An estate sale is similar in concept to a garage sale but requires keeping thorough track of inventory, handling a higher volume event, and managing hot ticket items. There are many things to do before the big day if you want to succeed, so prepare as soon as possible and follow these tips for making the most money from an estate sale.
1. Receive a Professional Appraisal
We recommend receiving a professional appraisal of all the items for sale. They will help you appropriately price your items and determine if jewelry and collector’s pieces are authentic.
2. Strategically Price Items
Take an inventory of all the items you plan to sell, then price them according to their age and rarity. Consider the purpose of the sale, whether it’s for liquidatingassets or because of downsizing.
Prices will vary. Some items can be sold for a base price or are worth more depending on the location they are being sold. Remain objective and leave out emotional attachment when assigning prices.
3. Advertise Your Best Items
Advertising online and in the newspaper will increase the number of people attending your event. You should also consider Facebook Marketplace and Craigslist, as serious buyers are always on the lookout for a good deal in these publications.
Include pictures of your best items and emphasize any bargains.
4. Use Your Space to Your Advantage
The flow of your space can have a huge impact on making the most money from an estate sale. Set up all the items in a specific layout based on clearly marked prices if possible. You want to keep an eye on more expensive or rare pieces. Don’t forget to label things that are not included in the event.
5. Host Your Event Over the Weekend
Prospective buyers are more likely to come out during the weekend. Hosting on the weekend increases your chances of substantial attendance. Never host on a holiday weekend because people will be out of town or at home with their families.
6. Be Familiar with Estate Sale Tax Laws
Estate sales allow you the opportunity to make a lot of money that isn’t usually possible with a standard garage sale. This means you might be responsible for paying taxes on the money earned. Laws differ from state to state, so be familiar with your state’s laws ahead of time.
Follow a Plan
Making the most money from an estate sale isn’t an easy feat, but using these tips to come up with a realistic plan can make it easier for you to sell all of your items for a rewarding sum.