Everyone needs to downsize at some point in their life. People downsize to simplify their lives. Some people downsize because they move to a smaller living situation. Whatever the reason is, it can become overwhelming to find new homes for your stuff, especially if you think something has value. Fortunately, you do not have to donate or trash everything; you have resale options.
What resale options are out there?
If you hire someone to sell your items, you will generally pay a sales commission of 20 to 50 percent of the sale price. Broadly speaking, the lower the sales price, the higher the commission. On the other hand, the higher the sales price, the lower the commission. Fees are negotiable and often depend on how much an auctioneer wants to sell your goods.
What’s an auction house?
An auction house is a company that facilitates the buying and selling of assets, such as art, furniture, or collectibles. Historically, auctions sell the assets of those looking to dispose of them, as well as to liquidate the assets of debtors. Auctioneers generally know what the items are worth and begin the bidding low enough to entice a bidder. There are different types of auction houses specializing in various assets, so understand what your local auction house looks for.
What are consignment stores?
One resale option is using a consignment store. Consignment stores are for-profit shops of secondhand items. Items range from clothing to furniture, accessories, household items, books, and more. A person presents their item to an employee at the consignment store, where shops evaluate the merchandise and decide if they will sell it. Some consignment stores outright buy the item from the individual. In others, the consignee pays a percentage of the sales price if and when the item is sold. This allows the individual and the store to profit from an otherwise discarded item.
What are estate sales?
Another resale option is an estate sale. Estate sales are a way of liquidating someone’s personal property after they die or downsize. It’s opening up someone’s house and allowing people to shop. Estate sales generally last several days, and the proceeds help families to cover debts. People can hire a third party to handle an estate sale or manage it themselves. Many things will sell at an estate sale, but not everything. Some estate sale vendors will donate the unsold items. Others will not dispose of unwanted items. Therefore, make sure to understand the vendor’s policy.
What about garage and yard sales?
A quick resale option is having a garage or yard sales, which are smaller than an estate sale. Estate sales sell most of the person’s belongings, while garage/yard sales sell some unwanted items. Since the sale is smaller, it is unlikely a third-party vendor would assist with this.
How do people decide which to do?
There are many resale options out there, therefore do your research on your local auction, consignment, and estate sale companies. Most stores have an online presence, so you can see how they operate. Many specialize in certain items, consequently you may have to use all resale options. Most resale shops want to see the items first, accordingly take a picture and email it to them. Ultimately, you may need to donate items, which allows another person to use and appreciate your unwanted item.
Stages are here to educate people on their options for resale.