Starting an Estate Sale Business
To start an estate sale business:
- Draw up a business plan
- Form a legal entity
- Register for taxes
- Open a business bank account and credit card
- Set up business accounting
- Get business insurance
- Invest between $2,000-$15,000 for equipment, branding, advertising, and marketing
- Gather connections for referrals
Understanding Commissions and Costs
Estate companies charge 30-40% commission on gross sales. Additional fees apply for extra work. Benefits include flexibility in schedule and income. Challenges include gaining experience in evaluating items, empathizing with clients dealing with difficult transitions, and building a client base.
Marketing your services and getting good reviews helps bring in business. Continually updating inventory, pricing, and marketing keeps the business profitable. Estate sales involve liquidating possessions from a home during major life transitions.
Online Sales and Profit Strategies
Streamline organizing online sales through auction sites like eBay, or estate sale-specific platforms. Packaging of items can affect value. You can charge a higher percentage if providing full disposal and cleaning services.
Real Estate Business Insights
With asset management and business knowledge, entrepreneurs can launch their own company, needing $2,000 to $10,000 for licenses, equipment, supplies, and marketing. Values of assets like properties can increase over time. Profit is obtained by selling after increase in value or through rent. Choose a specialty niche when starting due to competition.
What days are best for estate sales?
List your house for sale as early as possible on a Friday for the best results. The weekend is usually filled with family activities, so Monday through Thursday is less ideal, though Thursday listings are preferred by real estate professionals and are thought to sell faster and at a higher price.
Best Days for Estate Sales in Top Markets
| City | Best Day of the Week for a Quick Sale | Best Week for a Quick Sale | Best Day of the Week for an Above-List Sale | Best Week for an Above-List Sale |
|---|---|---|---|---|
| New York, NY | Wednesday |
Winter is better for sellers. There’s more potential buyers since dealers and resellers have fewer options.
Overall, Thursday listings are most ideal. Research shows houses sell at more of a premium in June. If you’re looking for advice on a specific month to list your house, June is recommended. Tuesday is the most popular day with 129 listings on average, followed by Thursday with 126, and Wednesday with 116.