So first, I want to say hello to our readers; it's been a while! I know, I know--I'm sorry! Things are hopping but I did want to talk about a topic I find very informative for the individual trying to do his own research and pricing.
The topic today is asking price vs. selling price
Often in our business we encounter people who've decided to undertake the challenge of liquidating loved ones' possessions themselves. One of the first things you'll be faced with is....."How on earth do I find out how much these items are worth???" With the internet and books, there are unlimited resources to aid in pricing items. However, much published information is either no longer true or is out of date, so it no longer reflects current market values--making it quite a challenge to find out exactly how much something is worth.
The phrase most often heard is, "well, I saw someone ASKING "x" dollars for this." Our next question is, "but what did it SELL for?" Current market value is really going to be your guideline here. Current market value is exactly what someone is willing to pay for it. It sounds flip, but it really is true.
ASKING price (unfortunately) has no basis in reality when researching items, simply because any person can ask ANYTHING he wants for an item!
For example, items that sold in the 80's for $400 may now only have a current market value of $40 despite what book appraisal values tell you. With the weak economy, everyone wants the best possible price for his or her items, and when you hire a reputable estate, moving, tag sales company they will have everyone's best interest in mind, as they work on a commission basis. We formed In the Bag Estate Sales www.inthebagestatesales.com to help you get the most money for your items, while helping to achieve your other goals along the way.
In summary, when researching your own items make sure to look at current and fair market values as these will give you the best idea of what to expect for items. Having this knowledge will also get your items sold faster!
Much like Real Estate, if it's priced right, it will sell!
Happy researching!
In the Bag Estate Sales
Wednesday, May 18, 2011
Friday, March 11, 2011
Some Thoughts on Selecting a Company
We wanted to share some thoughts with you, on choosing an estate/tag sale company. We'll discuss what you should look for, what questions you may want to ask of companies, and some other helpful tips.
1.) The Initial Contact
Let's assume that you've made the decision to sell many or all of your household items; we'll run through the typical scenario a homeowner will experience. We'll figure that you've collected contact information for a couple of companies (whether by searching online, through the recommendations of friends and family, or from some other type of advertising). Whether you contact these companies by phone or by e-mail (they do all have e-mail addresses, right?), how do you feel after the initial contact? If you sent an e-mail, did you receive a prompt, thorough response? If you called, did it seem like the person with whom you spoke was rushing or pressuring you? Regardless of contact method, did the company address all of your initial concerns? Did the company ask intelligent questions of you?
What about the companies' websites? Are they neat, easy to navigate, and useful? Or are they one or two messy, jumbled pages that look like they were thrown together just to have something online? If you've just come to our Blog via our website, then you're familiar with our website. If not, feel free to take a look: www.inthebagestatesales.com (Oh, and you can call us TOLL-FREE too).
2.) The On-Site Visit
The on-site visit is your chance to interview your chosen company (or companies) in depth. What might not be as immediately obvious is that it is also a critical step for the company you're interviewing, too. It allows the company to gauge: a.) whether you have enough items for a sale, or if you might be better served by another option; b.) how many days the company will need need for setup; c.) how much labor will be needed for setup and for the sale itself; d.) how to best provide security on the sale days; e.) the parking situation; f.) where to place outdoor and indoor signs; g.) the client's main and additional goals; and MUCH more (hey, we have to keep some things secret from the competition).
3.) Commission vs. Quality
We will include a brief comment here. Lately, we have noticed some (typically new) companies prominently listing a commission rate lower than the industry average on their websites. Consider the old adage, "you get what you pay for." Do not shop for a company based on commission rate alone; find out EXACTLY what you will get for the quoted commission.
4.) Marketing
We have recently received feedback from some of our clients who have told us that other companies they interviewed fell short in marketing. We're not going to give away any secrets on a public forum, but we will say that online marketing is vital and print ads have considerably less relevance than they used to. Beware of anybody who says, "we'll put an ad in the paper." Make sure that there is extensive, targeted online marketing, too. We are not claiming that print advertising is worthless -- but it has become expensive and it cannot be updated continuously.
5.) Other Thoughts
And finally, some closing thoughts that don't really fit anywhere else. If you're considering a sale, we encourage you to visit some professional (not garage) sales in your area to get an idea of how they generally run and what you might expect. If you can attend sales run by some of the companies you're considering, that's even better.
Look at photos and descriptions of past sales by the companies you're considering (they do have archives of past sales with photos, don't they?) Are the images clear? Do they present the items well? (We have seen competitors post photos of sealed black trash bags with no information whatsoever about the contents -- what good is that?)
We already discussed the initial contact and the on-site visit, but consider this too: do the people with whom you're dealing show respect for you, your home, and your items? We have had several clients tell us that representatives of other companies have called their items junk, or have actually turned down sales because those clients were not including any jewelry or precious metals! (All of these sales, by the way, were very successful, and all of these clients did have worthwhile items). Be wary of companies that are only interested in your high-end items -- they have their own interests in mind, not yours.
Finally, do you feel that you've been given an honest appraisal of all of your options. An in-home sale is not always the best option for every client...
Now it's your turn: what would you like to see addressed in a future blog? Visit us at www.inthebagestatesales.com and let us know!
1.) The Initial Contact
Let's assume that you've made the decision to sell many or all of your household items; we'll run through the typical scenario a homeowner will experience. We'll figure that you've collected contact information for a couple of companies (whether by searching online, through the recommendations of friends and family, or from some other type of advertising). Whether you contact these companies by phone or by e-mail (they do all have e-mail addresses, right?), how do you feel after the initial contact? If you sent an e-mail, did you receive a prompt, thorough response? If you called, did it seem like the person with whom you spoke was rushing or pressuring you? Regardless of contact method, did the company address all of your initial concerns? Did the company ask intelligent questions of you?
What about the companies' websites? Are they neat, easy to navigate, and useful? Or are they one or two messy, jumbled pages that look like they were thrown together just to have something online? If you've just come to our Blog via our website, then you're familiar with our website. If not, feel free to take a look: www.inthebagestatesales.com (Oh, and you can call us TOLL-FREE too).
2.) The On-Site Visit
The on-site visit is your chance to interview your chosen company (or companies) in depth. What might not be as immediately obvious is that it is also a critical step for the company you're interviewing, too. It allows the company to gauge: a.) whether you have enough items for a sale, or if you might be better served by another option; b.) how many days the company will need need for setup; c.) how much labor will be needed for setup and for the sale itself; d.) how to best provide security on the sale days; e.) the parking situation; f.) where to place outdoor and indoor signs; g.) the client's main and additional goals; and MUCH more (hey, we have to keep some things secret from the competition).
3.) Commission vs. Quality
We will include a brief comment here. Lately, we have noticed some (typically new) companies prominently listing a commission rate lower than the industry average on their websites. Consider the old adage, "you get what you pay for." Do not shop for a company based on commission rate alone; find out EXACTLY what you will get for the quoted commission.
4.) Marketing
We have recently received feedback from some of our clients who have told us that other companies they interviewed fell short in marketing. We're not going to give away any secrets on a public forum, but we will say that online marketing is vital and print ads have considerably less relevance than they used to. Beware of anybody who says, "we'll put an ad in the paper." Make sure that there is extensive, targeted online marketing, too. We are not claiming that print advertising is worthless -- but it has become expensive and it cannot be updated continuously.
5.) Other Thoughts
And finally, some closing thoughts that don't really fit anywhere else. If you're considering a sale, we encourage you to visit some professional (not garage) sales in your area to get an idea of how they generally run and what you might expect. If you can attend sales run by some of the companies you're considering, that's even better.
Look at photos and descriptions of past sales by the companies you're considering (they do have archives of past sales with photos, don't they?) Are the images clear? Do they present the items well? (We have seen competitors post photos of sealed black trash bags with no information whatsoever about the contents -- what good is that?)
We already discussed the initial contact and the on-site visit, but consider this too: do the people with whom you're dealing show respect for you, your home, and your items? We have had several clients tell us that representatives of other companies have called their items junk, or have actually turned down sales because those clients were not including any jewelry or precious metals! (All of these sales, by the way, were very successful, and all of these clients did have worthwhile items). Be wary of companies that are only interested in your high-end items -- they have their own interests in mind, not yours.
Finally, do you feel that you've been given an honest appraisal of all of your options. An in-home sale is not always the best option for every client...
Now it's your turn: what would you like to see addressed in a future blog? Visit us at www.inthebagestatesales.com and let us know!
Thursday, December 3, 2009
FAQ - From the Client's Perspective
Hello everyone,
Wow! What a busy couple of months! Our HUGE Rockaway sale is finally over, so we have a little time to catch up on our website, blogs, etc.
The purpose of this post is to educate potential clients on what to expect before, during, and after a sale. Whether you use In the Bag Estate Sales or another liquidation company, this post should give you a general idea of the process and how you can prepare for it:
1.) How much time do you need to set up my sale?
-- It depends on how much work we need to do to get the house set up. If the house has been occupied and is in good shape, figure that we'll need access to the home for about 3 to 5 contiguous days before the sale date. If the required work borders more on a cleanout, plan to allow us closer to two weeks. In any event, the more notice we have before you need your sale, the better!
2.) Where should I be during the sale?
-- Estate/moving sales companies STRONGLY advise you to make plans to visit friends, go to the movies, etc. during all but the last 30 minutes of each sale day. Why? There are several reasons: 1. customers are uncomfortable if you're in the house. Even if you don't make your presence obvious, they will pick up on the fact that you're not a customer and you're not with us, and they WILL spend less time (and ultimately, less money) at your sale; 2. Homeowners are often more attached to their belongings than they initially think. Seeing strangers in your house, handling and buying "your" items can be startling if you've never been through the process before; 3. Some customers may assume that you're with us. This can be a source of unnecessary confusion for everyone involved.
3.) What should I do with the "stuff" that I want to keep?
-- Simply place ALL of the small items you wish to keep in a separate room or rooms. We'll mark those as "Off Limts" and keep customers out. Larger items can be tagged, "Not for Sale." You need not move that heavy oak table; just get the little things moved. This needs to be completed BEFORE we come in to start setting up. If you're not sure whether you want to sell or keep specific items, set them aside and discuss the situation with us; we're very flexible, but we need to know before we begin setup what is and what is not for sale.
4.) May I add or remove items once the setup period begins, through the end of the sale?
-- Adding items is welcome until the end of the setup phase. Once the sale begins, we don't have time to properly research, evaluate, price, and display items. Please make sure that the items you're adding are things that you would purchase at a sale; moldy or broken item pulled out of the basement at the last minute won't sell, and they'll make your sale look like a garage sale...
-- As far as removing items: we simply cannot allow items to be removed once the setup period starts. Our commission is based on an inspection of the items present in the house; it is this figure that gets written in the contract. We estimate what we'll earn for you (and us) based on what is in the house when we inspect the contents. We also photograph and list specific items in advertisements. It hurts our reputation and your profits if the advertised items aren't there. Other companies have the same requirement, except for a few that charge such high up-front fees ($2500+) that they don't care what's left for the sale.
5.) What happens to my leftovers?
-- Any reputable estate sales company will offer several options:
1.) Most companies have business relationships with cleanout companies. Generally, these companies will charge a nominal fee if your leftovers are worth very little (but will charge nothing if the leftovers have a decent resale value). If you have many items of little value left over, be glad that you had such a successful sale, and consider option 3.
2.) Many estate sales companies are willing to do a partial buyout after the sale.
3.) Charities are glad to take your leftovers and many can supply the paperwork needed to take a tax deduction based on the value of the items. Call early (we can provide a list for your area), since they get booked up. Also confirm with them in advance what types of items they will and will not take.
For more information, please do not hesitate to contact us. Our contact information is available on our website: In the Bag Estate Sales
Wow! What a busy couple of months! Our HUGE Rockaway sale is finally over, so we have a little time to catch up on our website, blogs, etc.
The purpose of this post is to educate potential clients on what to expect before, during, and after a sale. Whether you use In the Bag Estate Sales or another liquidation company, this post should give you a general idea of the process and how you can prepare for it:
1.) How much time do you need to set up my sale?
-- It depends on how much work we need to do to get the house set up. If the house has been occupied and is in good shape, figure that we'll need access to the home for about 3 to 5 contiguous days before the sale date. If the required work borders more on a cleanout, plan to allow us closer to two weeks. In any event, the more notice we have before you need your sale, the better!
2.) Where should I be during the sale?
-- Estate/moving sales companies STRONGLY advise you to make plans to visit friends, go to the movies, etc. during all but the last 30 minutes of each sale day. Why? There are several reasons: 1. customers are uncomfortable if you're in the house. Even if you don't make your presence obvious, they will pick up on the fact that you're not a customer and you're not with us, and they WILL spend less time (and ultimately, less money) at your sale; 2. Homeowners are often more attached to their belongings than they initially think. Seeing strangers in your house, handling and buying "your" items can be startling if you've never been through the process before; 3. Some customers may assume that you're with us. This can be a source of unnecessary confusion for everyone involved.
3.) What should I do with the "stuff" that I want to keep?
-- Simply place ALL of the small items you wish to keep in a separate room or rooms. We'll mark those as "Off Limts" and keep customers out. Larger items can be tagged, "Not for Sale." You need not move that heavy oak table; just get the little things moved. This needs to be completed BEFORE we come in to start setting up. If you're not sure whether you want to sell or keep specific items, set them aside and discuss the situation with us; we're very flexible, but we need to know before we begin setup what is and what is not for sale.
4.) May I add or remove items once the setup period begins, through the end of the sale?
-- Adding items is welcome until the end of the setup phase. Once the sale begins, we don't have time to properly research, evaluate, price, and display items. Please make sure that the items you're adding are things that you would purchase at a sale; moldy or broken item pulled out of the basement at the last minute won't sell, and they'll make your sale look like a garage sale...
-- As far as removing items: we simply cannot allow items to be removed once the setup period starts. Our commission is based on an inspection of the items present in the house; it is this figure that gets written in the contract. We estimate what we'll earn for you (and us) based on what is in the house when we inspect the contents. We also photograph and list specific items in advertisements. It hurts our reputation and your profits if the advertised items aren't there. Other companies have the same requirement, except for a few that charge such high up-front fees ($2500+) that they don't care what's left for the sale.
5.) What happens to my leftovers?
-- Any reputable estate sales company will offer several options:
1.) Most companies have business relationships with cleanout companies. Generally, these companies will charge a nominal fee if your leftovers are worth very little (but will charge nothing if the leftovers have a decent resale value). If you have many items of little value left over, be glad that you had such a successful sale, and consider option 3.
2.) Many estate sales companies are willing to do a partial buyout after the sale.
3.) Charities are glad to take your leftovers and many can supply the paperwork needed to take a tax deduction based on the value of the items. Call early (we can provide a list for your area), since they get booked up. Also confirm with them in advance what types of items they will and will not take.
For more information, please do not hesitate to contact us. Our contact information is available on our website: In the Bag Estate Sales
Wednesday, July 8, 2009
First Post -- About us, what we do, etc.
Welcome to the first post in our new blog. Our goal is to use this forum to present interesting, informative, and useful articles related to our business. We'll use this first post to introduce ourselves.
Who are we? If you arrived here via the link on our website, you already know; if you navigated here by another means and you don't know about our company, we invite you to visit our site at www.inthebagestatesales.com! We conduct estate, tag, moving, and downsizing sales throughout northern and central New Jersey.
Why use a professional? There are several compelling reasons to hire a professional: money, time, and resources. Money: a professional will generally be able to sell your items for 2 to 3 times more than you would get selling them on your own. Why? Because we have the knowledge and experience to correctly appraise your items. Time: Folks nearly always underestimate how much time is required to properly set up a sale. It often takes a week of full-time work to prepare for a sale. And it not just the physical set up of the house to consider--it's also issue like obtaining permits, advertising, appraising the value of unusual or rare items, etc. Resources: We do this full-time; we have the time and resources to dedicate to each and every sale to make sure that everything--from cleaning and displaying items, to crowd control--is done right.
I've decided to hold a sale. Now what? Whether you're bringing in a pro or planning to hold a sale yourself, the most important rule is this: don't throw anything away. No, we're not joking. Someone will buy that broken mirror for an art project. That table with a missing leg can be given new life as a workbench with some 2x4 legs. The broken electronics? Some folks know how to repair them (one of our owners has a background in electrical engineering; when he shops at sales as a customer, he looks for such bargains). Tools? Never throw them out. Even if you're not sure what they do.
We invite you to visit our site, www.inthebagestatesales.com to learn more about us and what we do.
Who are we? If you arrived here via the link on our website, you already know; if you navigated here by another means and you don't know about our company, we invite you to visit our site at www.inthebagestatesales.com! We conduct estate, tag, moving, and downsizing sales throughout northern and central New Jersey.
Why use a professional? There are several compelling reasons to hire a professional: money, time, and resources. Money: a professional will generally be able to sell your items for 2 to 3 times more than you would get selling them on your own. Why? Because we have the knowledge and experience to correctly appraise your items. Time: Folks nearly always underestimate how much time is required to properly set up a sale. It often takes a week of full-time work to prepare for a sale. And it not just the physical set up of the house to consider--it's also issue like obtaining permits, advertising, appraising the value of unusual or rare items, etc. Resources: We do this full-time; we have the time and resources to dedicate to each and every sale to make sure that everything--from cleaning and displaying items, to crowd control--is done right.
I've decided to hold a sale. Now what? Whether you're bringing in a pro or planning to hold a sale yourself, the most important rule is this: don't throw anything away. No, we're not joking. Someone will buy that broken mirror for an art project. That table with a missing leg can be given new life as a workbench with some 2x4 legs. The broken electronics? Some folks know how to repair them (one of our owners has a background in electrical engineering; when he shops at sales as a customer, he looks for such bargains). Tools? Never throw them out. Even if you're not sure what they do.
We invite you to visit our site, www.inthebagestatesales.com to learn more about us and what we do.
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