That was before eBay was around. My older brother and sister handled the selling off of the estate merchandise for the most part by having a private estate sale. I ended up storing a ton of what did not get sold in my basement until I moved and had a huge yard sale. I cringe now thinking of how much stuff I just gave away.
Here are some ideas I've had concerning the situation:
* Many families choose to go with having an estate sale. I'm certainly not complaining, because when I am in selling mode on eBay, I count on them for getting the items I'll be selling. That is what I see as the problem with going the estate sale route in their circumstances. They have a lot of really valuable items that will most likely not pull anything like their true potential at a one day estate sale. Add to that the fact that the estate sale company won't be working for free, and it just seems like a way to lose out on a lot of money that could have come from their Mom's collection.
* Another option to consider is having an estate auction. These are similar to estate sales, but there is more chance of people bidding up the really valuable stuff. The downside is that if you have the wrong crowd there that day, you could end up losing out again. If I were to choose this option, I'd advertise the heck out of the event and stress what wonderful items were available (with specifics).
* Taking everything to an eBay consignment shop is something else to consider. Personally, since I took the time to learn how to list things on eBay, I can't imagine going this route. They often charge very high commission fees and can be extremely particular about what they are willing to list. That isn't meant to be a slam on eBay reselling shops. They are not charities and they provide a service that some people are happy to pay for without a second thought. I'd simply prefer to keep more of the money in the family.* You could also split up the collections among family members if they are at all interested in keeping something special from their loved one. This is not a route that will make you money, but sometimes other things are more important than money. The lady I had contact with seemed ready to get things moved along though, so I'll keep on with options that will get things sold.
* Having an estate sale but not putting EVERYTHING out for sale might work. The most valuable collectibles could be held out for later resale on eBay or some other venue. The big stuff could go at the estate sale just to get things cleared out.
* Dealing with a collectibles shop will most likely bring in lower offers than you would like to receive. Obviously, the shop owner won't be around long if they start buying up estate merchandise for the same price at which they'll be selling. It is a business and they want to make a profit too.
* If you have a bit of time to work with, you could set up an eBay store or a separate website just for showing off what is for sale. The store might be a good deal since eBay is now putting those "buy it now" store listings right up there alongside auction listings. Along with the idea of selling the merchandise at a set price, you could also put a reserve amount on anything you list to protect it from selling at a price you cannot live with comfortably.
I think some good first steps would be to check out completed listings on eBay for similar items. This is often a good indicator of what people will actually pay for things in the "real world". Collectible guides are great to look at for ballpark figures, but I'm not really certain how you find the people willing to pay the prices listed in those books. Of course, a LOT will depend on how quickly you want to get things moved along.
I want to offer one word of warning here. I have heard of some estate sale companies being less than virtuous when it comes to having these sales. Specifically, I've heard tales of prices being set too high on the sale day so that no one will buy very much. The company owner then offers to buy out everything for one very low price. At this point, the merchandise is warehoused and sold off on eBay at the new owner's leisure. I don't think the majority of these companies do this, but I've heard tales while I stood in line at some sales and it is something to remember if you think things are being priced too high.
I may come back to add more to this post as ideas occur to me. Any helpful comments are certainly welcome.
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One Response to “Estate Sale Help”
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Thank you for creating this blog and sharing your viewpoint. I like reading it within my lunch break at the office. It’s nice to consider my mind off work even though for only 30 mins. Cheers
