by Pamela Siegel
Whether you’re an executor trying to navigate the ins and outs of liquidating an estate or an individual contemplating starting an estate sale business, getting top dollar for the things you’re offering for sale takes top priority. Older folks downsizing look to get the most they can selling off a lifetime of treasures, too. Existing estate sale companies have an obligation to their clients to do the same.
In-person estate sales and online estate auctions are both viable choices in all these scenarios, and there’s a place for both in the secondary marketplace. But how do you know which is best for your selling needs? Read on to find out more about the different opportunities for successful estate sales.
Both in-person estate sales and online estate auctions can be conducted to liquidate the contents for any type of home from palatial estates to more modest residences.
In-Person Estate Sales vs. Online Estate Auctions
When deciding the best way to liquidate an estate, it’s important to balance manageability with profitability. Different types of objects sell better in different venues, so estate sale businesses best serving their clients take that into account. When they come up with a plan based on your specific circumstances, that can mean offering one or the other, or a combination, of these:
In-person estate sale. This type of sale finds customers lining up outside a home or another venue where the contents of a house were moved if estate sales are not allowed in a community. Shoppers file in one by one when the sale opens. There are usually limits on how many people can enter a sale at a given time to avoid overcrowding. When professional estate liquidation companies are running the sale, an entire team of staffers is on hand to assist customers, so that is factored into the fee charged to clients.
Prior to the sale, the company comes into the home to decide what can be sold and cleans out anything else. They organize the items, research values, and price them as they go along. Prices are generally higher on the first day of a sale and then drop each day thereafter. Many times, prices are cut by 50 percent on the last day of a sale. Most in-person estate sales run three days over the course of a weekend.
And while not as frequent as in-home “tag” sales, sometimes live estate auctions will occur on a client’s property. A professional auctioneer conducts this type of fast-paced sale, usually over one to two days.
Online estate auction. These sales follow a make-ready process similar to in-person estate sales, including some pricing research, although the items being sold don’t have a set price assigned since they will be auctioned. Items are photographed and then listed online using an online auction platform like AuctionNinja, which specializes in estate sales.
The listing process allows the selling company to add multiple photos of each item, a complete description, and sometimes, set a starting price. In many instances, however, items are listed without a starting price, which is proven to be very effective in kickstarting bidding activity, creating early competition for an item and leading to higher sale prices. A plethora of shoppers find the listings 24 hours a day searching online, and any questions can be answered in a timely manner via email. Everything from kitchenware to couture clothing and collectible coins to furniture can be sold in online estate auctions. Some items are shipped, and others are picked up locally.
Online estate auction marketplaces like AuctionNinja can offer resources to better showcase what you're selling.
Benefits of Online Estate Auctions
Estate sale auctions held online offer many benefits to both estate sale companies and their clients. For one, when the actual selling takes place, instead of showing items to a relatively small group of people over several days within a home, they market them to what can amount to thousands of buyers over a longer period. This usually amounts to a week, although some online auctions last longer. What could have sold for a low price on day three of an in-person estate sale might end up being the target of an online bidding showdown, and the sky’s the limit when it comes to dueling bidders.
There’s also safety to consider for estate sale employees and shoppers. Online auctions eliminate personal injury hazards found in crowded homes. Keeping property safe is also an issue for estate sale companies since theft is always a concern during in-person sales. Easy-to-pocket high-dollar items like jewelry are often sold online for this reason.
Small items like jewelry are protected from theft with online estate sale auctions.
Companies often choose online estate sale auctions when special items might not garner the audience they deserve locally. Rare glassware, couture accessories, and sports memorabilia, for instance, may all sell for higher prices online.
Accounting for each sale – knowing what sold and for how much – is also much easier online. Everything is automated, from tax collection to commission, when using an online platform specifically designed for estate sales like AuctionNinja. You also have the benefit of eliminating human error during the checkout process when compared to in-person sales.
In a nutshell, online estate auctions can be a better option because:
- More shoppers are focused on each item during the sale.
- Bidding wars can drive prices higher than expected.
- They offer a safer and more secure sale.
- Featuring special, rare, and high-dollar items is easier.
- Accounting is more seamless.
- Clients can transparently see items online as they sell.
Benefits of In-Person Estate Sales
In-person estate sales can offer a couple of advantages over online estate auctions in certain cases. At times the type of merchandise held in an estate dictates the best type of sale. Online estate auctions with AuctionNinja can easily specify local pick-up as an option so there aren't many limitations in that regard, even with heavy furniture.
Another consideration is not having to photograph each item being offered for sale. For this reason, estate sale companies can use a combination of in-person and online sales once they get a feel for which items sell better in each venue. This can vary by region. For individuals liquidating estates, asking a company how they intend to balance sales in this way is also wise.
Many estate sale companies using AuctionNinja's online auction platform have reported lower costs in comparison to in-person sales. Not having to move items or price them in advance can provide cost-saving advantages as well as not having to staff an in-person sale for two to three days. An overhead cost comparison is in order when making a this type of determination.
In summary, the main advantages of in-person estate sales include the following:
- Not requiring photographs of each item offered for sale.
- Cost benefits in some circumstances.
Ready to locate an estate sale company or explore online estate auctions? Visit AuctionNinja.com. If you're new to online estate auctions, try it risk-free by signing up here.
Written by:
March 9, 2023 Updated 01:06 PM
As a freelance writer, Pamela Siegel covers lifestyle topics ranging from antiques and collectibles to interior design and everything around the home. Her work appears on The Spruce where she shared tips and research as the site’s antiques expert for many years. She also writes for House Digest, Kovels Antique Trader, Worthpoint, and Mashed. In addition to penning thousands of articles for online resources and print-based pubs, Siegel authored several books including “Warman’s Costume Jewelry” and “Buying & Seling Antiques and Collectibles on eBay.” She also shares her expertise with other magazine writers along with doing television, radio and podcast interviews. As often as possible, Siegel loves shopping flea markets and estate sales for her next great find, home decorating, foodie pursuits, and exploring the world on cruise ships.
Ready to locate an estate sale company or explore online estate auctions? Visit AuctionNinja.com. If you're new to online estate auctions, try it risk-free by sigining up here.
