If you are the executor of a loved one's estate and you're preparing for an estate sale, the biggest, and first, decision you need to make is what type of estate sale you want to hold. Most estate sales are held with a traditional open house. The property listed for sale is all available to browse through at an estate sale broker's location or in the home of the property owner. However, if you don't relish the idea of spending days attending to and dealing with this type of sale, you should consider an estate sale as an online auction instead. Here are a few things you should know if you are considering this possibility.
Consider The General Format
One of the first things you need to decide is what type of auction format you want. With an online auction, you have the choice of either listing everything with a flat price to buy the item instantly, or with an auction that requires bids for a specific period of time.
If you're hoping to sell the items quickly and be done with the auction, a flat rate on each piece might be your best solution. However, if you're hoping to generate as much as possible from the sale, an auction format may be the better solution.
Decide On Your Pricing Needs
Once you settle on the online estate sale format, you need to settle on your pricing needs. For flat price sales, you have to decide on the price you want for each item. Each piece will have to be individually priced for this type of sale.
For auction formats, you should think about whether or not there's a minimum you want for any items. If there are particularly valuable pieces, you can always set a minimum bid to ensure that you get at least what you feel you should from the item's sale. That way, it can't sell for less than that minimum bid. Skipping the minimum bids on other items will help to ensure that they sell, but won't guarantee any level of income from each item.
Settle On Delivery Or Pickup Options
One of the things you need to think about with an online estate sale is how you'll go about ensuring that the buyers receive their items. You may want to charge shipping for those who live out of the immediate area but offer a pickup option for those who are local or who prefer to drive and transport their purchase themselves. For larger items, you can even contract with a shipping company to handle the job for you professionally and securely.
If you're in the process of planning an estate sale after your loved one's passing, consider an online auction. Earn as much money as possible from your estate sale's online auction and gain some peace of mind.
