If your reading this then chances are your looking to sell something. Below we will discuss different avenues for selling your items.
One of the many popular ways to get rid of your stuff is a local auction house. There are pros and cons to this option just like any other.
One of the best things about a local auction is that they will most likely be able to sell everything you have in just one day. That however goes hand in hand with one of the worst things about auctions; that is that they will sell most everything, but, for way less than it should. Secondly, because a local auction house is limited to only the people in the local area, most auctions will only have about 10 - 50 bidders present with only about 2-3 interested in any given item. For these reasons most items sold at auction never sell for their full potential.
Additionally, auction houses will charge about 50% or more of your items final selling price. This is sometimes split between the person selling the items at auction and the bidders purchasing at the auction. For example, an auction house may charge you, the seller, a 40% commission on all items sold and also charge the bidders purchasing the items at the auction a 15% buyers premium on all items won on top of the final selling price and local sales tax. This results in more profit for the auction house and it can also causes bidders to keep there bids lower as well.
Lastly, an auction house can only hold so many auctions in a given week or month and only so many items at each auction because most bidders will only sit through a few hours of bidding. This results in most local auction houses many times having a 1 -3 month waiting period to be able to auction off your items.
Hosting a garage or yard sale can be a fairly simple option for you. Especially if you just have general house hold items like tools, clothes, toys and trinkets. However to host a successful and profitable sale takes a bit of skill and preplanning. This is why many will hire an estate sale company to do it for them.
What they will typically do is schedule a time to come inspect what you have to sell. The first thing they will need to do is separate items to be sold and not to be sold. If its going to have to be held outside then that makes things easier but the window for such sales is limited to weather and climate so its just not a realistic year round option. If you're able to have it indoors then they will need to section off parts of the house to store anything that is not for sale. Now items can be similarly grouped and displayed in a way that make them easy to see and access. They should make use of several rooms in the house if necessary depending on the amount of items to be sold. This is a good time to start taking photos and inventory of the items to be sold.
Getting people to come to your sale is probably the most important part. Not everyone is going to want or like everything you have to sell as much as you do so its important to drive as much traffic to the sale as possible.
Similar to an auction house these companies will typically charge about 45% and are also limited by things like only being able to sell your items to people within the local area and only have typically a Friday - Sunday weekend to sell your items. This usually means anything that hasn't sold by Saturday will most likely be sold for much less on Sunday because their goal is to sell as much as they can for you, NOT to make you as much money as possible.
Pawn shops are a great resource for selling a little or a lot quickly. Pawnshops will require that you bring in person anything you have to sell to them. The down side is that pawn shops can be very selective; they may only want to purchase some or very little of what you have because they may not have the clientele to sell it to. If you have ever been inside a variety pawn shop you know exactly what I'm talking about. If you need cash fast this is the best option for you. You will also need to provide your personal information to them as well as a copy of your drivers license.
If you have high-end or luxury items/collectibles this is by far the worst option for you if you are trying to make as much money as possible even in a pinch. In most cases they will only pay out about 10-15% of the potential value of your items.
This is mainly because they can only display so many items at a time and the expenses associated with running a brick and mortar store front business such as rent, utilities, taxes, insurance and employees.
If you are at this point your best option would be to seek out someone who can buy you out and make you a cash offer.
If you have read through all of these options and are still not sure what the best avenue might be for you we encourage you to give us a call and tell us a little bit about what you have to sell and what your timeline to sell is so we can point you in the right direction.
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