Friday, January 15, 2016

Estate Sales 101

How do you get rid of possessions you no longer need? Many of us clear out unnecessary belongings by hosting garage sales or by donating items to charities or thrift stores, but what happens when you have to clear out an entire houseful of belongings at one time?

Perhaps a family member has died. Maybe someone has filed for bankruptcy. Perhaps someone wishes to sell their vacation home and no longer has a need for any of the items in it. These are all great examples of times when it might be a good idea to host an estate sale.

What Is An Estate Sale?

Estate sales are similar to garage sales in that they are sales held in the home and are an opportunity to get rid of household items that are no longer needed. Unlike garage sales, however, buyers will not be limited to the items that you have placed outside. Instead, buyers will wander through your house and gather the items they wish to buy. (For this reason, it's important to make sure that any items not for sale are tucked safely out of sight - or, better yet, off the property entirely.)

Tips For Hosting An Estate Sale

Unlike garage sales, most people rarely host more than one estate sale in their lifetime (and many people never host one at all). For this reason, some people choose to contract estate sale companies to help them with the process. If you're looking to save money, however, you can host the sale yourself. Here are a few tips to help guide you through the process.

Group Similar Items Together
Your goal should be to make the sale user-friendly and convenient for shoppers. Group similar items together in the places you would expected to find them - for example, display all kitchen-related items in the kitchen and display all towels and linens in a bedroom. This will make it easier for shoppers to locate the items they want.

Don't Place Items On Furniture That Is For Sale
If you're selling tables, desks, credenzas, or other pieces of furniture, it's important to keep them easily accessible and portable. Don't use them to display smaller items that are also for sale. Use folding tables for this purpose instead.

Hold Your Estate Sale AFTER Your House Sells
If you are selling your house in addition to all of the items in it, it may be wise to hold off on the estate sale until after your home has sold. Homes stage better with furniture and decor pieces in them, so don't get rid of these items until your house is off the market.

Don't Throw Anything Away Until After The Sale
Use this suggestion, but use it within reason. Obviously, shoppers won't want to purchase your trash. However, you never know shoppers might find appealing - that duck painting you've been dying to get rid of might be exactly what another person has been looking for. Once the sale is over you can take the items that didn't sell and donate them to a thrift store or throw them away, but don't do this prematurely!

Advertise Your Estate Sale Ahead Of Time
Hosting an estate sale can be a great way to get rid of unwanted items and bring in some extra cash at the same time, but it won't do you any good if no one knows about your sale! Advertise your sale ahead of time online, in newspapers, on social media, on signs, and via word of mouth. 

Good Luck!

On behalf of all of our real estate agents at the Lake of the Ozarks, we wish you a very successful estate sale. If you need help selling your house at the Lake of the Ozarks, don't hesitate to schedule a consultation with one of agents. We would be happy to help you in any way we can!

The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049
(573) 693-1100
(573) 480-7760

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