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 However, much published information is either no longer true or is out of date, so it no longer reflects current market values--making it quite a challenge to find out exactly how much something is worth.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!
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