If you need to liquidate your property, there are a few options out there. Don’t worry, our guide covers it: estate sale or auction- what every seller should know. If you don’t have the answer, we can help you out.
What is an Estate Sale?
An estate sale (sometimes called a tag sale) is a sale to remarket large amounts of items. The ability to liquidate personal belongings quickly is a big reason why estate sales are popular. If you have a death in the family, are moving long distances, or just need to get rid of A LOT of stuff, estate sales are a good choice. The most effective estate sales are run by a professional and licensed estate sale company.
Estate Sale Pros
- Sales typically last 2-4 days giving buyers more time to attend.
- It takes place on your estate so know moving charges.
- Estate sale companies will help organize and appraise everything you want to sell.
- Estate sale companies will host and run your entire sale for a competitive commission rate.
- Fast cash: most estate sale companies pay out the estate within 2-3 weeks after the sale is done.
Estate Sale Cons
- Owner and family typically do not to attend.
- Crowds of strangers shopping through your home.
- Not all estate sale companies require licensing, insurance, or other regulations.
- Major price reductions on the last day of the sale if items are left over.
- Shoppers who are late to the sale might not get a chance to purchase the highest quality items.
Need even more info on estate sales? Check out the National Estate Sales Association’s website for more help
What is an Auction?
Most people have a good understanding of what an auction is, but just in case an auction is a public sale that depends on competitive bidding item by item. The highest bidder for each item wins the item and pays the agreed upon bid price. Auctions can be held online or on location, but most often they are held at the chosen auction company’s auction house.
Auction Pros
- Competition is always better for the seller.
- Industry standards and regulations protect the seller.
- Competitive bidding creates a fair marketplace.
- Energetic and fast pacing creates urgency for buyers.
- Seller are encouraged to attend their own sale.
Auction Cons
- Moving items to an auction house can get expensive.
- Auctions typically last only one day.
- Starting bids can begin low and take valuable time.
- Not all items will make it to the auction block.
- Payment from the auction company can take 1-2 months to collect.
Final Thoughts
Both types of sales can be effective ways to liquidate your property. Knowing the differences and narrowing down which type of sale is best for you can change how much money you walk away with in sales. Estate Sale Or Auction- what every seller should know is a great jumping off point for the rest of your research.
Whether you do decide on estate sale or auction, make it easier by providing your buyers with extra resources to get their new purchases home. The best choice is Bungii. It’s an on-demand delivery app that puts a pickup truck and driver right at your fingertips. It is a perfect solution for anyone who needs large items delivered fast and at the most competitive rates. Download the app today. Find out if Bungii is in your city by checking out our markets page here.
