Estate Sale Planning

While many people think about an estate sale as a yard sale on steroids, the truth is that a lot more planning and coordination needs to go into a successful estate sale. Not only do you need to prepare the items that will be sold, but there is also a marketing strategy that must be implemented to bring in the right buyers.

An estate sale is something to consider if you are downsizing, closing an estate after a loved one passes away, or moving to a different location. Here are some of the most important elements that you should consider if you are preparing for an upcoming estate sale:

Step 1: Start Sorting

You’ll want to go through everything in the house to find the items that are most valuable and can be included in the estate sale. As you are decluttering, use a categorization strategy to sort items into different piles:

• Keep

• Sell

• Donate

• Discard

Once you have your sell pile ready to go, consider bringing in a professional appraiser for the higher-value items. These expert opinions ensure that you aren’t leaving money on the table.

Step 2: Pricing Strategy

You’ll need to do a bit of research to determine the best prices for the items in the sale. You can check for similar items at local antique shops or through online marketplaces and auction sites. Make sure you are asking for the right value, while also pricing things low enough to move. Remember that your goal is to get rid of everything while also getting cash at the same time. You shouldn’t expect to receive top-dollar for everything you are selling.

As you are reaching the end of the sale, you might consider bundling items or offering bulk discounts. This strategy can help you get rid of the remaining inventory.

Step 3: Marketing and Promotion

The more effectively you advertise, the more likely you are to attract great buyers. Place ads in local newspapers, online platforms, on social media, and through community bulletin boards. You can also share photos and lists of the types of items that will be sold.

On the day of the estate sale, make sure to have clear signs so that people can find the location. Consider putting up signs on the main roads directing people to the neighborhood.

Step 4: Estate Sale Day

Preparation and organization make the difference between chaos and a successful sale. Start early so that you can organize the displays. Group similar items together and make it an inviting atmosphere for shoppers.

Also, be sure to have enough people to manage the transactions and monitor the sales. Be ready to accept cash payments (and have change on hand), as well as digital transactions with credit cards.

When the sale is over, the remaining items can be donated. If you have time, you might plan an additional sale to see if you can clear the inventory.

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Written by Becki Andrus in partnership with silver wholesaler Silver Superstore.