Hiring a professional to handle the liquidating of an estate during a stressful and emotional time may be the wisest decision in the long run. An estate sales professional will work to sell each item for the highest price possible within the Fair Market Value, sometimes employing the services of a certified appraiser through the American Society of Appraisers (ASA) or the International Society of Appraisers (ISA). At the conclusion of the sale and/or auction, the estate will receive a check for the profit minus commission and fees.
Using the services of an estate sales company can take the pressure off of you and your family. The company handles all of the details and you do not need to be present during the sale which can last from one to three days or longer if the estate is large. After an initial consultation, the estate sales crew will properly clean, document, and research each item. An appraiser will be used to gain an accurate value for collections, memorabilia, and antiques. The company will advertise the sale through the proper social media channels and on their own website to notify subscribers that are frequent buyers or collectors. Ray’s Estate Sales offers a mailing list to interested frequent buyers and alerts them to upcoming events.
Each financial transaction is managed by the estate sales company and you will receive an itemized report at the end of the event. After the sale, the company will clean up and provide you with a list of charitable organizations that may take donations for any remaining items. Depending on the company and the size of the sale, the estate should receive a check (minus commission fees) in less than one month.
The estate sales service fees vary in the Louisville area depending on the company, the services included like security and heavy cleaning, and the size of the estate. Services provided by the appraisers may raise the commission fee higher due to the estate yielding a higher return. The average commission rate is 10 to 25 percent, however some companies charge as much as 35 percent of the net proceeds of the sale.
If you are looking for a certified appraiser, both the ASA and ISA feature searchable databases that will allow you to look for an estate sales professional throughout Kentucky and the country as well as Canada.
The Better Business Bureau (BBB) for Louisville, Southern Indiana, and Western Kentucky lists BBB accredited estate sales businesses and charities. The site currently displays seven BBB accredited organizations within 100 miles of the city. Read the reviews for each company and take notice of how they handled any past customer complaints, specifically from the estate’s family members, not buyers.
Senior care directories are another resource you can use to locate local estate sales companies as well as asking your friends and family for recommendations. Your family attorney may have a list of estate sales companies they have worked with in the past for other clients, so be sure to ask for referrals.
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