"What do I do with all this stuff?"
When you’ve spent decades in a home, it can be an emotional process letting go of belongings that hold cherished memories. Once you’ve decided what you want to keep and take with you, you may still be facing a house full of things that need somewhere to go. You may look around and wonder, “What do I do with all this stuff?” Family members might take some of it, but you still have to figure out what to do with the rest. Selling items individually is one option, but an estate sale or auction can help you sell many of those items while leaving much of the work to professionals. The best option depends on what you have and your timeline.
How estate sales and auctions work
The biggest difference between an estate sale and an auction is how your belongings are sold.
At an estate sale, items are individually priced and typically sold from your home over one or several days. An estate sale company can handle much of the process, including organizing and pricing belongings, staging the home, advertising the sale and managing shoppers. Estate sales can work well when you have a variety of furniture, décor and everyday household items to sell.
At an auction, buyers bid against each other, and the highest bidder purchases the item. They can be held in person or through an online platform, which can help you reach buyers outside your local area. Auctions may be a good fit for antiques, collectibles, jewelry and other items that could attract multiple interested buyers.
Is your stuff actually worth anything?
It can be difficult to separate what something means to you from what someone else is willing to pay for it. An item may have been in your family for generations or hold cherished memories without having much resale value.
Laura Kinsman, owner of Williamsburg Estate Services, said people sometimes assume an item is valuable because of its age or family history. “Usually, people think, ‘This belonged to my great-grandmother, and she brought it back from Russia,’ but it isn’t really worth much,” she said. “Those are often the fun things people keep in the family.”
The same can be true for belongings that were expensive when you bought them. Styles and buyer demand change over time, so something you paid a lot for years ago may sell for much less today.
Understanding sale proceeds, commissions and fees
How much you make from an estate sale or auction depends on what you’re selling, how much demand there is and how many interested buyers you can reach.
At an auction, competitive bidding can drive up the price when several people want the same item. But when there’s little competition, it can have the opposite effect.
“It’s not always super successful,” Kinsman said. “If a bookcase comes up and they start at $5 and only one person wants it, it’ll sell for $5. If more people want it, then you get a bidding war and it drives the price up. Many things do sell for the low end, though.”
An estate sale offers a different approach by setting prices rather than relying on competitive bidding.
Whatever your belongings sell for, the company’s commission and any additional fees will also reduce the amount of money you earn. Estate sale companies typically keep around 30% to 50% of total sales. Auctioneer commissions can range from about 10% to 35% of the final sale price. These aren’t standardized rates, so ask each company what percentage it charges.
The commission may not be your only cost. Some companies charge additional fees for services such as advertising and removing unsold items. These costs vary considerably depending on the company and the amount of work involved. For example, a full estate cleanout can cost anywhere from a few hundred to several thousand dollars based on the size of the home and how much needs to be removed.
Before signing a contract, ask what the commission covers and what additional fees you could be responsible for so you understand how much of the proceeds you’ll receive.
Handling items that don’t sell
You may still have some items left after an estate sale or auction. These unsold items may be returned to you, donated, put up for consignment or disposed of through a junk removal service. Before hiring a company to sell your things, ask what happens to anything that doesn’t sell and whether removal is included in the fee.
Some companies can handle the belongings you leave behind as part of the downsizing process. For example, Williamsburg Estate Services handles items left behind after a move, sells them and gives clients 50% of the proceeds, according to Kinsman.
Finding an estate sale or auction company you can trust
Trust is important when you’re handing someone access to belongings that may have significant financial or sentimental value. Look for a company with experience handling items similar to yours and check reviews from previous clients.
When comparing companies, make sure you understand how they determine prices, what commission and additional fees they charge, when you’ll get paid and what happens if something is damaged or stolen. You should also verify that the company is insured.
Consider talking with more than one company before making a decision. A reputable estate sale company or auctioneer should be willing to clearly explain the process, answer your questions and put the terms of the sale in writing.
Preparing for an estate sale or auction
Before choosing an estate sale or auction, think about what you have, your timeline and whether you’re willing to take a chance on what your items might sell for. An estate sale allows items to be individually priced, while an auction creates the opportunity for a bidding war but also the chance that something could sell for less than you hoped.
Taking care of these decisions while downsizing can also give you peace of mind knowing your family won’t have to sort through a lifetime of belongings later.
If you’re not sure where to start, check out our estate sale and auction company list to find local resources. You can also download our Downsizing Resource Guide for more information to help you through the process. Whether you’re selling or buying a home, a Liz Moore & Associates agent can help you every step of the way.
Ready to start planning? Download our free Downsizing Resource Guide for helpful information and guidance to help you navigate every step of the process.
Download a list of local downsizing services, including estate sale and auction companies, along with 55+ communities.