It may be surprising to learn that an estate sale can benefit a realtor that needs to sell a house. However, when you look at the matter more closely, you will realize that an estate sale is an excellent opportunity for an agent. What is more, there are estate liquidation services agents can hire to help them tie together all the variables of such a sale.
To be able to perceive an estate sale as an opportunity, it’s essential to understand what it is and how it works. Knowing that will provide realtors with the chance to grow their business and acquire new contacts and clients.
What is an estate sale?
An estate sale involves a way of liquidating all of the belongings of a family or estate. However, don’t think of it as a garage sale. They are typically much more than that and are at a much larger scale. These sales occur when a person needs a way to sell their belongings. That can be due to downsizing, upsizing and moving to another place, divorce, death, or bankruptcy. During an estate sale, the public is welcome to come into the home and purchase whatever item is marked for sale. Of course, the family selling the items may decide to keep some of the pieces. Alternatively, sometimes, the new owner of the house may have decided to make those items a part of the purchasing contracts.
Given that estate sales involve the public visiting the property to purchase some items, it poses an excellent opportunity for a realtor to acquire new contacts. One of the best ways for new real estate agents to meet new people and make contacts is to attend open houses. Thus, this is also a form of an open house. Hence, it’s a chance to meet people looking for a new home. Sometimes, people from other states or countries visit estate sales while leisurely looking for a new home to move to.
An estate sale vs. an estate auction
The purpose of both these events is to liquidate someone’s almost entire estate, and they are both open to the public. Hence, both an estate auction and an estate sale can benefit a realtor that needs to sell a house. The difference between the two is that each item has a specific price at an estate sale, while during an estate auction, the items go to the highest bidder.
At an auction, there is an experienced auctioneer or an auction company that manages the entire event. The auctioneer must be someone who is a member of a state and national auctioneers’ association. As such, they must abide by a strict code of ethics.
During both events, if there is no buyer for the home yet, a realtor can jump at the chance to see if any of the visitors may be interested buyers. Also, estate sales typically last for a few days. During that time, a realtor can invite potential buyers to come and see the place in more detail.
How does an estate sale work?
First, the items are categorized and appraised as per their market value. Then, each item gets a price tag. This process can take a few days. After that, the organizer opens the door to the public.
If there are many buyers, the items are sold on a first-come, first-served basis. Some liquidators may use a number system, in which case each number represents a person’s place in line. Alternatively, liquidators may draw numbers randomly to decide who enters the house first.
While the sale is ongoing, the buyers can shop around, walk freely around the place, and inspect the items they like. This freedom to walk around and really see the entire home is an excellent opportunity for buyers interested in purchasing the house. Perhaps the ability to get the feel of the place and inspect everything in a more relaxed way is what will nudge them into making the purchase. After all, these days are for the estate sale. It is not an open house. So, they can look around without the pressure of knowing that a realtor is trying to sell them a home. At the same time, that same realtor collects contacts effortlessly.
In the end, when buyers find what they like, they simply pay for it on their way out. Besides being a much larger event than a garage or a yard sale, the fact that shoppers can pay with cash, credit cards, checks, or debit cards is probably the most significant difference. Usually, the estate sale company will decide which methods of payment it will accept.
How can an estate sale company benefit a realtor that needs to sell a house?
During an estate sale, things can get pretty hectic. Someone will have to ensure that everything goes smoothly. They would have to do it by managing the flow of traffic and resolving any issues with pricing, or any other problems. If a realtor attempts to do this on their own, they would have their hands full and miss the opportunity to make some more contacts and interest people in purchasing a home. Therefore, an estate sale can benefit a realtor who only needs to sell a house if they have the time to focus on the buyers. So, hiring estate liquidation services can be highly beneficial.
Getting the chance to make new contacts is the primary way an estate sale can benefit a realtor that needs to sell a house. It is like an open house which a buyer can leave with a new item. Or it can be an event which a person who came for something cheap and cheerful can leave with the idea of buying a home. Finally, it can be a way for potential homebuyers who aren’t ready to make a commitment with an agent and make their homebuying intentions official to look at homes they find attractive.