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Wednesday, July 2, 2014

Hidden costs in conducting your own sale

Busy Bee Moving Sales - An Estate Sales Company in Nashville, TN.
 Very few sales don't require a certain amount of cleaning and trash haul away.  Whether it is unpacking glassware from storage or purging items that are broken or not able to be sold, trash should be removed from the sale prior to the sale date.  This fee can range anywhere from one hundred dollars to two thousand.  Luckily, many items such as scrap metal have a small value that saves in trash hauling as well.
Advertising is one of the largest expenses.  Some sales do not require expensive advertising due to their location and contents.  However, in remote locations and areas of less traffic, advertising is highly recommended.  Paper signs and poster board signs should be laminated to avoid due or rain damage.  Laminating 5-10 signs costs about 20.00 at Staples.  Wire stakes to hold the signs are around 6.00 each.  To advertise on which is highly effective, is 50.00 to 150.00 a month.  Newspaper ads are the most expensive of all and are only recommended if your sale requires that market.  For instance,  if you are selling farm equipment in a remote area you may want to reach that older market through newspaper ads rather than internet and Craigslist.  Think about your market and what advertising will reach that buyer and don't throw your money away.  A four inch ad in a major newspaper will be about 350.00.  If you are an individual, you will get a better price than an estate sales company.  Many companies require the customer to incur this cost for that reason.
Tables, bags, and wrapping paper.  Shelving and tables are usually necessary to set up the sale.  Whether you make tables from saw horses and plywood or use card tables and shelving built in, you will need adequate space to place small merchandise.  You may also rent folding banquet tables from a local event rental company.  Walmart and Target sell these tables for about 45.00 to 65.00 each and usually 5-10 are needed for a sale.
Although most homeowners have a liability policy to cover any accidents on the property, you should verify that it does cover any accidents and if you must hire someone to assist with the sale you should provide a workman's comp policy as they may not be covered in case of an accident.
Credit card machines are not a requirement but definitely a plus when selling larger items.  Now that many smart phones have the capabilities of taking credit cards, you can offer this service to increase sales and give more options for your customers.  However, they also come with a fee.  The Square is easy to use and quite reliable but cost around 2.75 percent.  Therefore, cutting into your profit greatly.  If you invest in a mobile credit card machine such as Verifone or First Data, they will be around 2% and charge you 35.00 a month plus a lease fee up to four years.  Quite an investment for a single estate sale.
After the sale you will most likely have more to haul away and possibly large pieces of furniture to remove as well.  Many organizations will provide a pick up service which will not only provide a convenience but a tax deductible receipt for your leftover items.
Many families work together in conducting sales to save money in hiring people to set and work the sale.  It can be advantageous in sifting through the estate and making decisions on what to keep and what to discard.  It can also be a memorable time in which the siblings gather together to reminisce over past items found and divide the estate in a logical order.  However,  this is sometimes not easy.  Emotions, lack of organization, physical limitations, security during the sale, lack of trust between family members, lack of knowledge of the value of items are just some of the reasons individuals may find it beneficial to hire a professional.
With careful planning, advertising, and hands on assistance, you can have a profitable sale yourself without hiring an outside company.  But also realize the advantages of many of these hidden costs will be incurred by the estate sale company and you can simply let them do the work.

The following is brought to you by Busy Bee Moving Sales in Nashville, Tennessee.  Visit our website to find out how we can assist you in selling your estate. email: or call 512-788-2544.

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