Whether you are moving, downsizing, clearing out an inherited property or just plain decluttering, an estate sale can make the process go smoother and earn you cash at the same time.

However, regardless of your reason for holding an estate sale, to be successful requires organization and patience. Careful preparation can take anywhere from two to three weeks to two to three months, depending on the amount of assets that are being liquidated.

Steps for a Successful DIY Estate Sale

In an article written by Annunity.org (https://www.annuity.org/retirement/estate-planning/how-to-hold-an-estate-sale/), here are eight steps they recommend if you plan to hold an estate sale on your own.

1. Create and Sort Your Inventory
Before determining the date and time of your sale, decide on your inventory. Make a list of items in every room and categorize them appropriately. These categories can be “sell,” “keep,” “gift” or any other grouping necessary for your situation.

Make a plan for the items you won’t be selling. How soon can you get them out of the house? Will you need to mark them as “not for sale” during the sale? Whatever you decide, have a plan in place so you know what will happen to each item. From here you’ll have a better idea of how much time you’ll need to prepare and when would be a realistic date to hold the sale.

2. Prepare Your Estate Sale Inventory
Not everything you own will be able to sell for a high price, but giving your lesser value items a touch-up could boost their value. Even items you sell for $2 or $3 can make an impact. A group of 50 or so small items only worth a few dollars can still earn you close to $100 or more. Items that are worth $15 or $20 each can bring in a more substantial amount of money, especially if they are prepared beforehand and displayed well.

Dusting items off, adding polish or making reasonable repairs are a few ways to prepare these items to sell. Items such as fine china or personal valuables that are cracked, broken or missing pieces may not be worth fixing. Inspect your items with a critical eye before putting in effort or money for repairs. Only the pieces of inventory that will earn you more money than the cost of fixing them are worth your attention.

3. Price Your Items
One tough question you may ask yourself is how to price items for an estate sale. There are a few things you’ll want to keep in mind. The most important one is to do your research. Pricing too high can prevent items from selling while pricing too low will mean you lose out on the amount you could have received. Look online at Craigslist, Facebook Marketplace or eBay to see what similar items are selling for. For valuables, consider hiring a professional appraiser to get the correct price.

Before the day of the sale, ensure all the items you plan to sell are marked with their designated price. You’ll also want to make sure the items that aren’t for sale are marked as such. Doing this will eliminate questions on what is and isn’t for sale — freeing your time to help buyers in the purchasing process. If you’re unsure what to use for marking prices, you can download our printable price tags below.

4. Display Your Items for Sale
The way you display the items you’re selling can make a difference in whether or not they sell. Items like dressers, chairs, or desks left in the garage may be overlooked. Instead, consider giving them a proper dusting and stage them as you would find in a home so potential buyers can better visualize its value for their own home. Display bedroom furniture in a bedroom, kitchen dishes in the kitchen and any electronics in the living room or other appropriate place such as the den or TV room.

You may also consider grouping similar items together for potential buyers to see all at once. This allows you to group these items at the same price to eliminate the need for excess price tags or having to remember their price if adding the tag was overlooked. This could be DVDs, plates, fabric, or any other items you view to be around the same value.

5. Set Yourself Up for Purchases
Before the day of the sale, be sure you’re prepared for potential buyers to make purchases. Consider the layout of your items. Will potential buyers be more crowded in certain areas than others? If so, create a better layout where people can comfortably walk around and browse without feeling cramped. You will also want to make sure a cash table is set up or ensure people will know where they can make purchases. If there will be multiple people helping with the sale that can assist with transactions, have them all wear the same color shirt or vest so they are easy to identify. Be sure to go to the bank before the sale to have change ready as well.

Another thing to prepare for is how you will handle checks, credit cards, Venmo or CashApp payments. Many people rely on these forms of payment, so it’s important to have a plan. If you don’t have a Venmo or CashApp account, consider setting one up or asking someone you trust if you can use their account. You may also want to consider purchasing a mobile credit card reader if it makes sense to do so.

6. Take Security Measures
In any type of yard, garage or estate sale, it can be easy for potential buyers to walk off with items they haven’t paid for. While you never want to expect this from others, it doesn’t hurt to take added security precautions. You can do this by rounding up a few people to help around the entrances and exits. You can also have people walking around, but be cautious of making shoppers feel uncomfortable. You will also want to make sure the doors remain locked and closed before the sale begins. This will keep people out of the house and protect your items from being stolen or damaged.

7. Check Local Restrictions
Some cities or homeowners associations will require you to have a permit or have filled out an application before hosting your sale. They may also have specific restrictions or guidelines on what you can and can’t do, so be sure to check your city website and HOA site if you do live in one. Before hosting your estate sale, you will also want to be aware of social distancing measures that should be taken — either in light of certain regulations or as a precaution.

Some cities or HOAs will restrict you from putting up signs or handing out fliers. If they don’t, be sure to post signs of where to park. If there are restrictions on where potential buyers can park, be sure you follow these guidelines and make a plan accordingly.

8. Advertise
Without advertising, you’re likely to have few people show up the day of your sale. Advertising is a way to let people know when and where your sale will take place and what types of items will be available. Here are a few cost-effective ways to advertise for your sale:

• List your estate sale on Craigslist or social media sites.
• Take photos of more valuable items and put them online with your posting to attract more potential buyers.
• Put up signs around the neighborhood with directions on how to get there.
• Word of mouth (talk to the neighbors).
• Pass out fliers.

If You Decide to Go with a Professional Estate Sale Company

Should you decide to hire an estate sale company, here are a few things to consider before choosing who to hire:

• Read previous customer reviews
• Check out the company’s BBB (Better Business Bureau) rating
• Watch them in action. Visit an estate sale being held by a company you’re considering hiring
• Show the estate sale company everything you’re planning to sell — or throw away — so they can give you the most inclusive bid
• Compare bids from at least three companies, if possible
• Ask about any possible additional fees
• Get a contract that is crystal clear on the rates and responsibilities of each party.

Questions about estate sales and recommendations? Let Estelia help you. She’s has over 22 years of experience helping people downsize, declutter and prepare their homes for sale.

Related Links:
Liquidating an Estate: How to Sell a Lifetime of Stuff, Make Some Cash, and Live to Tell About It, by Martin Codina
Estate Sales Made Easy: A Practical Guide to Success from Start to Finish, by Victoria Gray
Tips for Choosing an Estate Sale Company – Estate Sales (www.estatesales.net)

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