Auctions vs. Estate Sales: Which is Better?
Why Selling at Auction Beats Having an Estate Sale
Picture finding yourself in the position of having to part ways with valuables, furniture, and more. Of course, you will be looking for the best way to do so, ensuring you get what you need in a timely, painless fashion.
For those looking into selling precious goods, there are two choices that stand out: selling at auction or having an estate sale.
Let's do a deeper dive so you can see which is the right fit for your needs.
Evaluating Your Item’s Worth
It’s important to determine what your goals are from the get-go. Are you trying to get rid of as many items as possible at a low price (higher quantity, lower quality)?
Or do you have some items you believe are of value and could return some serious profit?
Well, the first step in the process, regardless if you choose an auction house or an estate sale, is finding out what your items are worth.
Auction houses typically offer free valuations – done by the people that know best and have the qualifications to do so.
This works best for items that you believe may be of value (typically fine art, jewelry, antiques, rugs, and furniture.)
Estate sale firms come to your home to do a valuation of your items. This can be time-consuming, at times is not free of charge, and also means opening your home to strangers during a difficult moment.
However, many estate sale firms will not only sell your valuable items, but also the “junk” you want to get rid of (Tupperware collecting dust, used pots and pans, etc.) Think of it as a garage sale but quite literally inside of your home.
Finding the Right Location
Most of the time, having an estate sale also means relinquishing your home to sales activities and dealing with the aftermath.
You may end up hosting a home full of strangers and cleaning up after they leave. You may find it difficult to remove yourself from the process.
On the other hand, auctions are held at an external site at the helm of an expert auctioneer. What’s great is that you can choose whether you want to be there or not. Either way, you receive the proceeds.
This results in a much simpler, more organized way of dealing with what can be an already difficult situation.
Maximizing Value
Estate sales minimize an item's capacity to reach full price potential since there’s not as much possibility for competition between buyers.
At estate sales, many, if not all, of the items will end up being bought at ticket price, with little chances of it changing.
On the other hand, at an auction, people interested in your valuables have to outbid others, thus improving your chances of generating greater income.
Auctions are an exciting environment that creates a positive atmosphere for your valuables, which can ultimately lead to much more income for you.
Improving your Reach
An auction firm has a network dedicated to sales, they know how and where to reach the people interested in your pieces. They also have marketing teams, social media experts and more tools to help get your valuables into the right hands.
Estate sales depend on other motivational drives, such as closeness to the sale location and pure price ranges. In general, they appeal to a very localized audience.
There will be a notable difference in the kind of buyers that approach each of these options, it's up to you to choose one.
The Bottom Line
Estate sales can require waiting time, manpower and may not always yield desired results. These might be best if you have a lot of items that you simply want to get rid of and aren’t concerned about turning the highest profit per item.
Auctions offer a very professional approach.
You can trust these qualified experts to handle your sale, market to the appropriate people, and reach a wider audience through their well-established channels.
Whatever the reason you are looking to sell your valuables, make sure you are treated fairly and keep the process as simple as it can be. The choice is yours.
If you decide to sell at auction or are curious about the value of your treasures, let us value them for free.
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