Many people today are in the position where they have to liquidate the estate of a friend or relative. While necessary, this can seem like an extremely personal task. For this reason, many in this position make the mistake of assuming that they will handle the estate on their own. However, hiring a professional is probably the best thing you can do for both yourself and the beneficiaries. A reputable auction house can ensure that your loved one’s items are treated with care, receive the highest price, and settled in a timely manner.
One of the biggest misconceptions about auctions is that they are an impersonal way of dealing with a loved ones personal items. In fact, a professional company is one of the best choices that friends and relatives have when dealing with an estate of any size.
Most estates consist of a collection of items that a person has accumulated over their lifetime. This includes everything from antique furniture to personal care items. In an average home, there can easily be thousands of individual items that have to be sorted, assessed for value, then given away, thrown out, or sold. For many people, especially those who work or have families of their own, this process can take months or years if undertaken without professional help.
What often happens during this incredibly long and tedious process is that important items are lost or damaged during the struggle to just get the job done. An auction allows professionals to deal with many of these items. Relatives and friends won’t have to bicker over the value of various items. The true market value will be established by the competitive bidding process.
For many household goods, a professional estate auction is the best way to get the highest prices. Compared to consignment shops, commission fees are relatively low. There are also no hidden costs such as shipping, appraisals, and/or maintenance fees. For larger items, an auction house will often include information for the buyer showing comparable sales of similar items in the area.
An estate auction typically takes a day, and can include all kinds of items. While large pieces of furniture, appliances, and equipment draw in large crowds, many shoppers will walk away with smaller items. Professional companies advertise the sale well ahead of time and in a number of different places, ensuring that there are a large number of people attending the sale. In fact, there are a number of shoppers who specifically look for the sales of certain auction houses because they know they will be treated fairly and items will be well organized. A larger number of shoppers means that smaller items will fetch higher prices than they would if sold during a yard sale, and certainly more than items would fetch by being donated or thrown away.
Once the sale is over, a record of every item sold is made available to the executor. Remaining items can be sold on consignment, given away to friends and family, or donated.
The entire estate auction process can be completed in just a few weeks, and executors do not have to be present for most parts of the process.
Sohn & Associates are trusted experts in handling partial and complete estate sales. If you find yourself in the unpleasant situation of needing an estate liquidation, we are available to help you plan and execute your auction. Please call one of our experts today for a no obligation consultation.