Question? Should I Have an Estate Tag Sale, Auction or Buyout?

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Services for Real Estate Pros with Palatium Auctions Moving, Downsizing, Liquidation Auctions, Estate Sales. 314-690-1978 Certified Personal Property Appraisals croesch@ptauctions.net

 

The biggest differentials are licensing, credentials, economics, buyer competition, left overs and final reconciliation. 

Many of my Realtor Clients asked me to put together a handout for them to share with their Real Estate Seller Clients about the difference between an Estate Sale or Tag Sale where the price of the goods typically goes down and an Auction where the price goes up.

Here are some most important points for the Seller to know.

Licensing: Estate Sale Companies are typically unlicensed, except for a city license, and rarely have any formal credentialed learning. Auctioneers are usually licensed and must complete continuing education requirements in most states.  Members of the National Auctioneers Association (NAA) abide by a strict Code of Ethics and may have learning and training designations. Be sure to ask.

Economics: All have a purpose but the Auction method typically is the most economical way to liquidate a household or a business. Seller friendly Auctions generate competition for the assets between buyers bringing the highest fair market value for the items and most of the items are sold.  Estate or Tag Sales are Buyer Friendly letting the Buyer negotiate the terms and the price of the goods. Most Estate Sale companies reduce the prices of the merchandise as the sale progresses and time runs out as much as 75% or more. There are usually an abundance of items remaining which need to be dealt with incurring Additional Seller costs for clean out.

Reserves: Sellers worry that at an auction, they will give their stuff away. Items can be protected by a reserve but is rarely necessary with a well managed and marketed Auction. There is a higher chance items will be given away at an estate sale which is Buyer Friendly and subject to the whims of the estate sale representative.

Reconciliation Inventory Receipts:  Reconciliations after an Estate Sale rarely allow the Seller to know what items sold for. In most cases there are no receipts provided to the seller. Auction reconciliations provide the Seller with an itemization of the sale tickets which include the sale items and sold amount.

You can learn much more on my Palatium Auctions website page "Should I Have an Estate Tag Sale, Auction or Buyout?" 

 

 

 

Posted by

 Cathy Roesch Palatium Auctions

Cathy Roesch, Auctions, Appraisals
Online Auction Expert
Palatium Auctions and Liquidations
618-406-2065 mobile or 618-233-1000 Office
croesch@ptauctions.net

Complete Auction Services                                                                                           

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All original text, video, and photo content is the exclusive property of Cathy Roesch and / or Palatium Auctions (the Company) and may not be used without expressed written permission. All information deemed reliable but not guaranteed. All personal, real and intellectual property is subject to prior sale, change or withdrawal. Neither the Company or information provider(s) shall be responsible for any typographical errors, misinformation, and misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The Company has no control over the quality, safety or legality of the Auction Items listed, the truth or accuracy of the listings or any other information provided by Sellers about the Items. Listings may be sold, withdrawn at any time or subject to change without notice.

 

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Rainmaker
633,704
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Good post, Cathy. I'd add - in some areas where available - furniture consignment companies as a good option, especially when sellers are relocating and don't need everything liquidated immediately.

Nov 08, 2014 02:37 AM #1
Rainmaker
392,004
Cathy Roesch 618-233-1000
Palatium Auctions Moving, Downsizing, Liquidation Auctions, Estate Sales. 314-690-1978 Certified Personal Property A... - Town and Country, MO
St Louis MO Auctioneer, Estate Appraiser & Auction

Thank You Kathleen for your comment and addition. Consignment companies would be a good option for a few items. Locally they are called Thrift stores.

Nov 08, 2014 11:36 PM #2
Rainmaker
3,246,239
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Cathy

It depends . .  . . on what you have to sell . .  . . a lot of estate items are being over the internet.

Good luck and success.

Lou Ludwig

Jun 23, 2015 11:45 AM #3
Rainmaker
392,004
Cathy Roesch 618-233-1000
Palatium Auctions Moving, Downsizing, Liquidation Auctions, Estate Sales. 314-690-1978 Certified Personal Property A... - Town and Country, MO
St Louis MO Auctioneer, Estate Appraiser & Auction

Thank You Lou, you are correct that some people try to do it themselves. Mainly without success and call me.

Jun 24, 2015 01:35 PM #4
Rainer
389,243
Anna Hatridge
Goodson Realty - Farmington, MO
Missouri Realtor with Goodson Realty

A good Auction company is well worth their commission.  If you have a large estate to take care of then Cathy Roesch is the one to call.

Apr 01, 2016 06:02 PM #5
Rainmaker
392,004
Cathy Roesch 618-233-1000
Palatium Auctions Moving, Downsizing, Liquidation Auctions, Estate Sales. 314-690-1978 Certified Personal Property A... - Town and Country, MO
St Louis MO Auctioneer, Estate Appraiser & Auction

Thank You Anna Hatridge for the kind recommendation. Sometimes as in our current situation the Home Association Covenants, Conditions, and Restrictions (CC&Rs) prohibit on-site sales and the community prohibits signs of any kind other than Realtors signs. No problem, I am conducting online auctions for this large estate  This week I just completed the 5th online auction. Consumers enjoy the convenience, the real estate remains secure, the executor is in compliance with the HOA CC&Rs and the municipal laws and the neigborhood is undisturbed.
 

Apr 02, 2016 11:40 AM #6
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Rainmaker
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Cathy Roesch 618-233-1000

St Louis MO Auctioneer, Estate Appraiser & Auction
Should I have an Estate Sale or Auction? What's the difference?
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