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Estate Sale Business

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How to Start an Estate Sale Company in 13 Steps

Written by: Howard Tillerman

Howard Tillerman is the Chief Marketing Officer for Step By Step Business and an award-winning marketing professional.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on July 28, 2021 Updated on August 1, 2024

Investment range

$2,000 - $15,000

Revenue potential

$300,000 - $1.3 million p.a.

Time to build

Profit potential

$150,000 - $400,000 p.a.

Industry trend

When opening your estate sale business, keep these essential aspects in mind:

• Define your services — Decide on the types of services you will offer, such as estate sales, appraisals, consignment, and clean-outs. Consider whether you will specialize in certain items, such as antiques, collectibles, or high-value items.
• Zoning permits — Ensure your chosen location complies with local zoning laws for operating a business.
• Choosing a location — Select a location with adequate space for offices, storage, and staging areas. Ensure it is easily accessible for staff, clients, and customers.
• Appraisal tools — Invest in high-quality tools and resources necessary for appraising items, such as reference books, online databases, and measuring instruments.
• Register your business — A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple. Form your business immediately using ZenBusiness LLC formation service or hire one of the best LLC services on the market.
• Legal business aspects — Register for taxes, open a business bank account, and get an EIN .
• Hire staff — Hire knowledgeable and skilled staff for various roles, including appraisers, sales associates, administrative support, and movers.
• Partnerships — Build relationships with local businesses, real estate agents, and senior services organizations to generate referrals and collaborate on projects.

You May Also Wonder:

What sells best at estate sales?

Some estate sale items tend to find buyers more quickly than others. Top on the list of fast-moving merchandise includes jewelry and accessories, designer wear and shoes, vintage art and décor items, and home tools and kits.

How do I determine the value of unique or rare items for sale?

To determine the value of unique or rare items, research and consult with experts in the field. Use online resources and auction records to find comparable items and their selling prices. Remember that an item’s value is subjective and can fluctuate over time.

What do estate sales do with leftovers?

While you’re at liberty to do whatever you want with estate sale leftovers, you’re better off buying the items and selling them later at a profit, hosting a public auction to dispose of the items, or donating them to charity.

Can you negotiate at estate sales?

In most cases, the estate sale company offers a marked price on the items. However, this doesn’t mean that you can’t ask for a discount. In fact, you can get a good deal if you push the sales executive to offer you the items at a discounted price.

How can I build relationships with customers and grow my estate sale business?

Build relationships with customers by providing excellent customer service and being transparent about the items being sold. Offer fair prices and communicate effectively with potential buyers. Use social media and email newsletters to promote your estate sales and keep customers updated. Word of mouth can also be a powerful tool for growing your business.

Step 1: Decide if the Business Is Right for You

Before you start an estate sale business, you’ll want to understand the market dynamics first. That way, you can determine if venturing into the industry is worth your time and effort.

Pros and Cons

Weighing the rewards and pitfalls of any business allows you to know what you’re getting into. Here are some pros and cons of starting an estate liquidation business:

• Low startup costs and simple set-up
• Few regulatory and compliance requirements
• Straightforward and scalable business model
• Work when you choose, from home or office
• Highly competitive
• Security concerns, especially when auctioning items on site

Estate sale industry trends

Estate sales, which involve the liquidation of all assets connected to an estate, is a market with great promise. 

Though the US is home to 15,000 registered estate sale liquidators, that works out to just one company for every 8,500 households(( https://www.statista.com/statistics/183635/number-of-households-in-the-us/ )), suggesting unmet demand.

Industry size and growth

• Industry size and past growth – In 2018, industry analyst EstateSalesNews.com reported that industry growth had quadrupled over the last five years.(( https://www.certifiedestatesales.com/boom-u-s-estate-sale-industry/ ))  
• Number of businesses – Around 15,000 estate sale companies operate in the US.

Trends and challenges

Trends shaping the estate sale market include:

• Aging population to boost demand for estate sale services
• With 2.4 million divorces taking place every year in the US, the services of estate sale liquidators will continue to be in high demand. On average, divorces account for 160 annual liquidations for every estate sale business.

Challenges in the estate sale industry include:

• Fierce competition
• Long probate sale process

What kind of people work in estate sale?

Among those who work for an estate sale company is an auctioneer, whose job is to invite bids for each item sold in an estate sale.

• Gender – 76% of auctioneers are male, while 24% are female.(( https://www.zippia.com/auctioneer-jobs/demographics/#gender-statistics ))
• Average level of education – Half of auctioneers hold a bachelor’s degree and 23% have an associate degree.(( https://www.zippia.com/auctioneer-jobs/demographics/#degree-level-types ))
• Average age – The average age of an auctioneer is 43 years old.(( https://www.zippia.com/auctioneer-jobs/demographics/#age-statistics ))

How much does it cost to start an estate sale business?

Startup capital for an estate sale company ranges between $2,000 on the low-end and $15,000 on the high-end. Most estate liquidators spend $8,500 on average to get their business off the ground.

A significant portion of this money goes toward buying equipment, branding, advertising, and marketing. 

You’ll need a handful of items to successfully launch your estate sale business. Here’s a list to help you get started:

• Computer, paper, pens, etc 
• Cash register and desk/table
• Truck for transporting items to auction site

You may also need to lease a storage facility to keep unsold items for off-site estate sales.

Here’s the cost breakdown.

How much can you earn from an estate sale business?

Estate sale revenue varies widely, as you’ll generate more from an estate that has high-value merchandise. 

Most estate sale companies charge their clients somewhere between 25% and 50% of the value of all items sold, earning an average commission of 38%.

According to the Federal Reserve, the average American family has an estimated net worth of about $750,000 . Setting aside the value of the real estate, the net worth drops to about $100,000.

At 25% commission, this means that every estate sale should generate $25,000 in revenue. If you handle one a month in your first year, you’d make $300,000 in annual revenue. Costs and overhead will leave you with a 50% margin, leaving you with an annual pre-tax profit of around $150,000. 

Once you build your brand you might handle three estate sales every month. At this stage, you might rent an office space and hire staff, reducing your margin to 30%. If you’re able to achieve a 38% commission rate, you could generate more than $1.3 million in annual revenue. Assuming a 30% margin, you’d make a tidy $400,000 in profit. 

Keep in mind, larger estate sale firms are able to close 10 or more estate sales per month and generate more than $1 million in annual profits! 

What barriers to entry are there?

The estate sale business has relatively few barriers to entry. The most notable obstacles include:

• Low repeat client rate, forcing estate liquidators to incur high marketing costs
• Persuading estate owners not to bypass estate sale companies 
• Building a reliable brand and reputation

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Discover Alyson Flynn’s valuable insights on thriving in the estate sale market by reading our in-depth interview .

Step 2: Hone Your Idea

At this point, you have an overview of the market. Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

You’ll now want to develop your business idea further by working out the following aspects:

Why? Identify an opportunity

Your success as a professional estate sale company depends on your ability to identify opportunities faster than your competitors. Some of the best ways to identify business opportunities addressing an existing market gap or pain point, or turning your estate sale passion into a business. 

You’re likely to succeed in the industry if you: 

• Have a sales, advertising, or marketing background; this industry is about promoting your services
• Have great interpersonal skills
• Have prior experience selling estate merchandise
• Can leverage your connections to reach and influence potential customers

You might aim to fill a market niche with your estate sale business. For instance you could target baby boomers reaching retirement age or families looking to downsize amid the economic downturn. 

What? Determine your estate sale services

While the estate sale business primarily involves liquidating a client’s estate items, it can be segmented based on the type of product, sale method, and target market. Below are the most common types of estate sale businesses:

• Estate sale: Liquidator sets the prices and sells estate items on the client’s property 
• Estate auction: Liquidator puts the items up for auction and they go to the highest bidder
• Hybrid: A combination of the previous two options 
• Off-set auction: An auction house is hired to sell the items to the highest bidder.

In most cases, it takes just one day to complete an estate sale auction, though some estate sales last up to three days.

Apart from liquidating items, you can also incorporate other services into your business, including:

• Estate cleaning
• Building the auction site 
• Selling refreshments to onsite customers
• Buying items in bulk and selling them at a profit
• Transportation of estate items
• Consultation

How much should you charge for your services?

Estate sale companies charge 25% to 50% commission depending on the size of the estate, value of the merchandise, onsite security, type of items, and the need for other services, such as post-sale cleaning.

To determine what to charge, it’s best to evaluate the costs you’re likely to incur for a successful liquidation of your client’s estate. For instance, you can set a higher commission if the client asks you to dispose of any unsold items and clean the property.

It’s important to note that many estate liquidators offer 15% to 20% daily discounts to drive sales. This means items sold on the last day of the estate sale attract a lower commission. So, be sure to consider the expected sale price before you reach an agreement on your commission percentage with your client.

Further, you’ll want to check what your competitors are charging to ensure that your rate is within the industry standard. Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Identifying the right target audience for your business is one of the most critical elements of your marketing strategy. The main reasons people would want to liquidate their estate are the four D’s: death, divorce, debt, and downsizing. Thus, the primary target markets for your estate sale business will be heirs apparent, the recently divorced, debt-ridden families and people looking to downsize. 

Where? Choose your business premises

In the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out an office. You can find commercial space to rent in your area on sites such as Craigslist , Crexi , and Instant Offices .

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Flexible lease that can be extended as your business grows
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Business Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• The name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “estate” or “liquidate”, boosts SEO
• Choose a name that allows for expansion: “Estate Sales Unlimited” over “Antique Estate Sales”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that set your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity. 

Step 4: Create a Business Plan

Here are the key components of a business plan:

• Executive Summary: Summarize your estate sale business’s focus on organizing and conducting sales for clients who are downsizing, relocating, or handling a loved one’s estate.
• Business Overview: Describe your business’s services in managing estate sales, including item appraisal, staging, pricing, and selling household goods and valuables.
• Product and Services: Detail the range of services offered, such as estate appraisal, sales management, clean-out services, and consignment options for unsold items.
• Market Analysis: Assess the demand for estate sale services, considering factors like local demographics, real estate trends, and the prevalence of downsizing retirees.
• Competitive Analysis: Compare your business to other estate sale companies, focusing on your strengths like extensive appraisal knowledge, marketing techniques, or customer service.
• Sales and Marketing: Outline your strategy for attracting clients, including networking with estate attorneys, digital marketing, and hosting informative seminars.
• Management Team: Highlight the experience and skills of your team, especially in areas like appraisals, sales management, and customer relations.
• Operations Plan: Describe the process of organizing an estate sale, from initial client consultation to sale execution and post-sale cleanup.
• Financial Plan: Provide an overview of financial aspects, covering startup costs, commission structures, and projected revenue.
• Appendix: Include supplementary documents such as client testimonials, partnership agreements, or detailed market research to support your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to an estate sale. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your estate sale business will shape your taxes, personal liability, and registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just needs to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have.

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans : This is the most common method, but getting approved requires a rock-solid business plan and strong credit history.
• SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
• Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
• Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best options, other than friends and family, for funding an estate sale business.

Step 8: Apply for Licenses/Permits

Starting an estate sale business requires obtaining a number of licenses and permits from local, state, and federal governments.

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your estate sale business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of any of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business.

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.  

You may want to use industry-specific software, such as Prosale , Firstfifteen , and ConsignPro to manage retail point of sale, customers, inventory, expenses, and more. 

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google.

Here are some powerful marketing strategies for your future business:

• Strategic Partnerships: Collaborate with local real estate agents, funeral homes, or antique shops to establish mutually beneficial partnerships, expanding your reach to their client base.
• Targeted Social Media Campaigns: Utilize Facebook and Instagram ads to specifically target local audiences interested in estate sales, vintage items, or home decor, ensuring a cost-effective and precise reach.
• Email Marketing to Subscribers: Build an email list of interested clients and regularly send updates about upcoming estate sales, exclusive previews, or special promotions to maintain engagement and loyalty.
• Community Bulletin Boards: Physically post eye-catching flyers on community bulletin boards in high-traffic areas like grocery stores, coffee shops, and local community centers to attract local residents.
• Mobile Advertising: Explore advertising on local public transportation, like buses or trains, to showcase upcoming estate sales and reach a diverse audience within your community.
• Themed Estate Sales: Create themed estate sales around holidays, seasons, or popular trends to generate excitement and make your sales stand out from the competition.
• Host Pre-Sale Events: Organize exclusive pre-sale events for select customers, offering them early access and a chance to snag the best items, fostering a sense of exclusivity and loyalty.
• Utilize Estate Sale Listings: Leverage online estate sale listing platforms, such as EstateSales.net or Craigslist, to increase the visibility of your sales to potential buyers actively searching for such events.
• Professional Photography: Invest in high-quality photos of key items for sale and share them on social media platforms and marketing materials to generate interest and entice potential buyers.
• Local Newspaper Advertising: Place ads in local newspapers or community newsletters to reach a broader demographic that may not be as active on digital platforms.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your services meet their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your estate sale business could be:

• Get top dollar for your estate assets
• Fast, hassle-free liquidation! 
• The most technologically advanced and efficient estate sales
• From set up to clean up — we take care of everything

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running an estate sale business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in estate sales for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in estate sales. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business.

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for an estate sale business would include:

• Estate Sales Executive — engages new prospects, closes deals, develops and negotiates contracts
• Marketing Lead — ensures that clients can easily find your website; SEO optimization and social media 
• General Manager — handles administrative duties, supports clients, hiring and firing, scheduling, bookkeeping

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.

Step 13: Start Making Money!

Hosting an estate sale can be exhausting. But if you develop a system from the start, you’ll find it easier to dispose of all the items on your list. For example, it’s wise to arrange similar items together on the same table or in the same room. It’s also important to conduct research on each item to find the best price it can fetch. Holding an estate sale on the weekend is a good idea. 

Also, be sure to check the American Society of Estate Liquidators for more information on how to host an estate sale. You’re now ready to start liquidating and making good money!

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• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Business Name
• Create a Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Licenses/Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Start Making Money!

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How to Start an Estate Sale Company

Estate sale companies are also sometimes known as estate liquidation or tag sale companies. The purpose of the business is to undertake all responsibilities for finding buyers, in a single or multi-day event, for most of the possessions in a home or business. Clients typically deal with estate sale companies when they want to quickly dispose of the contents of an estate, possibly due to the death of loved ones, divorce or simply to expedite a quick relocation.

Ready to turn your business idea into a reality? We recommend forming an LLC as it is the most affordable way to protect your personal assets. You can do this yourself or with our trusted partner for a small fee. Northwest ($29 + State Fees) DIY: How to Start an LLC

Start an estate sale company by following these 10 steps:

• Plan your Estate Sale Company
• Form your Estate Sale Company into a Legal Entity
• Register your Estate Sale Company for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Estate Sale Company
• Get the Necessary Permits & Licenses for your Estate Sale Company
• Get Estate Sale Company Insurance
• Define your Estate Sale Company Brand
• Create your Estate Sale Company Website
• Set up your Business Phone System

We have put together this simple guide to starting your estate sale company. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Estate Sale Company Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

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Powered by godaddy.com, what are the costs involved in opening an estate sale company.

It could take a while for your sales commissions to catch up with your startup costs. You might have to hire a part-time employee or two and run ads for your first estate sale before you start to see a payoff on that first event. There might also be costs associated with designing your logo, developing your website and renting work space if it’s not in your home. There are also licensing and permit requirements, which will vary depending on where you’re doing business, as well as bonding and insurance costs.

Still, estate sales is a business that you should be able to enter with well under a $10,000 investment.

What are the ongoing expenses for an estate sale company?

Your workforce and employee-related costs will probably be your largest expense. The more you can figure out how to do alone or with a barebones workforce, the better your bottom line.

Who is the target market?

Your clients will be individuals who wish to liquidate most or all of the contents of a home or business. One customer profile would be the heirs of the estate of a recently deceased parent. Another could be a homeowner who wishes to quickly downsize upon the death of a spouse or financial burdens. Or a couple going through a divorce.

In fact, the industry mantra is that the clientele comes from the four D’s: Death, Divorce, Debt, and Downsizing. As a result, at least some of your clients might be emotionally raw and need to be handled with sensitivity. So diplomacy is an important character trait. It should also be noted that, though the term “estate” sounds like most of your clients will be wealthy, that’s not necessarily the case. Estate sale companies can handle assignments of all sizes.

How does an estate sale company make money?

Your compensation will usually be derived as a percentage of total gross sales, ranging from about 25 to 50 percent. If the estate is small, your compensation might also be based on fees for marketing the sale, staging the event, cleanup or other elements of the assignment.

Most estate sales companies charge a percentage of gross sales—typically somewhere between 25 and 50 percent based on the size of the estate and the complexity of the event. This will usually cover all of your responsibilities—appraising, pricing, promoting the sale event, staging the sale, hosting buyers, managing the event and final cleanup. But some estate sale companies price some elements separately, such as cleanup.

One way of gauging what you can charge is to do a little research into what your competitors charge and how they structure their fees.

How much profit can an estate sale company make?

Your profits will be based on the size of the estates and volume of work you handle and your efficiency using your workforce.

How can you make your business more profitable?

There are ancillary services you can offer along with—or instead of—an estate sale. These can range from cleanup and donation services when the size of the estate doesn’t warrant a sale to packing and trash hauling. Some business owners provide liquidation consultative services to larger estates.

Furthermore, if you have the proper training to be able to appraise valuable art, antiques, fine jewelry and collectibles, you can specialize in handling only the largest estates, with the highest commissions. But this means extensive training and the ability to make valuable contacts among probate lawyers and other referring parties serving this clientele.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

One crucial aspect that cannot be overlooked when starting your estate sale company is the importance of establishing a solid business foundation. While sole proprietorships and partnerships are the most common entity types for small businesses, they're a far less stable and advantageous option than LLCs.

This is because unincorporated business structures (i.e., sole proprietorships and partnerships) expose you as an owner to personal liability for your business's debts and legal actions, while LLCs protect you by keeping your personal assets separate from your business's liabilities.

In practice, this means that if your estate sale company were to face a lawsuit or incur any debts, your savings, home, and other personal assets could not be used to cover these costs. On top of this, forming your business as an LLC also helps it to appear more legitimate and trustworthy.

More than 84% of our readers opt to collaborate with a professional LLC formation service to kickstart their venture. We've negotiated a tailored discount for our readers, bringing the total down to just $29.

Form Your LLC Now

Note: If you're interested in more information before getting started, we recommend having a look at our state-specific How to Start an LLC guide (DIY) or our in-depth Best LLC Services review (for those opting for a professional service).

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate an estate sale business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Service Agreement

Estate sale businesses should consider requiring clients to sign a service agreement before starting a new project. This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and intellectual property ownership. Here is an example service agreement.

Recommended: Rocket Lawyer makes it easy to create a professional service agreement for your estate sale business when you sign up for their premium membership. For $39.95 per month, members receive access to hundreds of legal agreements and on call attorneys to get complimentary legal advice.

Consignment Agreement

An estate sale company sells items on behalf of their clients, and as such, should write an agreement to specify the details of the arrangement between the company and the clients. A sample consignment agreement for an estate sale can be found here .

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Estate Sale Company needs and how much it will cost you by reading our guide Business Insurance for Estate Sale Company.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market an estate sale company

Make sure that your website looks professional, clearly states what you do and where you do it, and encourages response. Here is an example of a well-executed estate sale company website . You must also have an active social media presence, including a business page on Facebook and a presence on LinkedIn, at a minimum.

How to keep customers coming back

In addition to trying to draw customers directly through your website and social media, pick up the phone and introduce yourself to probate attorneys and real estate agents who handle estates. You can find this information online.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

You should be able to ascertain the true value of furniture, art, antiques, collectibles, electronics, books, household appliances, office equipment and other paraphernalia of an estate in transition. Sometimes this will mean taking time to research sale items for hidden value or proper pricing. You should also be able to sell yourself and your company to three separate market segments:

• The clients whose estates you’ll liquidate
• Referrers such as real estate agents and probate attorneys, who can recommend you to their clients who might become your clients
• The buyers who’ll attend your estate sales

These are three very different audiences, and all must be approached in very different ways. You might find buyers by placing ads in local media and in connecting with individuals who regularly buy estate items, whereas you could meet your referrers while networking in more professional settings.

And finally, you must have the organizational and crowd control skills to create and manage the sale, lead a team, and work well under pressure.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at an estate sale company?

No two days look alike, but here are some of your typical daily responsibilities:

• Meet, stay in contact with and build good working relationships with the individuals who can recommend your services to potential clients. These referrers might include real estate agents, appraisers and probate or bankruptcy attorneys.
• Write and run digital and/or print ads to alert the buying public about upcoming estate liquidation sales.
• Hire and train employees to handle the various elements of the business, from appraising sale items and attracting clients to organizing and conducting sales events and moving large items, as needed.
• Quote prices and get contracts signed for estate sale.
• Conduct estate sales.

What are some skills and experiences that will help you build a successful estate sale company?

Here are some of the leading skills and talents you should have in order to build your business.

• Sales and relationship-building instincts to make and maintain contacts among referrers and sales and promotional talents to sell your services to estates in what can be a highly competitive environment
• Sensitivity to the emotional state of your clients
• Organizational skills to market and conduct an estate sale to maximum potential
• Appraisal abilities to command the best prices possible and maximize commissions
• Leadership skills to manage your people and control crowds during sales events

What is the growth potential for an estate sale company?

Since families are generally smaller and spread farther apart than they used to be, it is more difficult for people to pick up, transport, and claim ownership of their parents' belongings after their parents pass. Therefore, there is an increase in the number of unclaimed items that can be sold by estate sale companies.

That’s good news, as this New York Times articles shows.  Unfortunately, the word has gotten out, and you’ll also find more competition for estates now than even a few years ago. Therefore, while there are more estates in search of companies like yours than ever before, you must be aggressive about getting the business. Make sure you website stands out and attracts clients and that you maintain excellent relationships with referrers.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting an estate sale company?

The best way of jump-starting your business might be by buying a franchise of a successful company. After all, they can serve as your mentor, coach and partner, seeing that you avoid the mistakes they probably made at first. You’ll find one such opportunity through Blue Moon Estate Sales , and there are others.

If franchising isn’t for you, consider getting your start as a laborer in an existing estate sale company to learn about the industry from the inside. You’ll also find information and educational opportunities through the American Society of Estate Liquidators , an industry association.

How and when to build a team

You’ll probably need to build your team right from the start, as your estate sale company demands a multitude of talents. Unless your skill set includes the ability to network with business referrers, appraise consignments, contact estates, attract buyers through marketing and social media, price items, stage sales, lug heavy furniture and stuffed boxes from one place to another and cleanup after the sale, you need help. That need is multiplied if you have two or more estate sales in progress on the same day.

Useful Links

Industry opportunities.

• Franchise opportunity with Blue Moon Estate Sales
• Franchise opportunity with Grasons
• The American Society of Estate Liquidators
• National Estate Sales Association

Real World Examples

• Example Business: Such a Find Estate Liquidation

Have a Question? Leave a Comment!

The Essential Steps to Start an Estate Sale Business

Main Sections In This Post Steps To Starting An Estate Sale Business Points to Consider Knowledge Is Power Featured Video

Starting an Estate Sale Business: A Comprehensive Guide

This post offers a step-by-step outline for launching your estate sale business. Expect insights and examples to kickstart your journey.

Knowledge Is Power

Explore our “Knowledge Is Power” section for up-to-date and trending info. These resources aid both startup and established phases.

Your Essential Resource

This guide is packed with vital info. If you find it helpful, share and bookmark it for future reference!

Let’s get started with the steps.

Steps to Starting an Estate Sale Business

Below are the steps to starting an estate sale business.

Each step is linked to a specific section, allowing you to jump to your desired section or scroll to follow the steps in order.

• An Overview of What You’re Getting Into
• Estate Sale Business Overview
• Researching Your Estate Sale Business
• Looking at Financials
• Choosing A Business Location
• Creating Your Mission Statement
• Creating A Unique Selling Proposition (USP)
• Choose an Estate Sale Business Name
• Register Your Company
• Create Your Corporate Identity
• Writing a Business Plan
• Banking Considerations
• Getting the Funds for Your Operation
• Software Setup
• Business Insurance Considerations
• Physical Setup
• Creating a Website
• Create an External Support Team
• Hiring Employees

1.  An Overview of What You’re Getting Into

Is Starting an Estate Sale Business the Right Step for You?

There is a key factor to succeeding in business, and that factor is you!

Understanding Your Passion

Understanding how you feel about owning and running an estate sale business is important.

The Power of Passion

Passion is a crucial element for success in your own business.

Driving Force of Passion

Passion is the driving force you need.

Passion: Problem Solver

When you’re passionate about your business and problems, arise, you look for solutions. On the other hand, without it, you’ll look for a way out.

Assessing Your Passion

How passionate are you about owning your own estate sale business?

A Crucial Exercise

Let’s go through a short exercise. Take a few minutes to think about this. It’s important before moving forward.

Imagine Your Future

Imagine you won the lottery, quit your job, traveled the world, and bought your dream home, cars, and everything you ever wanted.

You have given to charity and causes you believe in. You have helped your friends and family with more than enough money to live a better life.

The Passion Test

Now that you have achieved everything you have ever wanted, would you still start an estate sale business?

Passion as Your Guide

If your answer is yes, it shows that you are passionate about owning and operating an estate sale business and are heading in the right direction.

Exploring Alternatives

However, if your answer is no, it prompts another question:

Follow Your True Passion

What would you prefer to do instead? Perhaps, you should pursue that path instead.

Passion Breeds Success

In summary, you need to be passionate about the business you plan to start because it’s something you want to do!

When your only concern is the money generated, you won’t be as successful as starting a business you are passionate about.

For More, See How Passion Affects Your Business . Also, see, Considerations Before You Start Your Business to identify key points for a new business owner.

2. Gaining an Overview of Owning an Estate Sale Business

Next, let’s spend some time on key issues to give you an overview of what to expect from owning and running your business.

a.) A Quick Overview of Owning an Estate Sale Business

Understanding the Estate Sale Business

An estate sale business plays a pivotal role in helping individuals transition through significant life events such as downsizing, moving, or dealing with the belongings of a deceased loved one.

This service aims to efficiently liquidate personal possessions, transforming them into valuable resources during change.

Navigating Transitions

Estate sales arise from various scenarios, including relocating to a new city, downsizing to a smaller home, or managing the estate of a deceased family member.

These transitions can be emotionally overwhelming, and the estate sale business steps in to alleviate the burden by managing the entire process.

Holistic Approach

The estate sale business employs a holistic approach to handle every aspect of the sale.

This encompasses pricing and selling items, arranging the physical sale setup, advertising to attract potential buyers, and managing the event logistics.

Value for All Parties

Estate sales benefit both the clients and the buyers. Clients receive professional assistance in managing belongings they no longer need, while buyers gain access to a wide range of items at potentially attractive prices.

This creates a win-win situation, where items find new homes and clients find relief during times of change.

Expertise and Sensitivity

Running an estate sale business demands organizational skills, market knowledge, and emotional sensitivity.

Understanding the sentimental value of certain items and respecting clients’ emotions are key to ensuring a successful and compassionate service.

Essentially, an estate sale business goes beyond just facilitating transactions; it offers support, guidance, and relief during critical life transitions, making it an essential and meaningful service in today’s fast-paced world.

Day-to-Day Operations

Inventory Assessment : Begin by evaluating the items to be sold. This involves cataloging, photographing, and researching their value.

Pricing Strategy : Determine appropriate prices based on item condition, market value, and demand.

Marketing and Advertising : Create appealing online and offline listings to attract potential buyers.

Sale Setup : Organize and display items attractively at the sale location, ensuring easy navigation.

Negotiations : Interact with customers, answer queries, and negotiate prices if needed.

Sale Execution : Oversee the sale, manage crowds, process payments, and maintain security.

Documentation : Keep meticulous records of sales and transactions.

Post-Sale Cleanup : Organize leftover items for donation or disposal, ensuring the location is clean.

Client Communication : Regularly update clients on the progress of the sale and provide detailed reports.

Running an estate sale business requires efficient organization, people skills, and attention to detail, creating a rewarding venture for those handling diverse responsibilities.

b.) Estate Sale Business Models

Exploring Estate Sale Business Setups and Models

Estate sale businesses can take various forms, each with distinct business models suited to different niches.

On-Site Estate Sales : Conducted at the client’s property, this model involves organizing, pricing, and selling items in their original location.

Off-Site Estate Sales : Items are transported to a different location for sale, often when on-site sales are impractical.

Online Estate Sales : In the digital age, sales can occur entirely online through platforms or websites, reaching a broader audience.

Hybrid Estate Sales : Combining on-site, off-site, and online sales elements to maximize reach and convenience.

Business Models :

• Commission-Based: Earnings are a percentage of total sales.
• Flat-Fee Model: Clients pay a predetermined fee for the services.
• Subscription Model: Clients subscribe for ongoing estate management services.
• Online Platform Model: Fees from online transactions drive revenue.

Choosing the right model is vital, as changing it later is challenging. Identifying a profitable niche is equally crucial.

Whether specializing in vintage items, high-end collectibles, or specific demographics, a well-defined niche enhances your chances of success.

c.) Pros and Cons of Owning an Estate Sale Business

Pros of Owning an Estate Sale Business

Independence and Decision-Making : You can be your boss, making decisions and steering the business according to your vision.

Creative Freedom : You can implement innovative approaches and creative strategies with full ownership.

Income Potential : A successful estate sale business holds substantial revenue potential proportional to your efforts.

Flexible Hours : Once established with a reliable team, flexible working hours become achievable.

Work Environment Control : Craft your work environment to suit your preferences, enhancing productivity and satisfaction.

Customer Relations : Build lasting relationships with clients, gaining insights into their needs and refining your services.

Cons of Running an Estate Sale Business

Responsibility for Challenges : All issues ultimately fall on your shoulders, demanding quick and effective problem-solving .

Income Variation : Income might not be regular, necessitating careful financial planning.

Daunting Start-Up Phase : Initial stages can be tough, requiring resource allocation and patience.

Customer Acquisition and Retention : Attracting and retaining customers is a persistent challenge.

Long Hours : Extra hours might be necessary during the initial growth stages.

Pressure to Succeed : Personal investment means higher stakes and pressure to succeed.

Initial Investment : Starting requires a significant upfront investment for resources and marketing.

Adapting to Change : The business landscape constantly evolves, demanding flexibility.

Inherent Risks : Running an estate sale business carries inherent risks like any venture.

Consider these factors holistically to make an informed decision about embarking on an estate sale business journey.

For more, see Pros and Cons of Starting a Small Business.

d.) Questions You Need to Consider for Your Estate Sale Business

Critical Questions for Starting Your Estate Sale Business

Before embarking on your estate sale venture, address these crucial questions to prepare for potential challenges and ensure a solid foundation.

Business Model : Which estate sale business model suits your vision? Commission-based, flat fee, subscription, online platform, or hybrid?

Work Structure : Will you personally handle all tasks or build a team of employees? Is hiring a manager part of your plan?

Customer Acquisition and Retention : How will you attract customers? What strategies will keep them returning?

Partnerships and Investors : Do you intend to collaborate with partners or seek investors for growth?

Physical vs. Online Setup : Are you opting for a brick-and-mortar establishment or aiming to operate your business online?

Long-Term Goals : Consider growth prospects and outline your long-term objectives for the business.

These insights will guide you through the intricacies of initiating and maintaining a successful estate sale business, enhancing your readiness for the journey ahead.

3. Research

Estate sale business research.

Research: Your First Step Towards a Successful Estate Sale Business

Before diving into your venture, extensive research is essential. Quality information provides clarity and prevents unforeseen challenges.

Learning from the Experienced :

Seasoned estate sale business owners are valuable sources of knowledge. Their insights can offer valuable guidance and prevent pitfalls.

Tapping into Expertise :

Engaging with experienced individuals can yield priceless insights and wisdom accumulated over the years in the industry.

Unlocking Valuable Insights :

Time spent with experts can be a treasure trove of practical advice, giving you a head start and increasing your chances of success.

Guidance Beyond this Post :

Explore the article linked below for comprehensive guidance on approaching experienced individuals and gaining their insights.

Equip yourself with in-depth understanding before embarking on your business journey.

See An Inside Look Into the Business You Want To Start for all the details.

Target Audience

Understanding Your Target Audience: A Key to Success

Comprehending your target market’s needs is pivotal. Tailoring your offers and services to their preferences is a strategic advantage.

Target Market Ideas:

• Seniors and Retirees: Often downsizing or managing estates, they seek assistance.
• Collectors and Antique Enthusiasts: Interested in unique finds and rare items.
• Families and Estate Executors: Needing to handle possessions during life transitions.
• Interior Designers: Seeking distinctive pieces for their projects.
• Local Bargain Seekers: Looking for deals on various items.
• Resellers and Vintage Shop Owners: Sourcing inventory for their businesses.
• People Relocating: Requiring streamlined solutions for managing belongings.
• Art and Craft Enthusiasts: Seeking materials and tools at estate sales.

Identifying and catering to these diverse segments fosters tailored offerings, making your estate sale business more attractive and valuable to your target audience.

For more, see How To Understand Your Target Market.

4. Looking at Financials:

Financial Overview of Your Estate Sale Business

This section provides insights into startup costs, ongoing expenses, revenue projections, and profit considerations.

Startup Costs:

Accurate estimation is crucial for a smooth launch. Underestimating may lead to funding gaps, while overestimation might discourage investors.

Consider size, location, staff, equipment, and rental expenses. Regular research ensures comprehensive estimates.

For more detailed information, refer to my article on Estimating Startup Costs.

Sales and Profit:

Sales depend on product appeal, demand, and effective marketing.

Profitability extends beyond per-sale earnings, encompassing overheads like rent and payroll. Sustainable success necessitates sufficient sales to cover monthly costs and yield profit.

Understanding these financial aspects empowers you to make informed decisions, manage resources effectively, and lay a solid foundation for your estate sale business’s growth.

For More, See Estimating Profitability and Revenue.

Simple Sample: Financial Lists to Consider As a Starting Point

Note: Focus on the issues more than the numbers. The numbers are samples. Your estimates will differ due to how you set up your business, location, expenses, and revenues. 

Overly simplified sample financial lists to give you a broad overview of the areas to focus on when starting an estate sale business in the USA:

1. SAMPLE List of Estimated Costs to Start a New Estate Sale Business in the USA:

A. legal and administrative costs:.

• Business registration and licensing: $100 – $500
• Insurance: $500 – $1,000
• Attorney and accounting fees: $1,000 – $3,000

B. Marketing and Branding:

• Website development: $300 – $1,500
• Marketing materials (brochures, business cards): $100 – $500

C. Equipment and Supplies:

• Office supplies: $100 – $300
• Furniture and fixtures: $1,000 – $5,000
• Estate sale supplies (tags, signs, etc.): $200 – $1,000

D. Miscellaneous:

• Other initial costs (training, etc.): $500 – $2,000

Total Estimated Start-Up Costs: $3,800 – $15,800

2. detailed sample list of estimated monthly expenses for an estate sale business in the usa:, a. fixed expenses:.

• Rent (if applicable): $500 – $1,500
• Loan payments: $200 – $800
• Insurance: $100 – $200
• Utilities (phone, internet): $100 – $300

B. Variable Expenses:

• Marketing and advertising: $300 – $1,000
• Office supplies: $50 – $200
• Transportation and fuel: $100 – $500
• Salaries and wages (if any): $2,000 – $5,000

Total Monthly Expenses: $3,350 – $9,500

3. sample of a few examples of profit per sale:.

• Low-end estate sale: $500 – $1,000 profit
• Mid-range estate sale: $2,000 – $4,000 profit
• High-end estate sale: $5,000 – $10,000 profit

Your overall profit will depend on the monthly sales you can generate and your actual profit per sale.

These are samples so you can understand the issues to consider when planning to start your estate sale business. So focus on the list and not the numbers.

Adjusting costs makes a significant difference in whether the business will be successful.

A slight shift in profit per sale on high-volume sales will make a difference in your overall profits.

Also, note many new businesses take time to become profitable because it takes building a customer base, building a reputation, and fine-tuning operations.

Your figures will be different. Every situation is different, and many factors come into play.

Research and Consider getting professional advice when calculating your business’s startup costs, expenses, and potential revenues and profits.

5. Choosing The Right Business Location

Choosing the Right Location: A Cornerstone of Success

The fate of your local brick-and-mortar business hinges on location. Finding the perfect balance between demand, competition, and affordability is paramount.

Demand and Failure : Operating where no demand exists spells failure before you start.

Competition and Challenges : Excessive competition hampers market share acquisition.

Balanced Approach : Ideal locations strike an equilibrium between demand and competition.

Affordability Matters : High-population areas offer exposure, but expenses mustn’t outweigh profits.

Home-Based Advantage : For minimal customer interaction, starting from home is cost-effective.

Future Expansion : Begin from home and move to a commercial site as the business grows.

In conclusion, meticulous location research is pivotal.

Assess potential locales carefully to make an informed choice, setting the stage for your business’s triumph.

For more about business locations, see Choosing The Best Location for Your Business.

6. Create Your Mission Statement

Crafting a Guiding Mission Statement for Your Estate Sale Business

A mission statement is a compass that navigates your business’s purpose. It ensures alignment, reminding you of your core value to customers and the community.

Mission’s Vital Role : A mission statement clarifies your business’s identity, maintains focus, and crystallizes your value proposition.

Customer-Centric Focus : It highlights the main benefit you provide customers, resonating with their needs.

Community Engagement : A well-crafted mission binds you to the community, showcasing your commitment.

Examples of Estate Sale Business Mission Statements :

• “Empowering Transitions: We ease life changes through thoughtful estate liquidation, offering value and support.”
• “Preserving Legacies, One Sale at a Time: Our mission is to honor memories by facilitating meaningful sales.”
• “Navigating Change with Care: Providing comprehensive estate solutions that simplify transitions.”

Your mission statement encapsulates your estate sale business’s essence, guiding its growth and forging a lasting impact.

For more, see, How To Create a Mission Statement.

7. Creating A Unique Selling Proposition (USP)

Crafting a Unique Selling Proposition for Your Estate Sale Business

A Unique Selling Proposition (USP) is your business’s distinct edge, setting you apart in a competitive market. It defines what makes you special and why customers should choose you.

Defining Your Specialness : A USP helps pinpoint your unique qualities, focusing efforts on differentiators.

Customer Attraction : It appeals directly to your target audience, drawing them in.

Enhanced Market Positioning : A strong USP elevates your brand in customers’ minds, fostering loyalty.

Examples of Estate Sale Business USPs :

• “ Curated Treasures : Our estate sales feature handpicked, rare finds for discerning collectors.”
• “ Stress-Free Solutions : We manage every detail, ensuring seamless estate transitions for families.”
• “ Exclusive Vintage : Offering high-end vintage pieces that stand out in every sale.”

Your USP should reflect your estate sale business’s essence, resonating with your audience and setting you apart as the go-to choice.

8. Choose a Business Name

Crafting a Memorable Estate Sale Business Name

Choosing the perfect business name is pivotal. It should be catchy, easy to remember, and aptly represent your brand.

Long-Lasting Impact : Business names remain constant, influencing your identity throughout your ownership.

Online Presence Consideration : A matching domain name ensures a strong online footprint.

Uniqueness Check : Before finalizing, verify the name’s availability and uniqueness.

30 Estate Sale Business Name Ideas to Ignite Creativity :

• Estate Elegance Emporium
• Treasures Transitioned
• Legacy Lane Sales
• Noble Nest Auctions
• Vintage Voyagers
• Reside Relics
• Precious Possession Plunder
• Serene Estates Exchange
• Cherished Chapters Sales
• Opulent Origins Finds
• Radiant Relics Rendezvous
• Regal Resale Revival
• Timeless Transitions Treasures
• Graceful Goods Gatherings
• Majestic Memento Mart
• Heirloom Haven Ventures
• Aura of Antiques Auctions
• Treasured Transact Hub
• Affluent Attic Acquisitions
• Noble Heritage Bazaar
• Charm & Legacy Sales
• Gilded Gatherings Exchange
• Opal Oak Estate Emporium
• Gemstone Junction Finds
• Vintage Valor Ventures
• Epoch Echoes Auctions
• Prestige Passage Treasures
• Sentimental Showcase Sales
• Unique Unity Exchange
• Rustic Reminiscence Revelry

Use these suggestions as springboards for your own original estate sale business name.

A distinctive name leaves a lasting impression in customers’ minds and sets you apart in the industry.

For more, see the following articles:

• How To Register a Business Name
• Registering a Domain Name For Your Business

9. Register Your Company

Legal Foundations for Your Estate Sale Business

Professional Consultation : Consult with experts to ensure legal compliance, optimal tax setup, and liability protection.

Common Types of Registrations :

• Sole Proprietorship : Simple but personal liability.
• Limited Liability Company (LLC) : Combines personal asset protection and a simpler structure.
• Corporation : Complex but offers strong liability protection.

Permits and Licenses :

• Business License : Essential for operating legally.
• Sales Tax Permit : If your state has sales tax.
• Special Permits : If selling regulated items like firearms or alcohol.

Becoming Bondable : Consider becoming a bondable business, indicating your employees have passed background checks, fostering customer trust.

Professional Guidance : Legalities can be intricate; consulting professionals safeguards your business’s legality and credibility.

Registration:

• How to Register Your Business
• How To Register a DBA
• How to Register a Trademark
• How to Get a Business License

Business Structures:

• How to Choose a Business Structure
• Pros & Cons of a Sole Proprietorship
• How To Form an LLC
• How To Register a Business Partnership
• How To Form a Corporation
• How To Choose a Business Registration Service

10. Create Your Corporate Identity

Crafting a Cohesive Corporate Identity for Your Business

The Significance of Corporate Identity :

A Corporate Identity (ID) is a visual representation of your business.

It comprises logos, business cards, websites, signage, stationery, and promotional materials.

Components of Corporate ID :

• Logo : A symbol of your brand’s essence.
• Business Cards : Contact details with a visual representation.
• Website : Your digital presence reflects your brand.
• Business Sign : Visible representation of your business location.
• Stationery : Consistent letterheads, envelopes, etc.
• Promotional Items : Merchandise reinforcing your brand.

Consistency and Professionalism :

Maintain a cohesive, professional design across all components to leave a lasting impression on new and existing customers.

Investing in a strong corporate identity fosters recognition and trust, setting the stage for business growth and success.

You can see our page for an overview of your logo , business cards , website , and business sign , or see A Complete Introduction to Corporate Identity Packages.

11. Writing a Business Plan

The Crucial Role of a Business Plan in Your Estate Sale Business

A business plan is a fundamental asset, serving multiple purposes. It secures funding, attracts investors, and guides your business throughout its lifecycle.

Vision and Structure :

Crafting a business plan is a visionary process, outlining your business’s future form.

Thoughtful Planning :

It demands time and meticulous consideration to express intricate details.

Clarity and Direction :

A well-constructed plan grants a clear roadmap for starting and running your business.

Options and Active Involvement :

Choose your approach: from scratch, using a template, hiring professionals, or business plan software.

Even with professional help, active participation ensures your plan accurately reflects your vision.

Dynamic Document :

Your plan evolves with experience, requiring periodic review and optimization to align with changing circumstances.

Your business plan is a strategic tool driving your estate sale business’s success from inception to expansion.

Business Plan Template for an Estate Sale Business

A detailed Business Plan Template tailored for an Estate Sale Business outlines the essential elements.

Executive Summary:

Provide a brief overview of your business, including the mission, vision, core values, and what makes your estate sale business unique.

Highlight the main goals and how you plan to achieve them.

Business Description:

Detail the nature of the estate sale business, the target market, industry background, competition, and how your business will stand out.

Include your business’s legal structure and a description of your products/services.

Market Analysis:

Offer an in-depth analysis of the industry, including trends, target customer demographics, market needs, and an evaluation of competitors.

Explain how your business fits into the current market landscape.

Organization and Management:

Outline your business’s organizational structure, ownership, and key management roles.

Include bios of the team members, emphasizing experience and roles in the company.

Service Line:

Describe the services you will offer, pricing strategy, sales information, and how you intend to fulfill the needs of your target market.

Include any unique selling propositions.

Sales and Marketing:

Develop your sales strategy, marketing plan , advertising channels, and promotional activities.

Explain how you’ll attract and retain customers and position yourself in the market.

Funding Request:

If seeking financing, detail your funding requirements, how you will use the funds, and the type of funding you seek (e.g., loan, equity investment).

Financial Projections:

Provide a financial forecast for the next 3-5 years, including income statements, balance sheets, cash flow statements, and budget breakdowns.

Include assumptions and the basis for your projections.

Loan Repayment Plan (if applicable):

Include a detailed plan on how you intend to repay any loans, including timelines, interest rates, and terms.

SWOT Analysis:

Analyze your business’s Strengths, Weaknesses, Opportunities, and Threats.

Assess both internal and external factors that may affect your business’s success.

Regulatory Compliance and Legal Considerations:

Detail any regulations, permits, and licenses required for your estate sale business and any legal considerations like contracts, agreements, or intellectual property.

Social Responsibility and Sustainability Plan:

Explain any social or environmental responsibilities your business will undertake.

Detail how you plan to contribute to the community or environment sustainably.

Appendices and Supporting Documents:

Include any additional documents, such as charts, graphs, images, contracts, or other pertinent material that supports the business plan.

Conclusion:

Summarize the main points of your business plan, reinforcing why your estate sale business is poised for success.

Reiterate the key strategies and steps that will be taken to achieve your goals.

This template provides a comprehensive roadmap to help you articulate your estate sale business’s vision, mission, and plans.

Make sure to tailor the content to reflect the unique aspects of your business, its market, and specific circumstances.

It can be wise to consult with a business or financial advisor to ensure the accuracy and completeness of your plan.

For information on creating your business plan, see, How to Write a Business Plan.

12. Banking Considerations

For more, see, How to Open a Business Bank Account. You may also want to look at, What Is a Merchant Account and How to Get One.

13. Getting the Funds for Your Operation

Securing Funding for Your Estate Sale Business: Essential Tips

Exploring Financing Options :

If a loan is essential for your startup, consider these options to fund your estate sale business:

• Traditional Lenders : Banks and credit unions.
• Private Loans : Borrowing from friends, family, or private individuals.
• Investors : Attract investors who believe in your business.
• Collateral Usage : Offering assets as security for loans.

Meeting with a Loan Officer: Considerations :

• Research : Know your credit score, business plan, and funding needs.
• Prepare Questions : Understand terms, interest rates, and repayment schedules.
• Financial Projections : Present realistic future revenue predictions.
• Collateral Details : Discuss assets you’re willing to use as collateral.

Sample Documents for Business Loan Application :

• Business Plan
• Financial Statements
• Tax Returns
• Personal and Business Credit Reports
• Legal Business Structure Documents
• Collateral Documentation (if applicable)
• Personal Identification Documents

These insights and preparedness enhance your chances of obtaining funding for your new estate sale business venture.

See, Getting a Small Business Loan for more.

14. Software Setup

Selecting the Right Software for Your Estate Sale Business: A Strategic Approach

Research and choose software wisely, as transitioning later can be challenging. Opt for established providers with a reliable history and future support.

Informed Decision-Making :

Prioritize software offering demos, and review user experiences on forums and reviews.

Financial Software for Efficiency :

For expenses and tax preparation, consult your accountant to choose accounting software that aligns with your business’s needs.

Effective software streamlines operations and financial management, contributing to your estate sale business’s long-term success.

Check out Google’s latest search results for software packages for an estate sale business.

15. Get The Right Business Insurance

Insurance: Safeguarding Your Estate Sale Business

Coverage Essentials

Prioritize insurance coverage before any business activities commence, safeguarding against unforeseen incidents.

Comprehensive Protection

Consider policies protecting customers, employees, property, and even yourself. Professional liability insurance shields against lawsuits.

Operational Continuity

Interruption Insurance is vital, ensuring stability during involuntary shutdowns.

Home-Based Businesses

Notify your home insurance agent if you operate from home to avoid nullifying your existing policy.

Professional Guidance

Utilize an experienced insurance broker to ensure sufficient coverage, offering peace of mind for potential adversities.

For more, see What to Know About Business Insurance . You can also browse the latest Google search results for estate sale business insurance .

17. Physical Setup

Physical Setup and Signage for Your Estate Sale Business

Layout Overview :

The physical layout of an estate sale business should be organized and spacious.

Arrange display areas logically, ensuring easy access for customers. Efficiently utilize space for various categories of items.

Effective Signage :

Strategically places signs in parking lots, exits, and special areas besides your main business sign.

Well-designed signage guides visitors and projects professionalism.

Office Setup Overview :

A well-organized office is essential for effective management.

Allocate time for administrative tasks in your office. Set it up with the necessary tools and resources for smooth operations.

Enhancing Productivity :

An efficiently arranged physical setup, clear signage, and a well-equipped office contribute to a successful and productive estate sale business.

See, Here are Considerations for The Setup of Your Office, for tips and ideas to make your office work for you. Also, have a look at our article About Company Signs.

18. Creating a Website

Establishing Your Business’s Online Presence: The Power of a Website

A website is a vital communication hub for your business, enabling direct interaction with current and potential clients.

Ownership and Control

Unlike social media, a website is entirely under your control. You dictate the rules, hosting, and domain name registration.

Marketing Potential

Leverage your website as a potent marketing tool.

Through insightful industry blogs and tailored tips, establish yourself as an authority, fostering customer trust and driving sales.

Your Virtual Business Identity

A website is the virtual representation of your estate sale business, offering information, interaction, and the means to build lasting relationships with clients.

For more, see How to Build a Website for Your Business .

19. Create an External Support Team

Building an Effective External Support Team for Your Estate Sale Business

Dependable Advisory Network :

An external support team comprises professionals offering advice and services vital for informed decision-making and successful business operations.

Strategic Collaborations :

Engage external experts for specific projects, tasks, contracts, or on a retainer basis. Expanding your team allows a deeper understanding of their value and expertise.

Gradual Formation :

While not necessary to have a complete team at the outset, cultivating strong professional relationships over time is essential.

Diverse Expertise :

Assemble a robust team including an accountant, lawyer, financial advisor, marketing specialist, technical advisors, and consultants to cover various business aspects.

Continuous Enhancement :

Fostering a reliable external support team provides on-demand assistance and diversified insights, enhancing your estate sale business’s resilience and growth.

For more, see, Building a Team of Professional Advisors for Your Business.

20. Hiring Employees

Gradual Transition: From Solo to Team

In the early stages, managing tasks alone might be cost-effective. However, as your estate sale business expands, you’ll likely require a qualified team for efficient operations.

Strategic Hiring :

Hiring qualified, ethical individuals is crucial. Each position filled should enhance productivity and contribute to seamless operations.

Key Roles for Business Growth :

Consider these roles as your estate sale business thrives:

• Sales and Marketing Specialist
• Inventory Manager
• Customer Service Representative
• Logistics Coordinator
• Online Presence Manager
• Financial Controller

Outsourced Services :

• Legal Counsel
• Accounting Services
• Web Developer
• Marketing Agency

Balancing Growth :

Transitioning from a solo approach to a team-driven model ensures a steady growth trajectory, scalability, and sustained success.

For more, see, How and When to Hire a New Employee.

Points To Consider

Hours of operation:.

Determine your estate sale business’s schedule based on target customers’ availability. Consider:

• Weekdays and Weekends
• Morning, Afternoon, Evening
• Special Events or Holidays
• Online Presence Accessibility
• Flexibility for Client Appointments

A List of Equipment and Supplies to Consider for an Estate Sale Business:

Office Equipment:

• Computer or Laptop
• Printer/Scanner
• Telephone System
• Filing Cabinets
• Desks and Chairs
• Office Supplies (pens, paper, staplers, etc.)

Display and Presentation Equipment:

• Tables and Shelves for Display
• Display Cases for Valuables
• Signage and Banners
• Portable Partitions
• Price Tags and Labeling Materials

Cleaning and Maintenance Equipment:

• Cleaning Supplies (brooms, mops, etc.)
• Trash Cans and Bags
• Cleaning Chemicals

Security Equipment:

• Security Cameras
• Lockboxes for Valuables
• Security Alarms
• Safety Cones and Barriers

Transportation and Handling Equipment:

• Hand Trucks and Dollies
• Moving Blankets
• Packing Materials (boxes, bubble wrap, tape)
• Vehicle (Van or Truck) for Large Items

Technology and Software:

• Estate Sale Software for Inventory Management
• Point-of-Sale (POS) System
• Credit Card Processing Equipment
• Customer Relationship Management (CRM) Software

Sales and Marketing Materials:

• Flyers and Brochures
• Business Cards
• Website Hosting (for online presence)
• Social Media Management Tools

These items are typical for an estate sale business. Still, your particular needs may vary depending on the size of the estate sales you handle, your geographical location, the services you offer, and other specific factors related to your business model.

Consider consulting with industry professionals or experienced estate sale business owners to ensure you’re adequately equipped.

Key Points To Succeeding in an Estate Sale Business

Success Factors in Operating an Estate Sale Business

Building a strong foundation for your estate sale business involves several key points:

Customer Base and Relationships :

Establishing a customer base and fostering relationships with clients, suppliers, and employees is essential. Provide desired products and services to meet customer needs.

Feedback and Adaptability :

Act on customer feedback and adapt to their preferences. Focus on exceptional customer service and value provision to stand out.

Effective Team and Management :

Hire the right individuals for each role, fostering a harmonious work environment. Effective management and respect contribute to employee retention.

Financial Management :

Maintain cash flow and cost efficiency while prioritizing quality and service.

Adaptation and Competition :

Stay updated with industry changes, evolving processes, and technology. Handle revenue fluctuations and navigate new and existing competition.

Strategic Marketing :

Employ effective advertising and marketing strategies to enhance brand awareness and drive business growth.

Making Your Estate Sale Business stand out

Creating a Unique Identity:

Build a Distinctive Brand: Develop a memorable logo, color scheme, and visual style that reflects your business’s personality.

Craft Engaging Stories: Share the history and stories behind items for sale, creating an emotional connection with customers.

Exceptional Customer Engagement:

Personalized Interactions: Offer personalized recommendations and engage in conversations with customers about their interests.

Responsive Communication: Provide timely responses to inquiries and messages through various channels.

Online Presence:

Informative Website: Create a user-friendly website with detailed information about your services, past sales, and upcoming events.

Engaging Social Media: Utilize platforms like Instagram and Facebook to showcase items, share behind-the-scenes content, and connect with followers.

Unique Marketing Strategies:

Themed Sales: Host themed sales based on seasons, holidays, or specific item categories to attract different customer groups.

Collaborations: Partner with local businesses or artisans for joint events and promotions.

Visual Presentation:

Artful Displays: Arrange items creatively to enhance their visual appeal, encouraging customers to explore further.

Clear Signage: Use clear and informative signage to guide customers through the sale location.

Innovative Services:

Online Bidding: Implement online bidding platforms to cater to a wider audience beyond your physical location.

Virtual Tours: Offer virtual tours of items or sale locations for those unable to attend in person.

Educational Opportunities:

Expert Workshops: Organize workshops on estate sale best practices, antiques, or relevant topics to establish credibility.

Appraisal Sessions: Provide customers with insights into the value of their items, showcasing your expertise.

Community Involvement:

Charitable Initiatives: Partner with local charities to hold fundraising sales, demonstrating social responsibility.

Customer Appreciation:

Loyalty Programs: Reward repeat customers with exclusive benefits and discounts.

Personal Thank-Yous: Send personalized thank-you notes or emails to show appreciation for their business.

Add on Ideas for an Estate Sale Business

Additional Services for Value:

Appraisal Expertise: Offer professional item appraisal services to clients seeking accurate valuations.

Comprehensive Downsizing: Provide organization and moving assistance for clients looking to downsize their homes.

Online Auctions: Extend your reach by hosting online auctions for items not sold during estate sales.

Estate Cleanouts: Offer complete estate cleanout services post-sale, leaving properties ready for the next step.

Property Enhancement:

Home Staging: Help clients prepare their homes for sale by offering staging services to maximize appeal.

Restoration Partnerships: Collaborate with artisans for antique restoration, adding value to clients’ items.

Educational Support:

Estate Planning Workshops: Conduct workshops guiding clients through the estate sale planning process.

Professional Visuals:

Photography Services: Provide high-quality item photography for marketing materials and online listings.

Consultation Services:

Estate Liquidation Consulting: Advise clients on effective strategies for estate liquidation, offering a comprehensive solution.

Consignment Opportunities: Assist clients in consigning valuable items to relevant auctions or collectors.

These strategies and add-on services can differentiate your estate sale business, making it a destination for clients seeking expert assistance and unique offerings.

Marketing Considerations

Attracting Customers to Your Estate Sale Business

Building Awareness:

Social Media Engagement: Utilize platforms like Instagram, Facebook, and Pinterest to showcase items, share stories, and engage with potential customers.

Networking Events: Attend local community events, antique fairs, and networking gatherings to introduce your business and connect with potential clients.

Collaborations: Partner with local businesses, real estate agents, and interior designers for cross-promotions.

Website and Blog: Maintain an informative website with blog posts on estate sale tips, antiques, and valuable insights.

Email Marketing: Create a mailing list and send out newsletters highlighting upcoming sales, featured items, and expert advice.

Local Advertising:

Flyers and Posters: Distribute flyers and posters at local community centers, coffee shops, and bulletin boards.

Local Newspapers: Advertise in community newspapers or magazines to reach a local audience.

Word of Mouth:

Customer Referrals: Encourage satisfied customers to refer your services to friends and family.

Networking Groups: Join local business or professional networking groups to spread the word about your business.

Open Houses:

Preview Sales: Host exclusive preview sales for loyal customers, encouraging them to bring guests.

Public Demonstrations: Organize workshops showcasing estate sale setups and items, attracting curious visitors.

Remember, consistent and targeted marketing efforts will gradually build your reputation and customer base.

Each method creates a buzz around your estate sale business and attracts potential clients.

We have an article on How To Get Customers Through the Door and a marketing section that will provide ideas to help you bring awareness to your business.

Sample Ad Ideas:

1. Headline: “Discover Treasures Galore!”

Unearth unique antiques, vintage collectibles, and one-of-a-kind find at our Estate Sale Bonanza.

Join us this weekend and explore a world of remarkable deals you won’t find anywhere else.

Don’t miss out on the chance to own a piece of history. Visit us at [Location]!

2. Headline: “Estate Sale Extravaganza!”

Get ready to shop till you drop at our Estate Sale Spectacular.

From elegant furniture to exquisite jewelry , we’ve everything waiting for you. Swing by [Location] and experience the excitement this Saturday and Sunday.

3. Headline: “Vintage Wonderland Awaits!”

Step into a vintage wonderland at our Estate Sale Fiesta!

Discover timeless treasures, stunning art, and nostalgic delights that add character to your home.

Be at [Location] and explore the magic this weekend.

4. Headline: “Find Your Hidden Gems!”

Unlock the door to hidden gems and remarkable bargains at our Ultimate Estate Sale.

Uncover rare finds, unique décor, and fascinating artifacts that tell stories of the past.

Join us at [Location] for a shopping adventure like no other.

5. Headline: “Estate Elegance Unveiled!”

Experience the elegance of the past at our Grand Estate Sale.

You’ll find elegance at every turn, from exquisite porcelain to vintage fashion.

Visit [Location] and indulge your love for vintage things this weekend.

Building Partnerships for Success

Collaborating with other businesses can be a powerful way to expand your reach and attract new customers.

By forming strategic partnerships, you can tap into existing customer bases and mutually benefit each other.

Here are some businesses you could approach for potential partnerships:

• Real Estate Agents: Partner with local agents who can refer clients downsizing or relocating to your estate sale services. In return, you can refer your clients to them when they’re looking for new homes.
• Antique Shops: Establish partnerships with antique shops to cross-promote each other’s businesses. You can refer customers seeking specific items to their shop, and they can do the same for unique finds at your estate sales.
• Moving Companies: Collaborate with moving companies to provide comprehensive services for downsizing or relocating clients. They can recommend your estate sale services to their clients, and you can refer clients needing moving assistance.
• Home Staging Professionals: Work with home stagers to prepare properties for sale. After staging, they can refer clients to your estate sales to sell unneeded items.
• Senior Care Facilities: Partner with senior care facilities that help clients transition to new living arrangements. Offer your services to manage estate sales for their clients.
• Legal and Financial Advisors: Collaborate with professionals who assist families with estate planning. They can refer clients to your services when the time comes for estate liquidation.
• Local Event Planners: Form partnerships with event planners who may have clients seeking unique décor or items for special events.
• Interior Designers: Interior designers can refer clients looking to refresh their spaces to your estate sales for unique furniture and décor pieces.
• Funeral Homes: Partner with funeral homes to assist families with estate liquidation after the passing of a loved one.
• Thrift Shops or Charities: Establish relationships with thrift shops or charities. Items not sold at your estate sales can be donated to them, creating a win-win situation.

When approaching potential partners, emphasize how the partnership can benefit both parties and their customers.

Offer referral fees, reciprocal referrals, or joint promotional efforts to strengthen the collaboration.

Building these relationships can greatly expand your business’s visibility and customer base.

Evaluating Your Skill Set for Success

Running an estate sale business demands a diverse skill set to ensure smooth operations and customer satisfaction.

It’s crucial to assess whether you possess these skills or if you need to acquire or outsource them:

• Organization: Manage multiple tasks, from inventorying items to arranging sales setups.
• Negotiation: Bargain effectively with clients and buyers to maximize returns.
• Communication: Convey information to clients, customers, and team members.
• Marketing: Promote sales through advertising, both online and offline.
• Customer Service: Provide a positive experience for clients and buyers.
• Logistics: Handle scheduling, logistics, and on-site management.
• Problem-Solving: Address unexpected challenges that arise during sales.
• Appraisal Knowledge: Understand the value of items to price them accurately.
• Financial Management: Handle cash flow, expenses, and record-keeping.
• Networking: Build relationships with clients, professionals, and partners.
• Creativity: Present items in an appealing manner to attract buyers.
• Time Management: Efficiently allocate time to various tasks.
• Research: Stay updated on market trends and item values.
• Emotional Resilience: Deal sensitively with clients’ emotions and belongings.

If you lack these skills, consider enhancing them through training, courses, or hiring individuals with expertise.

Recognizing your strengths and areas for growth is essential for a successful estate sale business.

Knowledge Is Power if You Use It!

Leveraging Trends for Success

Industry trends and stats provide valuable insights for your estate sale business, aiding informed decisions, customer understanding, and competitive advantage.

Trends and Statistics

Gaining Competitive Edge

Understanding industry trends and statistics empowers your estate sale business.

Insights drive strategies, enhance customer experiences, and ensure alignment with market demands.

See the latest search results for trends and statistics related to the estate sale industry.

Estate Sale Associations

Industry Networking

Trade associations provide valuable updates and networking chances.

Events they organize amplify knowledge sharing and professional connections within the estate sale industry.

See the search results related to estate sale associations.

The Top Estate Sale Businesses

Learning from Established Businesses

Studying existing estate sale businesses offers insights to identify industry gaps or overlooked opportunities, aiding your own business innovation and improvement.

See the latest search results for the top estate sale businesses.

The Future of the Estate Sale Industry

Foresight through Industry Research

Researching the industry’s future equips prospective estate sale business owners with valuable insights for strategic planning and adapting to upcoming trends.

See the search results for the future of the estate sale industry.

Smart Start: Industry Price Research

Researching industry prices before launching an estate sale business ensures you set competitive rates.

This knowledge helps attract customers and establish a strong market presence.

See the latest estate sale service prices.

Estate Sale Businesses For Sale

Business Buying: Pros and Cons

Considering buying an estate sale business? Understand the benefits:

• Immediate Revenue
• Skip Startup Hassles
• Tested Business Model
• Clear Financial Insights
• Existing Customer Base
• Established Reputation

However, there are drawbacks:

• Higher Initial Cost
• Change Risks Losing Customers
• Inherited Business Reputation

To explore available options, check the link for similar businesses in the industry. Make an informed decision to match your goals.

See the latest search results for an estate sale business for sale and others closely related.

Franchise Opportunities Related to an Estate Sale

Estate Sale Franchise: Pros and Cons

Evaluating an estate sale franchise? Consider the advantages:

• Proven Business Model
• Built-in Reputation and Marketing
• In-depth Business Understanding
• Corporate Support

However, be mindful of the drawbacks:

• High Initial Costs
• Limited Autonomy
• Restricted Offerings
• Business Operation Constraints
• Ongoing Franchise Fees

While an exact match might be rare, explore related franchises via the provided link within the industry. Thorough research helps in making an informed decision.

See the latest search results for franchise opportunities related to this industry.

Customer Expectations

Understanding Customer Expectations

Reviewing search results on customer expectations for estate sale services offers valuable insights.

Meeting and surpassing these expectations can set you apart and uncover potential areas for improvement.

See the search results related to customer expectations for estate sale services.

Expert Tips

Expert Tips for Skill Enhancement

Exploring expert tips enhances your skills.

Experts may offer efficient methods, while novices gain valuable insights for skill improvement and knowledge enrichment.

See the latest search results for running an estate sale  to gain tips and insights.

Estate Sale Business Insights

Valuable Insights for Your Estate Sale Business

Reviewing tips yields innovative ideas, highlights pitfalls to evade, and bolsters industry knowledge for optimal estate sale business management.

See the latest search results about insights into running an estate sale business.

Estate Sale Publications

Staying Informed Through Publications

Publications offer a reliable channel to stay updated on the latest developments in the estate sale business realm.

See the search results for estate sale publications.

Estate Sale Forums

Engaging in Estate Sale Forums

Participating in estate sale forums fosters industry connections, discussions, and customer insights, enriching your understanding and enhancing relationships within the field.

See the latest search results related to estate sale forums.

Enriching Through Courses

Embark on online or local courses to broaden your skill set, acquire knowledge, and enhance your estate sales expertise.

See the latest courses related to estate sale management  and our management articles to provide insights and tips on managing Your business.

Estate Sale Blogs

Stay Informed: Estate Sale Blogs

Engage with estate sale blogs for fresh ideas and industry updates. Start by subscribing to various blogs, curating a valuable collection that keeps you well-informed and inspired.

Look at the latest search results for estate sale blogs to follow.

Estate Sale News

Stay Current: Industry News

Leverage the news as a source to keep industry knowledge current and relevant.

Stay informed about trends, changes, and developments that impact your estate sale business.

See the latest results for estate sale news.

YouTube Insights: Visual Learning

Explore YouTube for valuable video content related to estate sale businesses.

Benefit from visual insights, tutorials, and expert advice from industry professionals and enthusiasts.

See the links to YouTube Videos Below.

Videos related to starting an estate sale business can be found here.

Privacy Overview

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How to Start an Estate Sale Business in 14 Steps (In-Depth Guide)

Updated:   February 22, 2024

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The estate sale industry is booming. As Baby Boomers continue to age and downsize their living situations, the demand for companies to help liquidate their belongings is skyrocketing. According to IBISWorld , the estate sale services industry reached $236.1 million in 2023. This makes now an opportune time to launch an estate sale business.

You don’t need prior experience to get started. Armed with an understanding of the liquidation process, marketing tactics, legal requirements, and client relations, entrepreneurs from all backgrounds can capitalize on this industry’s potential.

This guide will walk you through how to start an estate sale business from the ground up. From registering an EIN to obtaining the appropriate business insurance, and marketing your brand, we’ll explore the practical steps to turn your passion for antiques and secondhand goods into a thriving business.

1. Conduct Estate Sale Market Research

Market research is important when starting a business in local estate sales. It offers details on your target market, local market saturation, and trends in products and services.

Some details you’ll learn through estate sale companies’ market research include:

• While demand looks strong, competition is still relatively high in this industry.
• Low barriers to entry mean many solo entrepreneurs and small teams compete for local market share.
• Some estate sale liquidator businesses partner with real estate agents to access products left behind in homes being sold by the deceased’s family.
• Standing out requires thoughtful branding, ethical operations, and superior inventory.
• Those new to the estate sale industry should specialize in a niche to establish authority and regular clientele early on.
• Popular niches include antiques and collectibles, downsizing/decluttering, luxury estate sales, and art and artifacts.
• No matter what inventory you specialize in liquidating, providing white-glove service and understanding client psychology around parting with belongings is paramount.
• Honing soft skills in this domain gives an edge over transaction-focused competitors.

Industry analysis confirms estate sales offer a compelling business opportunity today. Leveraging specialization and service differentiation allows new entrepreneurs to compete and secure market share within the estate liquidation industry.

2. Analyze the Competition

Successfully launching an estate sale company requires understanding your competitors. Conduct estate sales competition analysis in your geographic target area.

Search Google Maps for estate liquidators near you. Note their locations, branding, areas of specialty, and online presence. Drive by retail locations (if applicable) and observe foot traffic, display aesthetics, and inventory offerings.

Evaluating competitors’ digital footprint is also important, as much of estate sale marketing happens online nowadays. Search their business names to uncover websites, social media pages, and reviews.

Consider areas for differentiation like:

• Brand personality – Is their branding sleeker or more homemade than yours? What values do they communicate visually and verbally?
• Service specialties – Do they focus broadly or on particular niches like antiques, art, and downsizing help?
• Business longevity – The number of years in business can signify reputation and connections for sourcing referral partners and estates to liquidate.
• Pricing structure – Transparently published commission fees? Hourly consulting rates? Competitor pricing influences how you can position yourself.
• Online following – Social media followers and email list size indicate audience reach potential. Can yours be grown faster through paid advertising?
• Reviews and ratings – Positive customer testimonials lend credibility while evaluating complaints helps avoid their mistakes.

By analyzing competitors across key metrics from location and branding to reviews and specialization, strategic opportunities appear for positioning your differentiated services.

3. Costs to Start an Estate Sale Business

Getting an estate sale company off the ground requires initial investments before you can begin operations and start generating revenue. Some of the business expenses you’ll encounter before and after your first estate sale include:

Start-up Costs

• Business Registration Fees – Registering your LLC or corporation will cost $100-$800 depending on your state.
• Estate Seller Licensing – Acquiring a secondhand dealer license runs $25-$100 annually depending on location. Some states may require additional licensing.
• Inventory Software – Cloud-based software for tracking inventory, customer contacts, and financials start around $30/month. Popular options include EstateSales.org and Monza.
• Renting Storage Space – A 50-100 square foot storage locker to hold estate sale staging inventory costs approximately $100-$250 monthly.
• Office Supplies – Dedicated business phone, computer, printer, filing cabinets, and misc office supplies will run you around $1000-2000 upfront.
• Marketing Assets – Professional branding, a website, graphics, and signs/banners for advertising estate sales cost roughly $2000-$4000 depending on complexity.
• Fuel/Transport – A cargo van for hauling equipment and estates’ furnishings run $25,000+ to purchase. Expect to budget for gas, maintenance, and insurance expenses.
• Security System – Cameras, alarms, and theft protection for your storage space average $2000.
• Staff Uniforms – Polo shirts or jackets embroidered with your logo for staff identification cost approximately $25 each.

These upfront investments mean launching an estate sale company requires around $30,000 to 60,000 in start-up capital.

Ongoing Costs

• Rent + Utilities – Retail shop or warehouse space typically runs $1500 monthly depending on location and size. Expect another few hundred per month for electricity, gas, water, etc.
• Storage Locker – Budget $100-$250 monthly for your offsite staging locker.
• Fuel + Maintenance – With frequent trips to estates and sale sites, fuel and vehicle upkeep averages $300+ monthly.
• Software Subscriptions – Inventory and record-keeping programs cost around $30+ per user monthly.
• Advertising – Paid search, social, website, print, and radio ads average $2000 per month altogether.
• Hired Staff – Employees to assist with organizing, home staging , and working sales amount to $2000 in monthly payroll expenses.
• Insurance – General liability insurance plus bonding insurance averages $150 monthly.
• Transaction Fees – Credit card payment processor and cash advance fees add up to around 3-5% of sales.
• Accounting help – Professional bookkeeping services cost $300+ per month typically.

In total, plan for ongoing operating costs of approx. $6500 per month as you work to drive sales through executed estate liquidations. Keep costs lean in the first year as you reinvest earnings back into growth.

4. Form a Legal Business Entity

When starting an estate sale business, you must choose a legal entity to register it under. Each entity type has implications on taxes, liability protection, and ease of formation that new entrepreneurs must consider.

Sole Proprietorship

A sole proprietorship represents the simplest and most common default option. You own all assets and debts with no legal separation between personal and business finances. While easy to set up, sole proprietors receive unlimited liability, meaning your assets can be seized to settle business debts and lawsuits.

Partnership

Forming a general partnership splits ownership between two or more partners. However, each partner assumes unlimited personal liability for debts and legal issues incurred by the business. Disputes can also more easily dissolve partnerships.

Limited Liability Company (LLC)

Given the frequency of high-value goods changing hands in estate sales, protection from liability makes formations like limited liability companies (LLCs) smart choices. LLCs limit owner liability and keep personal assets shielded from company debts and legal judgments. LLCs also impose fewer operating requirements than corporations.

Corporation

Converting to a corporation in the future remains simpler with an LLC too. In general, corporations are better suited to large companies. They require more complex registration and are expensive to form.

5. Register Your Business For Taxes

Even sole proprietor estate sale businesses need to obtain an Employer Identification Number (EIN) from the IRS for tax purposes. An EIN functions like a social security number for your company.

Acquiring your unique EIN is free and easy through the IRS website. The online application takes less than 15 minutes to complete. You’ll need your personal identification documents, business address, and details about ownership structure ready.

The process involves:

• Navigating to the EIN Assistant page on IRS.gov
• Selecting View Additional Types, then continue to the assistant for Sole Proprietor application
• Providing your personal info and business details as prompted
• Reviewing your business information summary before submitting

Once submitted, your EIN gets issued immediately. The IRS emails a confirmation notice containing your new number for tax documentation.

You’ll also need to register with your state to collect and remit sales tax from estate sale transactions. Every state has slightly different procedures but generally involve submitting a simple form and paying a nominal fee. For example, the California seller’s permit application costs $20 and takes a few minutes to complete.

Check your state’s business tax resources to apply for required sales licensing, understand tax obligations, and smoothly handle payments. Keeping compliant means your growing estate sale company avoids potentially costly penalties down the road.

6. Setup Your Accounting

Keeping accurate financial records is imperative in an estate sale business where high-value inventory constantly changes hands and commission percentages determine profits. Without diligent accounting, you risk facing IRS penalties, overpaying at tax time, or lacking the clarity required for optimal strategy decisions.

Open a Business Bank Account

Start by separating personal and business bank accounts. Never pay personal expenses from your business checking account. Opening a dedicated account provides clean documentation of all business income and expenses flowing through it.

Accounting Software

Acquire bookkeeping software like QuickBooks to automatically centralize your finances. Connecting bank/credit card accounts to QuickBooks enables easy categorization of every transaction, invoice tracking, and seamless tax documentation. This eliminates manual data entry and reconciliation busywork.

Hire an Accountant

While software handles daily logging, work with an accountant quarterly on oversight. Expect costs between $200-500 per month for routine bookkeeping and financial statement preparation. Come tax season, your accountant can also handle sales tax calculations, tax payments, payroll filings, and compiling your annual returns for roughly $1000-2000.

Apply for a Business Credit Card

Getting a business credit card also simplifies record keeping with clear documentation of company purchases. Business cards function similarly to consumer cards but usage won’t impact your credit score. Limits match your projected monthly expenditures rather than individual income like personal cards.

7. Obtain Licenses and Permits

Operating a lawful estate liquidation business means demonstrating compliance through required licenses and permits. Find federal license information through the U.S. Small Business Administration . The SBA also offers a local search tool for state and city requirements.

For example, at the federal level, an estate sale business must acquire secondhand goods dealer licensing per IRS Publication 526. Report inventory acquisition details within 30 days for all goods purchased excluding vehicles. This proves legal sourcing and ownership should audits arise later.

Several other federal permits may also apply depending on operational areas like aviation, agriculture, alcohol, firearms, or hazardous materials disposal. Assess current and future services to ensure full compliance.

State-level licensing forms the next compliance checkpoint. Common required permits include a professional seller’s license, sales tax registration tied to your EIN and special use licenses if transporting oversized vehicles.

For instance, those hauling large furniture or commercial vehicles for asset removal may need commercial driver’s licenses (CDL) and transport permits that list maximum load weights.

Check with your Secretary of State office using their small business licensing wizard to identify required documentation. Renew licenses annually according to state guidelines as well.

At the county level, zoning permits likely apply to any leased brick-and-mortar retail space or fixed-site warehouse usage. Different counties enforce specific rules regarding operating hours, customer volume, signage, or building access for those with disabilities.

Reconfirm compliance when signing any property lease or making retail site modifications. The same often applies to finalizing contracts to host periodic estate sales at private event venues too.

8. Get Business Insurance

Insuring your estate sale business safeguards its financial viability against unforeseen losses. The frequency of high-value goods changing hands makes particular coverages vital from day one.

For example, general liability insurance protects when third-party property damage or bodily injuries occur because of your operations. It covers legal judgments should a customer get injured at a sale.

Another essential policy, employee theft insurance shields against inventory shrinking when staff steal. Crime bonds also cover financial losses from robberies, computer fraud, counterfeiting, and other criminal activities.

Operating sans insurance leaves grave vulnerability. Consider if a contracted moving company drops and destroys a full antique bedroom set. Or an overnight burglary results in $20,000 of jewelry disappearing from your secure storage. Both easily spell business dissolution without proper coverage.

Compared to those figures, yearly premiums cost reasonable pence on the dollar. They eliminate having to personally cover five- and six-figure risk possibilities that accompany estate sales.

Gaining quotes involves simply submitting details like your business type, location, number of employees, and revenue online through insurer websites like The Hartford and Next Insurance .

This yields cost estimates tailored to your situation for desired policies like:

• General liability – $500,000 limits
• Professional liability – $1 million limits
• Commercial crime insurance – $100,000 limits
• Cyber insurance – $100,000 limits

Evaluate if current cash reserves could sustain your business through the example incidents mentioned. If uncertainty exists, get insured immediately.

9. Create an Office Space

Operating an estate liquidation business entails frequent offsite meetings with clients plus remote work weeks spent coordinating sales. A formal office remains helpful for conducting consultations, securely storing sensitive documents, and separating professional/personal lives. Weigh options like:

Home Office

Converting a spare bedroom into a basic home office costs a little upfront. It provides privacy for client meetings and flexible 24/7 access for late-night work sessions. However, storing valuables onsite and distractions from family members often undermine productivity and security. Expect around $100-200 to set up with a basic desk and supplies.

Coworking Space

Nearby WeWork locations offer convenient on-demand meeting rooms from $40/hour. Store commonly-used equipment in 24/7 member-access cubbies. Tiered monthly memberships like WeWork’s Virtual Office also provide a business address to list professionally on websites/business cards starting at $60/month.

Retail Office

For estate sale operators planning retail components too, storefronts double as offices. Store merchandise displays and backrooms house desks for behind-the-scenes administrative tasks between assisting shoppers. Average 700 square foot units in shopping complexes lease for $1500+ monthly.

10. Source Your Equipment

Successfully liquidating estates requires reliable transportation, staging, and merchandising equipment. Source cost-effective equipment for your own estate sale company through:

While pricier, dealerships provide warranty protections on new vans, shelves, and electronics. Cargo vans with rear storage specs adequate for hauling start around $25,000 before custom shelving. Durable collapsible display racks and customizable tag systems run $2000. Invest in rugged mobile devices like tablets and label printers too.

Buying Used

Major savings arise when purchasing quality secondhand goods if comfortable with wear and shorter shelf life. Facebook Marketplace and Craigslist offer nearby deals on used cargo vans under $10,000. Expect to pay half compared to new retail for solid furniture pieces or electronics as well.

When only requiring larger vans temporarily for single estate cleanouts, renting proves most economical. U-Haul rents out cargo vans for $20-$30 daily including insurance. For seasonal storage overflow, movable container rentals start around $100 monthly. Rent cafe and reception furnishings as needed for hosting live sales as well.

Benefit from consistent usage with less upfront cash required by leasing primary vehicles and equipment over 36-60 months. This also bundles asset insurance coverage and scheduled maintenance services for reliable mobility. Expect equivalent monthly rental costs but with longer access terms and restricted mileage caps.

11. Establish Your Brand Assets

Crafting a distinctive brand presence allows estate sale entrepreneurs to cut through the noisy local competition and earn trust quicker with target shoppers.

Begin by securing branded fundamentals like:

Getting a Business Phone Number

Replace personal cell numbers with a professional business line using providers like RingCentral . Expect starter digital plans with call routing features and toll-free availability from $30/month. Prominently showcase your dedicated company numbers across all marketing to streamline communications.

Creating a Logo and Brand Assets

A thoughtfully designed logo becomes the cornerstone of your visual identity. Consider cleanly typographic wordmarks or emotive brand mascot logos. Looka’s AI tools help create on-brand colors, fonts, and graphic elements like badges and monogram seals for under $20.

Print Business Cards and Signage

Business cards displaying your logo, tagline, website, and contact info should be carried by all staff as roving 3D advertisements. Signage postings at storage facilities, live sales, and outreach events further heighten exposure. Order 500 to 1500 professionally printed cards and 10 lawn signs for around $50 total through convenient online printers like Vistaprint .

Purchasing a Domain Name

Secure matching.COM domain names reflecting your location and expertise using registrars like Namecheap for under $20 yearly. A domain transforms into a valuable marketing asset to list across all materials and helps customers conveniently find your website.

Building a Website

Constructing even simple sites quickly conveys legitimacy online. Those with website creation confidence can use Wix’s drag-and-drop editor from $14 monthly. Alternatively, delegate design entirely by hiring specialized freelancers found on marketplaces like Fiverr to finish quality sites from $500 and up.

12. Join Associations and Groups

Plugging into localized estate sale owner communities accelerates practical knowledge and referral partnerships. Fellow consigners happily share industry best practices and recommend proven partners that took years to uncover themselves.

Local Associations

In most metro areas, regional estate liquidators associations exist bringing multiple competing business owners together regularly. The American Society of Estate Liquidators is a great group to start with. Expect reasonable annual dues under $100.

Local Meetups

Keep a pulse on emerging trends and talent by attending area Meetup groups. Discussion panels feature unique operational approaches outside your current perspective. In-person networking kindles relationships with fellow sellers, storage companies, truck rental providers, and liquidators.

Facebook Groups

Thousands of fellow entrepreneurs nationwide face similar estate hurdles daily making social forums infinitely valuable. The ESTATE SALE LIQUIDATOR PROS and Liquidators USA groups share firsthand stories, planning templates, employee management tactics, and niche specialization ideas to bolster any business model. Post questions yourself to receive tailored guidance from those already excelling across the country.

13. How to Market an Estate Sale Business

Implementing ongoing marketing proves imperative for consistently driving new estate sale client acquisition and maximizing turnout at hosted liquidations.

Begin converting contacts using:

Personal Networking

Tap friends, family, past clients, and local Facebook connections to lay initial referral foundations as you establish operations. Offer 10% referral bonuses or complimentary consultations for anyone providing verified consignment leads who sign contracts.

For example, pleased sellers who recommend additional contacts could receive an estate commission donation to their named non-profit. This incentivizes viral word of mouth as you deliver excellent liquidation support.

Digital Marketing

• Google Ads – Target local searchers seeking related services through paid search campaigns. Expect to invest $300-$500 monthly to attract visitors by researching terms like “downsizing assistance near me”.
• Facebook Ads – Create lookalike audiences mirroring the demographics of current clients. Then showcase photo galleries of your estate sale services through Facebook/Instagram advertisements.
• Start a YouTube Channel – Publish weekly vlogs documenting behind-the-scenes liquidation projects or spotlights on unique pieces you come across. Build a loyal audience of commerce enthusiasts and elder shoppers through consistent value-focused entertainment.
• Guest blog for retirement and senior living publications to present your empathetic service perspective in front of relevant audiences already searching for your offerings.

Traditional Marketing

• Door-to-door outreach introducing your specialized offerings to retirement communities and independent/assisted living facilities. Follow up with brochure mailers to key local decision-maker contacts.
• Place eye-catching print advertisements in regional antique publications and newspapers. Especially highlight upcoming multi-estate tent sale events promising vast collections and elevated inventory.
• Negotiate organic social media endorsements from vintage boutiques benefiting from your funnel of estate goods. Complementary product trades or discounted buying rates could entice ongoing partnerships.

Apply targeted digital and traditional techniques consistently to cement awareness and seller relationships within communities needing compassionate estate solutions.

14. Focus on the Customer

Delivering empathetic and reliable estate sale guidance cements positive word-of-mouth referrals in this intimate service business. Remember you’re assisting customers in navigating profoundly emotional moments while sorting through heirlooms and possessions.

Expert listening allows proper tailoring of your organizational approach to match seller priorities whether that’s maximizing profits or respectfully finding new homes for items with dignified histories. Read body language during initial walkthroughs to uncover true sensitivities and inform recommendations.

Follow up post-sale as well to check on customer sentiments regarding the liquidation process and outcomes. Ask kindly for public or private testimonials if the experience positively impacted their transition.

Testimonials on social media and your website compel local readers on similar journeys to confidently secure your services. Overdeliver on empathy early on, especially amidst harried estate scenarios.

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April 9, 2024

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How To Start An Estate Sale Business In 14 Steps

Editorial Team

Clients deal with estate sales businesses because they quickly want the contents of an estate disposed of quickly. An estate sale business can be referred to as a tag sale business or an estate liquidation company. Clients engage in a tag sale business after they face a sudden life change, such as divorce, quick relocation, death of loved ones, etc.

An estate liquidation company tags everything in the house with a price and finds buyers. The sale takes place in a single or several days and is open to the public.

There is a lot to beginning this business that you need to know. Let’s get started! This article compiles a simple guide to help you create an estate sale company from the ground and make it a thriving business.

1. Understand The Market Dynamics 

Understanding the market dynamics will help determine whether this industry is worth venturing into. You need to weigh the pros and cons of the estate sales market. You do not also want to start up a business and close it within a short time. That is why you should understand the trends and challenges shaping this industry.

Find the estimated capital for establishing an estate sale business at this stage. The costs vary depending on the location and size of the company. However, startup capital for this business range between $2000- to $15000. Much money will go toward storage room, marketing, branding, advertising, and buying equipment. Some items you will need for this business are a cash register, desk/table, stationeries, computer, and truck for transporting goods to the auction site.

While evaluating the dynamics in this industry, remember to identify the barriers to entry and see if you can manage them. If you are sure that this is a business idea you would love to pursue, consider your business’s name.

2. Choose A Business Name

A business name defines your business identity. It is the base of the trademark design. It plays an important function as far as the perception and growth of a brand are concerned. The best thing is to choose a business name that encapsulates your mission, objectives, and services in just a few words.

A good business name should convey the right messages to your target audience.

It would be best if you chose a business name that has the power to create a long-lasting relationship between customers and the company. Considering that a business name is the first thing customers interact with, go for one that is short and easy to recall.

Some guidelines on how to brainstorm your business name include the following:

• Go for a word that can allow expansion
• Avoid names based on location, for they can affect future expansion
• Choose a catchy name 
• Choose a short and easy-to-remember name
• Try including keywords such as liquidate or estate to boost SEO

Online tools can also help you quickly generate your estate sales business name. Once you develop your business name, begin to brand it.

3. Plan Your Business

Having a robust plan of how to run your business is essential for the success of your business. It lets you map out what you need to begin your business, including the capital, target market, business name, etc.

It would be best if you planned for the startup and ongoing costs to have a successful business. In this phase, make a budget for the employees you need to hire, the cost of renting a workspace, designing your logo, licensing fees, permit requirements, and insurance costs.

During planning, determine your target market and how to reach out to them. The target market will affect where and how you will conduct your business.

You need to understand that a business plan acts as a guidebook to take your estate sales business off the ground, maintaining focus on the primary goal. Structure a clear business plan to enable prospective investors and partners to understand your business and its vision.

If you encounter difficulties in creating a business plan, consider hiring a professional to help you out. You can use sites such as Upwork, Fiverr, and freelancer to find a business plan specialist. 

4. Register Your Estate Sales Business

Registering your business makes the whole process of starting up a business official.

Before registering your estate sales business, you should consider the location where you want your business registered. Location may affect revenue, taxes, and legal requirements.

In this phase, you must choose a business structure that will work better for you. The common business entities are corporations, limited liability companies (LLCs), sole proprietorships, and partnerships. The business entity you choose will shape registration requirements, taxes, and personal liability. Limited liability is the most suitable business structure for new business owners.

5. Enroll For Taxes

You must obtain a federal tax identification number/employer identification number to register for taxes. You can use your social security number (SSN) as your employer identification number if you have registered your sales estate business as a sole proprietorship business entity. With your employer identification number, you can now choose your tax year. If you encounter problems while filing taxes, consult an accountant to ensure you are doing what is legally required. 

6. Open A Business Bank Account

Think of where you will be keeping your money. Keeping it in the bank is best, but you must open a business account.

Banks differ based on their offerings. Opening an estate sales business account is simple. A business bank account will make it easy for you to file taxes and perform other accounting roles. The performance will help you to divide your personal assets from those of your sales estate business. This is very important when protecting your personal investment if the company gets sued. 

Thus, it would be best if you inquired at the bank of your choice concerning their rates and features for you to select your preferred plan.

Once you open a business account, you can now get a business credit card. A business credit card will help you to separate business and personal expenses by putting your estate sales business expenses in one place. This account will also help you build your business credit history. When credit history is good, it can help raise money later on.

7. Get A Phone Set Up

Setting up your estate sales business’s phone system is equally important as opening a business account. There are better choices than accepting business-related calls on your private line. It’s a good way of separating your private life and business life. It seems unprofessional, especially when answering a business call with a greeting you give your friends. Besides, you expose yourself to receiving business calls 24 hours a day.

Since you are new to the estate sales business, you want to go for something other than an expensive phone service. Setting up a phone system enables you to make your company more automated. It also makes it easier for prospective clients to find you and improves business legitimacy. There are a variety of companies offering phone services to small businesses. However, their charges range with phone features and how user-friendly it is. Choose a provider with fair pricing.

8. Apply For Business Permits/ Licenses

Business Permits and licenses are legal requirements for an estate sales business. Before launching your business, ensure to acquire the required business permits. Otherwise, you may find yourself being fined or your business shut down. The licenses and permits vary based on the state and local government. You will therefore need to check with your county, city, or town clerk’s office.

Your business will be selling items on behalf of your clients. Thus you and your clients should sign a consignment agreement. The agreement specifies the information of the arrangement between your estate sales business and the clients. Knowing other contracts, such as consignment and service agreements, would be best.

Clients should also sign a service agreement before your estate company begins any project with them. This agreement explains the clients’ expectations, payment terms, service level expectations, conditions, and property ownership. 

9. Business Insurance

Business insurance is crucial because it protects your business’s financial well-being in case of a covered loss. There is a wide range of policies depending on the nature of the business. General liability insurance is the most common coverage that you can begin with. It’s the most comprehensive insurance because it covers many elements of a business. It is sometimes known as commercial liability insurance because it helps cover overheads of liability claims that can be made against your estate sales company.

For instance, a client can injure himself while on your company premise. If he brings a lawsuit against your business, general liability insurance will come in to help you pay the costs of that claim.

If you have recruited employees to help you run your business, consider taking worker’s compensation insurance. Compensation insurance offers insurance to employees who get injured on the job. Worker’s compensation insurance offers financial support to staff who are not in a position to work due to illness. For instance, if your employee injures himself while lifting heavy items while working in your business, worker’s compensation insurance can help cover his medical bills.

10. Market Your Business

Marketing is key for new businesses. It will help in boosting customers and brand awareness. To begin with, build a professional website. Ensure you state what your business does and where its located, and encourage response. In the modern world today, social media has offered a good platform for promoting business. Therefore, ensure you link the website to your social media accounts such as Facebook, LinkedIn, and Instagram. Begin by creating engaging posts that feature and advertise your products. 

Focus on unique selling propositions when conducting marketing to stimulate buyer desires. Try drawing potential customers into your estate sales business is also good. You can do this by calling them on the phone. If your budget allows, hire a social media manager to assist with marketing roles. You can hire a social media manager by visiting sites such as Upwork, freelancer, and people per hour. You can also post your job ad on recruiting sites such as ZipRecruiter or Indeed.

11. Seek Connections

Networking is crucial for your business gain. For your business to thrive, you should review your professional and personal networks and contact those with interest or possible links in estate sales. This can involve sending mailshots to companies that you wish to work with, arranging a meeting with business owners, and attending suitable events.

Your network can offer untapped business opportunities, such as finding new customers that you can begin a partnership. Some of your friends may already be in this type of business, and they can provide you with valuable insights that can help you thrive easily in this industry. Others may offer you industry connections that you may not have had anywhere else.

It is impossible to run an estate liquidation company without a network of buyers. Thus, you must build and maintain a good healthy network with brokers. They are important for appraising and selling assets. Good networking will raise your estate sales company off the ground quickly. 

12. Build A Good Team

As your business grows, you may need to employ a team of workers that can help you manage your estate sales company. Based on the needs of your business, you can create positions such as marketing lead, estate sales executive, and general manager.

Marketing lead work to ensure that clients can find your company’s website easily. They are responsible for social media marketing and SEO optimization.

Estate sales executives are responsible for closing deals, engaging new prospects, and establishing and negotiating contracts. 

A general manager will help you handle administrative duties, recruiting, firing, supporting clients, bookkeeping, and scheduling, among others.

You might need to fill in these positions at a go or as the needs of your business arise. In case you encounter difficulties in hiring talents, you can involve recruiting agencies. There are free-of-charge ways that you can also use to hire and employ the right candidates, such as posting ads on social media platforms. If your budget allows, you can advertise the vacancies on premium recruitment options such as Glassdoor, ZipRecruiter, and Indeed.

13. Strategize Your Business

Holding an estate liquidation can be challenging and exhausting. However, if you design a good system from the beginning, it will be easy for you to dispose of the products on your list. The best strategy is arranging similar items together with prices tagged on each item. Before you place a price on an item, ensure to research to find a suitable price that the item can fetch. You should know how to place true value on antiques, art, furniture, office equipment, collectibles, books, electronics, and other items of an estate being disposed of. For this reason, you must take time to research sales items for proper pricing.

Timing is also very important in estate sales liquidation. Holding an estate sale when many clients are likely to be available can help you reach out to many potential buyers. Thus, hosting an estate sale on holidays or weekends can be a good idea. 

You should also do proper advertisement before the due date to target many buyers. The more people turn out to your sales event, the more estate sales you are likely to have. Focus on selling your company to the client whose estate you are liquidating, the buyers purchasing the items, and the referrers who are likely to recommend you to others.

Maximize your crowd control and organizational skills to build and handle the sale, work well and lead a team under pressure.

Ensure to have maximized security during the estate sales process to avoid cases of theft that might lead to the loss of items.

14. Scoping Your Service

The most common way in which estate liquidation businesses make money is by taking a particular percentage of the gross sales made from an estate. The percentage you charge depends on the kind of service you provide. You can charge a higher percentage if you are providing full disposal and cleaning services. The advantage of the estate sales business is that you can shape things to your vision, skills, and goals and start making money. To maximize your sales, you must make the entire estate sale enticing and presentable. Selling clean and undamaged items will get buyers more easily than good but unclean items. The packaging of the items can affect the entire sale or lower the entire value of the overall set of items.

Establishing a successful estate liquidation company can be challenging. It needs a smart business plan and a proper marketing approach. To succeed in this business, adopt a well-thought, measured and consistent tactic for the creation of your estate sale business. Conduct comprehensive research before tagging the price on the items being disposed of and build a strong network. Your estate sales company will thrive sooner than you may think! Good luck

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How to Start an Estate Sale Business in 2024

How to start an estate sale business? Starting an estate sale business is like setting out on an exciting adventure where each estate transforms into a painting of distinctive stories and undiscovered treasures. This entrepreneurial endeavor is your calling if you have a passion for antiques and vintage products and the ability to connect with people.

An estate sale company offers an alluring fusion of history, nostalgia, and the excitement of unearthing priceless items. As an estate sale coordinator, it will be your job to guide families through life’s transitions while bringing out the hidden value in their belongings.

We’ll go into the specifics of beginning your own estate sale business in this comprehensive book, covering everything from the fundamentals of setting up shop to the art of arranging spectacular sales that astound both sellers and buyers. So buckle up and prepare to dive into the fascinating world of estate sales, a profession that promises success and enthusiasm!

How to Launch an Estate Sale Company? 

Starting an estate sale business involves careful planning and attention to detail to create a prosperous and profitable endeavor. The steps to help you through the procedure are as follows.

Step 1: Education and Research

Before you start, learn everything you can about the estate sale business. Discover the rules and procedures that apply to estate sales where you live. Attend conferences, seminars, or online courses that provide insightful advice and information from seasoned estate sale specialists. Your business will have a solid base if you comprehend the nuances of estate sales, pricing methods, and client behavior.

Step 2: Create a Business Plan

Create a thorough business plan that defines your estate sale company’s objectives, vision, and mission. Identify your target market, which should include prospective customers and clients. Describe the services you will provide and your unique selling propositions.

Financial forecasts, a development and expansion plan, and a clear marketing strategy should all be included in your business plan. A well-written business plan will outline your estate sale business’s success.

Step 3: Legal Prerequisites

By selecting a suitable company form, such as a sole proprietorship, partnership, or LLC, you can establish your estate sale firm as a legitimate entity. To lawfully conduct estate sales, you must register your business and acquire any licenses, permissions, or certificates needed. Consider getting liability insurance as well to shield you and your customers throughout the sale.

Step 4: Build Your Network 

A successful estate sale business requires a vast network of contacts, probate experts, real estate agents, estate lawyers, and other vital players in the industry. Networking might result in recommendations and profitable estate sale chances. To broaden your network, go to industry events, join organizations for professionals, and become involved in your neighborhood.

Step 5: Purchasing Inventory

Promote your estate sale services to people and families needing help with asset liquidation, relocation, or downsizing. Purchase inventory by directly purchasing estates or providing clients with estate sale services. Consider developing partnerships with estate executors or specialists to access possible estate sale prospects.

Step 6: Pricing and Appraisal

Pricing correctly is essential to attracting customers and maximizing sales. When determining a price for valuable things, ponder over hiring a qualified assessor. Use clear pricing tags and provide a thorough inventory list for the buyer’s convenience.

Step 7: Prepare an Estate Sale

Prepare and set up the estate sale in a professional and eye-catching way. Make it simple for customers to browse by setting up display areas for various product categories. The objects should be spotless and shown in their best shape. The shopping experience for customers is improved, and the possibility of a sale increases with proper organization and presentation.

Step 8: Advertising and Promotion

To contact potential customers, develop a strong marketing strategy. Use conventional and digital marketing channels, including mailing lists, social media sites, websites for estate sales, regional newspapers, and community message boards. Promote the estate sale far in advance to build interest and draw a larger crowd.

Step 9: Security and Staffing

Employ a dependable and experienced staff to help with the estate sale. Your team should have received thorough training in handling sensitive objects, customer service, and bargaining techniques. Put security measures in place to stop theft or damage while the sale continues. Building confidence with customers and buyers will result from ensuring a safe and secure environment.

Step 10: Executing the Estate Sale

Engage with potential purchasers when greeting guests at the estate sale. Describe the sold products in detail and be willing to negotiate if required. Respect the history of the estate and the feelings of the participating vendors. Creating a good rapport with customers can result in recurring business and word-of-mouth recommendations.

Step 11: Cleanup After the Sale

Do a thorough post-sale cleanup after the sale is over. As agreed upon with the client, remove any unsold items and restore the property to its initial state. A tidy and organized post-sale procedure demonstrates competence and attention to detail.

Step 12: Client Testimonials and Feedback

Ask customers for feedback on how they found your estate sale services. Positive recommendations and contented customer evaluations can enhance your reputation and attract new customers. Utilise client feedback to improve your offerings and create enduring client connections.

By adhering to these comprehensive measures, you can create a renowned estate sale company that provides clients with valuable services, meets buyers’ needs, and enables you to prosper in the fascinating world of estate sales.

Benefits of Starting an Estate Sale Company 

Starting an estate sale company has a lot of advantages that make it a desirable and fruitful business enterprise. Let’s delve deeper into the benefits.

1. Combination of Passion and Profit

Operating an estate sale business enables you to enjoy your passion for vintage, antique, and collectible objects while turning it into a successful business. Finding lost gems and returning them to their owners is a satisfying experience.

2. Flexible Work Schedules

You can choose your own working hours as the proprietor of an estate sale company. While planning and organization are necessary for estate sales, you can schedule sales on the weekends or on days that work best for your schedule, improving your work-life balance.

3. Low Startup Costs

Starting an estate sale business often takes less capital than starting other types of enterprises. You can get started with basic equipment like price tags, display tables, and a computer for marketing. Aspiring business owners can easily access it because of its affordability.

4. Strong Niche Market

Estate sales target a certain group of customers searching for antiques, vintage objects, and unique finds. You may concentrate your marketing efforts on luring qualified and interested buyers thanks to this targeted audience, improving your chances of making a sale.

5. Recession-Resistant

Regardless of the status of the economy, people will always need to downsize, migrate, or liquidate assets, making the estate sale business recession-resistant. During difficult economic times, Estate sales may experience higher demand as people want to sell unwanted items to generate extra revenue.

6. Significant Client Relationships

Valuable client relationships can result from assisting families and individuals during major life transitions, such as downsizing or managing a loved one’s estate. When people face difficult times, you can help build their trust and loyalty.

7. Diverse Inventory and Experience

Every estate sale offers a distinctive inventory, providing variety and excitement for you and your buyers. Every sale offers fresh encounters and educational chances, from vintage attire and precious antiques to rare rarities and collectibles.

8. Green and Sustainable Business

An estate sale company encourages recycling and sustainability by giving used objects a second chance. It is an environmentally sound business choice because you help reduce trash and carbon impact by facilitating the selling of secondhand items.

9. Thrill of the Hunt

The estate sale industry offers a thrilling and constantly-changing atmosphere for those who appreciate finding hidden treasures and seeking hidden jewels. Each sale can be exciting if valuable items and uncommon finds are discovered.

How Much Does it Cost to Launch an Estate Sale Company? 

Depending on your region, the size of your company, and the services you intend to provide, the startup fees for an estate sale firm can change. Here is a comprehensive list of probable costs for beginning an estate sale business.

1. Licencing and Legal Fees

Some upfront charges may be associated with registering your estate sale firm as a legal entity, such as a sole proprietorship or LLC. It includes paying business registration fees, acquiring required licenses, and sometimes employing a lawyer for legal counsel.

2. Insurance

Liability insurance is crucial for defending your estate sale company against potential lawsuits or property damage that can be sustained during a sale. Your need for coverage and the insurance company will affect how much insurance will cost.

3. Marketing and Advertising

Their expenses are required to raise brand recognition and draw in new clients and consumers. It could require creating a company website, printing business cards, creating marketing materials, and implementing offline and online marketing tactics.

4. Tools and Materials

Setting up and running an estate sale requires using tools and materials. It includes price tags, display furniture, signage, boxes, safety precautions, and office supplies.

5. Transportation and Storage 

You could require a car to move products from the estate locations to the sale place, depending on the size of your business. You may also need storage space for merchandise between sales if you intend to provide estate cleanout services.

6. Staffing

Hiring employees to help plan and run estate sales will be an added expense. Think about how many personnel you’ll need for each sale and their hourly earnings or salaries.

7. Fees for Appraisals

To effectively determine the worth of specific objects, you should employ a professional appraiser if you need experience in pricing antiques and precious items. Depending on how complicated the inventory is, appraisal costs can change.

8. Renting a Workspace

You might need to hire a location for each sale if you still need a suitable facility to hold estate sales. The site and size of the space will affect the rental price.

9. Software and Technology

Purchasing estate sale management software or other technology helps expedite your procedures and increase organization. It could include accounting software, POS (Point of Sale), and inventory management systems.

10. Other Expenses

Be ready for unforeseen charges during the initial phase, such as travel expenses, printing costs, or unanticipated maintenance.

The overall cost of launching an estate sale business is challenging to estimate because it varies on each individual’s circumstances and business goals. However, with a budget of a few thousand dollars, you can launch a little estate sale company. You should save money as your company expands and develops traction for marketing, personnel, and extra services.

How to start an estate sale business? To launch an estate sale company, do extensive research, write a business plan, get the required licenses, and develop a network of contacts. Strategize estate sales while offering first-rate customer support to build a profitable business.

Frequently Asked Questions (FAQs)

Q: How to start up an estate sale business without qualification? 

A: Although there are no particular requirements, having a love for antiques, pricing expertise, organizational abilities, and the capacity to build relationships with customers is advantageous.

Q: Can I operate an estate sale company from my house?

A: It might be possible to run a home-based estate sale business but keep in mind zoning and space limitations. It depends on local regulations and the size of your firm.

Q: Do I require a group to help in estate sales?A: Employing dependable staff can help you plan and run estate sales successfully, depending on the size of your firm.

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How to start an estate sale business

March 16, 2021.

Laying the foundation: How to start an estate sale business

So, you’re looking to make the year ahead truly something special. You’re considering your next move as a new or hopeful business owner and despite the challenges you may be facing, you’re keen to begin your journey.

Today, we’re going to discuss in detail how to start an estate sale business. We’ll be going over important legal concerns, the kind of company structure you may wish to pursue and how to enter the market as a new business.

Let’s start by defining an estate sale agency

Often confused with an estate agency, estate sales services are related to the appraising and selling of a person’s assets following their death. It is the duty of an estate sale business to provide a service that allows for a person’s assets to be quickly, consistently and fairly appraised at a suitable value and, if required by the client, to arrange for their sale on their behalf.

These kinds of businesses help to provide a service that takes the burden and stress off the shoulders of the individual who would otherwise be left with the duty of handling the deceased person’s estate. They also help to ensure that important affairs are managed during a delicate time.

Starting with your plan

Before entering into this kind of industry, it’s important you begin with a frank and robust plan on how you intend to operate your company. For most hopeful business owners, capital is an initial concern; a problem for an industry like this where it can take a significant amount of time for your initial activities to produce a payout. The business may also require the hiring of administrative support staff to help process your activities and client requests. Therefore, if you’re looking for advice on how to start an estate sale business that can rapidly provide profit, you may be disappointed.

Key blockers in terms of time to profit for estate sales companies tend to revolve around digital marketing campaigns, licensing, permits and legal disputes or issues and complications surrounding insurance for your company and staff. Keeping staff paid and your operation continuing while you begin to make money can also be a challenging task, with many people each year seeking advice on how to start an estate sale business where they are not threatened by cash flow concerns.

Scoping your service

The predominant way in which estate sales companies make money is by taking a percentage of gross sales from an estate. This percentage can vary significantly, with some companies taking a quarter or less and others as much as half. The fee you require should be in part determined by the kind of service you offer. Some companies offer full cleaning and disposal services, necessitating a higher fee to cover the training and employment of extra staff. This means there’s no one hard and fast rule on how to start an estate sale business; you’re free to shape things to your goal, vision, skills and starting money.

These ancillary areas will require more of your time and that of your staff, but they do offer an opportunity to diversify your business, see it stand out from the competition and to generate more profit from each client you work with. It’s up to you as the person seeking advice on how to start an estate sale business on where to draw the line.

Understanding your legal requirements

There’s no one answer for people who are looking for legal information on how to start an estate sale business. The legalities of this kind of operation are linked intimately to legal procedures surrounding the passing of a person, meaning that they are prone to significant differences depending on your state or country.

In the USA, it’s most common for business owners in this industry to begin their company by forming a legal entity. This is essentially a type of business structure and may entail a person being a sole trader and proprietor or working in partnership with a business partner or team of professionals.

One of the key benefits of having a corporation or LLC set up for your business in the USA is that you are provided with a degree of protection from personal liability should your company be sued by a third party. The costs of establishing this kind of company will vary depending on where you establish your business, meaning you’ll have to do your own region-specific searching for exact clarification on how to start an estate sale business in your area. It’s also important at this stage of your company’s operation to ensure your taxes are in order, which will once again involve a varying degree of research depending on your location, business structure and services.

Seeking connections

When operating within an industry like this, it’s vital that you develop and maintain a healthy network of connections to key services like brokers. These people are crucial for selling and appraising assets. If you’re looking to hit the ground running, one of the most important lessons you can learn about how to start an estate sale business is that you can’t move your assets without a network of buyers in place.

Fortunately, many companies are well-versed in working with estate sales businesses. As you navigate the legal and marketing setup for your company, it’s worth spending some time networking online and in-person where suitable. This can involve going to events, arranging meetings with company owners and sending mailshots or other forms of contact to companies you may wish to work with in the future. It’s an important part of how to start an estate sale business and it’s best to cover it sooner rather than later.

Starting this kind of company is challenging, but very doable if you adopt a careful, measured and consistent approach to the creation of your business. We wish you the best of luck in your endeavours and if you need business financing once your company is up and running, Idea Financial can help.

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The Comprehensive Guide to Running a Successful Estate Sale

Estate sales can be a practical and efficient way to liquidate the belongings of a deceased loved one or downsize your own possessions. However, organizing and executing an estate sale requires careful planning, attention to detail, and sensitivity to the emotions of those involved. In this guide, we will provide you with a comprehensive overview of the steps involved in running a successful estate sale.

• Planning and Preparation: a. Assess the Scope: Begin by assessing the scope of the estate sale. Take inventory of all items to be sold and categorize them accordingly (e.g., furniture, collectibles, clothing). b. Set Goals: Determine your objectives for the estate sale, whether it’s maximizing profits, clearing out space, or both. c. Legal Considerations: Familiarize yourself with any legal requirements or regulations governing estate sales in your area, such as obtaining permits or adhering to zoning laws. d. Choose Dates and Times: Select dates and times for the estate sale that are convenient for potential buyers and allow sufficient time for preparation. e. Pricing Strategy: Develop a pricing strategy for items based on their condition, market value, and sentimental value. Consider hiring a professional appraiser for valuable or rare items. f. Organize Logistics: Arrange for staffing, security, and any necessary equipment or supplies for the estate sale.
• Marketing and Promotion: a. Advertising Channels: Utilize a variety of advertising channels to promote the estate sale, including online platforms, local newspapers, and community bulletin boards. b. High-Quality Photos: Take high-quality photos of select items to be sold and use them in your advertising materials to attract potential buyers. c. Detailed Descriptions: Provide detailed descriptions of key items in your promotional materials, highlighting their features, condition, and uniqueness. d. Social Media Presence: Leverage social media platforms to reach a broader audience and engage with potential buyers before, during, and after the estate sale.

• Execution: a. Set Up: Arrange the items to be sold in an organized and visually appealing manner, making it easy for buyers to browse and find what they’re looking for. b. Pricing and Signage: Clearly mark prices on all items and use signage to designate different areas of the estate sale (e.g., furniture, electronics). c. Staffing and Customer Service: Ensure that knowledgeable staff members are available to assist customers, answer questions, and handle transactions. d. Security Measures: Implement security measures to prevent theft or damage to items, such as installing surveillance cameras or hiring security personnel. e. Payment Options: Offer multiple payment options for buyers, including cash, credit/debit cards, and mobile payment methods, to accommodate their preferences.
• Post-Sale Procedures: a. Clean-Up: After the estate sale concludes, thoroughly clean and organize the remaining items, disposing of any unsold items responsibly. b. Financial Accounting: Keep accurate records of all sales transactions and expenses associated with the estate sale for tax and accounting purposes. c. Donation or Liquidation: Determine what to do with any unsold items, whether it’s donating them to charity, arranging for bulk liquidation, or storing them for future sales. d. Solicit Feedback: Encourage feedback from buyers and attendees to identify areas for improvement and inform future estate sales.

Running an estate sale requires careful planning, effective marketing, and meticulous execution. By following the steps outlined in this comprehensive guide, you can maximize the success of your estate sale while minimizing stress and uncertainty for all parties involved. Remember to approach the process with sensitivity and professionalism, keeping the best interests of the estate and its beneficiaries in mind at all times.

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Our Expert-Approved Guide to Planning Your Own Estate Sale in 8 Simple Steps

The first step is to take stock of what you have, which will help you dictate the date for your event.

Madeline Buiano is an editor at MarthaStewart.com, sharing her knowledge on a range of topics—from gardening and cleaning to home.

Whether you're moving a far distance and only want to bring a few possessions with you, or you're cleaning out the space of a recently passed loved one, you may be considering holding an estate sale . "Compared to a garage sale , which is typically limited to the interior of a garage with overflow onto the driveway, an estate sale is on a much larger scale and takes place within the home," explains Peggy Ruby, CEO and founder of Poof! Estate Services .

At estate sales, people typically part with items of varying value, including valuable décor, jewelry, vehicles, and more. "Individuals may choose to have an estate sale for various reasons including moving, downsizing , combining homes, transitioning to senior living, moving in with an adult child, or handling the estate of a deceased loved one ," Ruby says. No matter the reason for your interest, there are a few steps everyone should take when organizing this large undertaking. Here, two experts explain the step-by-step process of planning your own estate sale.

Take Stock of Your Inventory

Once you've decided an estate sale is the best option for you, Ruby recommends taking stock of everything you are looking to sell. "Keep in mind that customers who shop estate sales will buy just about anything you have in your home. This means linens and Tupperware through to clothes and shoes," she says. Knowing how many belongings you plan to sell will help you figure out how long it will take to organize and price your items, as well as how many days you should reserve for active selling.

Price Your Items

In addition to helping clean out your or your loved one's home , another key reason for holding an estate sale is to make money—plain and simple. For that reason, you want to make sure your items are priced correctly. According to Ruby, pricing your belongings ahead of time will prevent you from getting overwhelmed by customer inquiries while your sale is in progress.

To determine how much each item is worth, Helaine Fendelman, the owner of Helaine Fendelman & Associates , recommends checking auction sites, thrift stores, and consignment shops. She also says to leave room in the set sale price for negotiation, noting that bargaining is a highlight for many people who attend these types of sales. In addition to discount stores, Ruby says to comb through receipts from past purchases and sold listings on resale websites, like Ebay. "We suggest pricing your items no more than 50 to 70 percent of the retail value in order to ensure your items sell quickly and you aren't left over with a lot of inventory at the end," she adds.

Consider Having Your Items Appraised

To avoid pricing your items lower than they're worth, consider having an expert take a look. "Appraisers typically charge by the hour, will come out to your home, and will provide the top retail value for valuable items on site," Ruby says. "Although these prices may be too high for an estate sale, you will now have important information regarding your pieces of value, which will help you advertise and sell them to the public."

Seeking out the help of an appraiser is also useful for items you don't think will sell for much. Before donating or simply tossing them away, Ruby says an appraiser can tell you if they're worth selling and the best avenue for parting with them.

The date you choose for your estate sale will depend on how much time you need to get all of your items organized and priced appropriately. "Once you have that length of time determined, plan your event for one week after that ending point to allow ample time for your online advertising to be seen by as many customers as possible," Ruby says.

While there is no one day that's better than the rest for hosting an estate sale, Ruby says to consider the amount of competition in your area and how robust the advertisement of your sale is in comparison. If there are a lot of estate sales, garage sales or rummage sales taking place on the same day, customers have more options to shop elsewhere. But if you feel your advertising can stand up to the competition, hosting your sale on the same day as others may not be an issue.

Ultimately, Ruby says the most common days for a sale are Thursday, Friday, and Saturday. "If you have a more sparse grouping of items to sell, try starting your sale on a Wednesday to beat out competition in your area," she notes.

Advertise Your Sale

Ensure shoppers attend your sale by advertising it heavily. "We suggest a mix of advertising your sale both online and in person through street signage," Ruby says. "While the Internet and social media platforms will help attract a wider net of serious buyers, drive-by traffic can surprise you."

For online advertising, Ruby recommends using estatesales.net , but she does note that they charge a fee for sale listings. Additionally, Fendelman says to give away flyers and advertise your sale in local newspapers or antique publications. "Put signs in the grocery or drugstore, if allowed," she adds.

Check Local Guidelines

In some cities, you'll need a permit for hosting an estate sale. Fendelman says to check your local ordinances by way of city hall to see if this is a step you need to take. In addition to needing a permit, Ruby notes areas may also have rules surrounding street signage placement, as well as how many sales you can host in one year at the same address. "If the city does not require a permit, they will still most likely have rules and regulations they would like you to follow," Ruby says.

Prepare the Site

How you organize and present the items at your estate sale may dictate how successful it is. Ruby recommends grouping like items together, which ensures that customers will see everything you have to offer at a glance. "When items are grouped together, customers looking for that type of product will most likely buy more of it, meaning more money for your sale," she says.

Ruby also says to wipe down any dusty surfaces and clean your items leading up to the sale. Also be sure to remove any sensitive information. "It is important that there are no credit cards, bank statements, or family photos in the home during the active sale to ensure your privacy is maintained," Ruby explains.

Additionally, Fendelman says to make sure your space is safe for people to walk through. "Be aware of potential places where an attendee might fall or slip and eliminate those areas or mark them off-limits," she says.

Consider Hiring a Professional Estate Sale Company

There are some instances in which it may be beneficial to hire a professional, rather than attempt to host an estate sale on your own. According to Ruby, one reason is not having enough people available to help you set up your sale and handle the public. Other reasons Ruby notes include having a large home that will take a novice months (if not longer) to sort through, handling a loved one's estate, as it may be an emotional experience, and dealing with a product set that is very valuable .

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Conducting an Estate Sale from Start to Finish

Estate sales can be a challenging yet rewarding experience for both sellers and buyers. For individuals looking to liquidate their belongings, an estate sale can provide an efficient way to sell off a large portion of their possessions. Estate Greats is here to help guide you through the process of conducting an estate sale from start to finish, ensuring that your sale is organized and successful. In this article, we will outline the step-by-step process to prepare, promote, and run a successful estate sale .

Conducting an Estate Sale

• Assess the Estate and Determine the Need for a Sale
• Choose a Professional Estate Sale Company
• Sort and Organize Items
• Appraise and Price Items
• Prepare the Property for the Sale
• Market and Advertise the Sale
• Conduct the Sale
• Post-Sale Cleanup and Disposal
• Settle Finances and Close the Estate
• Evaluate the Success of the Sale

1. Assess the Estate and Determine the Need for Conducting an Estate Sale

The first step in conducting an estate sale is to evaluate the estate’s contents and decide whether a sale is necessary. Factors to consider include the number of items, their value, and any special circumstances, such as the need to clear out the estate quickly. If you determine that an estate sale is the best course of action, it’s time to move on to the next step

2. Choose a Professional Estate Sale Company

While it’s possible to conduct an estate sale independently, partnering with a professional estate sale company like Estate Greats can make the process smoother and more profitable. Estate sale companies have the experience, resources, and knowledge to maximize the value of your sale. They will handle the logistics, promotion, and sales process, allowing you to focus on other important aspects of the estate.

3. Sort and Organize Items

Before the sale can begin, it’s essential to sort and organize the items in the estate. This process involves separating items into categories, such as furniture, collectibles, clothing, and kitchenware. Organizing the items will make it easier for potential buyers to browse and find what they’re looking for during the sale.

4. Appraise and Price Items

To ensure that your estate sale is profitable, it’s crucial to accurately appraise and price each item. A professional estate sale company will have experts who can help you determine the fair market value of your belongings. They will research the market, consult industry resources, and use their expertise to price items competitively.

5. Prepare the Property for the Sale

Once items have been sorted, appraised, and priced, it’s time to prepare the property for the sale. This involves cleaning and staging the home to create an appealing environment for potential buyers. Estate sale companies will typically provide guidance on how to best display items for maximum visibility and ease of access.

6. Market and Advertise the Sale

Effective marketing and advertising are key to attracting buyers to your estate sale. A professional estate sale company will create a customized marketing plan to promote your sale. This may include online listings, social media promotion, newspaper ads, and signage around the neighborhood. The more exposure your sale receives, the more likely it is to be successful.

7. Conduct the Sale

On the day of the estate sale, it’s essential to have a well-organized and efficient system in place to manage the flow of buyers and handle transactions. Estate sale companies will provide experienced staff to oversee the sale, manage crowds, and ensure a smooth and successful event.

8. Post-Sale Cleanup and Disposal

Once the estate sale is over, there will likely be some unsold items remaining. It’s important to have a plan in place for the disposal of these items, whether through donation, recycling, or disposal. Estate sale companies often have relationships with local charities and recycling centers and can help facilitate the removal of unsold items.

9. Settle Finances and Close the Estate

The final step in the estate sale process is to settle the financial aspects of the sale. This includes paying any fees to the estate sale company, settling taxes, and distributing proceeds to the appropriate parties. Once these matters have been addressed, the estate can be officially closed.

10. Evaluate the Success of the Sale

After the estate sale is complete and all financial matters have been settled, it’s essential to evaluate the success of the sale. Review the original goals set for the estate sale, such as the number of items sold, total revenue generated, and the time it took to liquidate the estate. Evaluating the success of the sale will help you learn from the experience and make improvements for future estate sales, should the need arise.

Conducting an estate sale from start to finish can be a complex process, but with proper planning and the assistance of a professional estate sale company like Estate Greats , it can be a rewarding experience. By following the steps outlined in this article, you can ensure that your estate sale is organized, well-attended, and successful. Remember that the key to a successful estate sale is preparation, marketing, and efficient execution, so don’t hesitate to invest time and resources into making your estate sale the best it can be.

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How Hard is it to Start an Estate Liquidation Business?

Like any endeavor, it takes dedication and commitment. Starting an estate liquidation business is not different except there are some additional things to consider in order to be successful and have longevity in the industry.

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Hold an Estate Sale

Common Concerns

I can’t think of many businesses to compare to an estate liquidation company.

As a business owner you are entrusted to liquidate the assets of family members that have been collected for decades in an industry that’s not regulated by any governing body.

The competition in the industry is fierce because there are no special licensing requirements to start an estate sale business, and one bad apple in the industry can taint the reputation of many.

There are individuals that begin by starting their own estate sale company, only to give up soon after because they cannot sustain.

Estate Sale Business Success

A successful business especially in the estate liquidation industry can only exist if the right steps are taken at the right time. This proves to be difficult in a business where every day you’re conducting business at a different location, and the situation you’re facing will vary from one home to the next.

• Achieving Brand Awareness
• Earning and Maintaining Consumer Trust
• Marketing and Advertising Plan
• Continuous Lead Generation Techniques
• Continuous Referring Sources
• Documented Workflow and Processes

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How to Get Started?

First, it’s important to know whether or not the estate liquidation business is right for you. While many in the public are eager to start, it’s not for everyone. Begin by attending a few estate sales, ask questions, or contact us for an honest answer to all your questions relating to estate sales.

Grasons Estate Sale Services wasn’t always a  franchise with over 30 locations . We began with a single location that spent years developing techniques, processes, and procedures that simply work.

We are a trusted household brand for estate sale services because we are self-regulated. Each estate sale location is background checked, and holds a liability insurance policy to protect the clients and their homes.

Our franchise locations are regularly audited to insure they not only meet but exceed client expectations.

We call it a road map to an estate liquidation business. You can spend years relying on trial and error or join a family of experienced estate liquidation professionals that share your vision, and willingness to succeed.

Owning a franchise will require the same amount of dedication and commitment you would have when starting your own business, but the one main difference is many of the pieces are already in place to help you hit the ground running from day one.

If estate sales have always interested you. We invite you to read more about our national brand, and  contact us to find out if a franchise location is available in your area .

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Estate Sale Need-to-Knows

An estate sale sounds like a big deal because it can be. Although they are often held by family members following a loved one's death, they can also be opportunities to downsize your living space and maximize the value of belongings you no longer need.

Anyone considering an estate sale has basically two choices: Hire someone or do it yourself. But selling what is often a lifetime's worth of possessions can be a mammoth undertaking fraught with emotion and potential family complications.

"An estate sale involves everything in your home that you want to be sold—from knickknacks to valuable artwork," says Susan Hirshman, director of wealth management at Schwab Wealth Advisory, Inc. "You have to ask yourself, Do I have the time, temperament, and training to do it myself? "

That's why it might be a good idea to consider enlisting an estate sales professional, also known as an estate liquidator. But when facing the option of holding an estate sale, it's important to know how the process works as well as ways to preserve harmony within your family.

Consider help from the pros

Organizing, pricing, cataloging, and displaying your possessions for sale can be a very time-consuming and emotional process. An estate sales professional in a best-case scenario would help you to get maximum value out of your assets in a structured, safe, and systematic way.  Furthermore, depending on your agreement, many estate sale professionals can coordinate with charities or other organizations to unload any unsold remaining items.

"You might think it's easy to give a sofa away, but it's actually not," Susan says. "Having someone handle this process is priceless—especially when in a time of stress, such as after a loved one's death."

A well-executed estate sale usually requires substantial advance planning and independent parties, says Julie Hall, director of the American Society of Estate Liquidators (ASEL). "These can involve emotionally charged situations, such as sudden death, divorce, or chronic, long-term illness," she says. People who wait too long "may find themselves in a crisis mode, and that's when hasty decisions can be made."

Evaluate the options

Experts suggest meeting with two to three estate sale professionals within your community. Research them online, check client reviews, and make sure they have insurance to cover liability and are "bonded," which helps ensure you get paid on time. ASEL members are certified under three different designations and must follow a "code of ethics."

"It needs to be a good fit for both parties," ASEL director Julie Hall says. "Use your gut instinct, ensure you have a contract, and make sure your questions and concerns are addressed."

In addition, Susan recommends asking for referrals and talking to professionals in related industries, such as an estate attorney, CPA, financial advisor, or a funeral home director. Good questions to ask include:

• How long have you been in business?
• How many estate sales do you conduct a year?
• What's your marketing plan?
• How do you "price" items and establish fair market value?

Understand costs and the potential worth of your estate

Most estate sale professionals work on a contingency basis—that is, their fee is typically a percentage of total sales. Normally that's somewhere between 35% and 40%, which covers market research and promotion, plus clean-up and haul-away services.

With that in mind, it helps to have a sense of how much your sale may generate. Some companies require an estate's inventory to meet a minimum dollar estimate—at least $10,000, in some cases, says Claudia McLaughlin, owner and principal at CMFTO, a Chicago-area company that specializes in estate sales.

An important part of estate sale preparation involves establishing fair market value for each item. That's the price at which an item would change hands between informed, willing parties in an open market. "Estate sale companies research what comparable items have sold for, not the asking price on the internet, which can be significantly higher than an item's actual value," says Julie Hall of ASEL.

How your Schwab Wealth Advisor can help

Your Schwab Wealth Advisor can discuss options for your estate plan and help connect you with estate planning specialists.

An estate sale professional may also have expertise in certain areas, such as art or antiques, to identify considerable value the current owner may not be aware of. In one estate sale case, Julie of ASEL says a client was offering six old painted cabinet plates that turned out to be "exceptionally rare" pieces created by Queen Victoria's favored artist. The plates sold for more than $35,000, she says.

In some cases, a certified personal property appraiser may be brought in to confirm whether an item may have truly significant value—in which case, you may wish to contact an auction house to maximize the item's earning potential. Look for appraisers who are certified through associations such as the International Society of Appraisers (ISA), Appraisers Association of America (AAA), or the American Society of Appraisers (ASA).

Don't overlook the potential for tax consequences

Be aware that estate sale proceeds may carry tax implications, depending on the situation. Inherited property, for instance, may be subject to capital gains tax if it sells for more than what the fair market value was at the time of inheritance. If the sale takes place in a reasonable timeframe after a person's passing, generally the property isn't likely to appreciate much, if at all, to have much of an impact on heirs' taxes, Susan says.

"But there can be exceptions," she says. "If the estate includes art that suddenly gains substantially more value if the artist dies, for example."

For those selling their assets while still alive, the majority of household items tend to have a lower fair market value than the original purchase price. Therefore, they can qualify as a personal loss that is not deductible. Collectibles whose value may have appreciated, however, may trigger a capital gain.

"In all cases, it's wise to consider consulting a tax professional before proceeding with an estate sale," Susan says.

Make it a family affair

Much like other aspects of estate planning and preserving family wealth , proactive, productive family communication is critical, Susan emphasizes.

"You should walk through the home with family members and record a list of what each individual would like to keep, what will be for sale, and what is off the market," Susan says. "Many disagreements can result if everyone is not on the same page."

If you're an estate owner planning for the future, you might prepare your heirs by writing what Susan calls an "I love you" letter to them, detailing why you want to leave certain items to specific family members. "You might say, I want Joe to have this painting because he would always say it reminded him of happy times ."

A letter like this should come from the heart, hence its name, as it establishes your intent and helps to diminish potential disputes after you're gone. "These steps are essential so at the end of the day there's no argument over personal possessions," Susan says.

Schwab can help you with an estate account.

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Related topics.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

This information provided here is for general informational purposes only, and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, Financial Planner, or Investment Manager.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.

Julie Hall and Claudia McLaughlin are not clients of Schwab and were not compensated by Schwab for their comments. The experience described may not be the experience of all clients and is no guarantee of future performance or success.

​​Schwab Wealth Advisory™ ("SWA") is a non-discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program.  The Wealth Advisor, Associate Wealth Advisor, and other representatives making investment recommendations in your Schwab Wealth Advisory accounts are employees of Schwab Wealth Advisory, Inc.  Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation.

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How to Tackle Estate-Planning Basics in 7 Steps

Guess what? You’ve probably already started the process.

Estate planning is one of those tasks that makes almost any other job look appealing, no matter how lowly—cleaning the filter on the vacuum cleaner, setting up a password manager, you name it.

First, you may wonder if your assets are substantial enough to warrant an estate plan. Moreover, estate plans are usually drafted by lawyers, and that means dollar signs. And then there’s the obvious issue: Do you really want to spend time contemplating your own death or disability, which is what estate planning requires you to do?

The good news is that you’ve probably already done a little bit of estate planning—you just may not be aware of it. If you’ve designated beneficiaries for your retirement accounts, you’ve started the estate planning process. Ditto if you’ve picked a guardian for your young children—even if you’ve not yet formalized it—or compiled a list of all of your household’s liabilities and assets.

Indeed, it’s helpful to think of estate planning as a process rather than something that’s one-and-done and begins and ends in an attorney’s office. Crafting an estate plan involves a series of steps, some of which you’ve probably already undertaken and are probably going to need to revisit as your life unfolds.

Here are the key steps to take.

Step 1: Find a Qualified Attorney

Because your estate plan will likely need to be updated as the years go by and your personal circumstances change, it makes sense to find an attorney who practices in the community where you live. That way, you can meet with him or her on an ongoing basis if need be.

Start by asking other financial professionals who you work with—whether a financial advisor or an accountant—for recommendations. If you have a specific situation that is likely to affect your estate plan—for example, if you’re a small-business owner or if you have a child with special needs —be sure to ask for referrals to attorneys who are well-versed in those areas.

Before you select an attorney, it’s perfectly reasonable to conduct a basic informational interview. (If the attorney is unwilling to answer these questions without charging you, that should be your cue to move on.) Ask the following:

• How long have you been practicing law?
• How long have you been practicing this type of law?
• How many estates have you settled?
• What is the typical asset level for your clients?
• Do you have experience with situations like mine? (Blended/divorced family, business owner, special-needs child, child with chemical dependency, and others)
• How do you charge for your services? What is an estimate of the charges for my estate plan?
• Do you have experience with tax planning? (Particularly important for large estates)

As you speak with a prospective estate-planning attorney, also weigh the intangibles. Do you like this person, and would you be comfortable supplying him or her with personal information about your finances and family situation?

Step 2: Take Stock of Your Assets

Before you meet with your attorney, spend some time enumerating your assets and their value: your investment accounts as well as life insurance , personal assets such as your home, and your share of any businesses that you own. You should also gather current information about any debts outstanding . Your estate-planning attorney is likely to provide you with a worksheet to document your assets and liabilities, but it’s helpful to collect this information in advance.

Step 3: Identify Key Individuals

Another important aspect of estate planning is identifying the individuals you trust to ensure that your wishes are carried out in case of your death or incapacity. You’ll need individuals to fill the following key roles. Note that the same individual can fulfill more than one role.

• Executor: A person who gathers all of your assets and makes sure that they are distributed as spelled out in your will. The executor must be extremely detail-oriented and comfortable with numbers and should also be able to find the time to work on your estate. Many people call upon family members to serve as executors, but it’s also possible—and in some cases desirable—to hire a professional (such as a bank trust officer) to serve as your executor.
• Durable (or Financial) Power of Attorney: A durable power of attorney is a document that grants an individual the legal authority to make financial decisions on your behalf if you should become disabled and unable to manage your own financial affairs. It’s important that this person understands your general wishes, in this case about your financial affairs. The person acting as your agent for durable power of attorney should also be detail-oriented and adept with financial matters. Your documents should specify when the durable power of attorney would go into effect—upon your incapacitation, for example.
• Power of Attorney for Healthcare: A power of attorney for healthcare is a document that specifies whom you entrust with making healthcare decisions on your behalf if you are disabled and unable to make them on your own. Ideally, this is a person who lives in close geographic proximity to you and who also understands your general wishes about your own healthcare.
• Guardian : A person who would look after your children if you and your spouse were to die when your children are minors. That’s unlikely to happen, of course, but it’s still important to give the decision due consideration. You want your child’s guardian to share your and your spouse’s values and views on parenting, and it’s also important that the guardian you choose be willing to raise your kids if called upon to do so. Financial wherewithal and acumen should also be considerations.

It’s possible to designate two guardians—one to look after your children and another to look after your children’s financial assets.

Step 4: Know the Key Documents You Need

When you meet with your estate-planning attorney, they will make recommendations about your estate plan and that, in turn, will determine which documents you need. At a minimum, however, you should ask your attorney to draft the following:

• Last Will and Testament: A legal document that tells everyone—including your heirs—how you would like your assets distributed after you’re gone.
• Living Will: A document that tells your loved ones and your healthcare providers how you would like to be cared for if you should become terminally ill; usually includes details about your views toward life-support equipment. (Called a “medical directive” in some states.)
• Healthcare Power of Attorney: A document that gives an individual the power to make healthcare decisions on your behalf if you are unable to do so.
• Durable (Financial) Power of Attorney : A document that gives an individual the power to make financial decisions and execute financial transactions on your behalf if you are unable to do so.

Step 5: Manage Your Documents

Once your estate-planning documents are drafted, destroy any older versions of them. You must also keep the documents in a safe place, either in a home safe, in the top drawer of a secure file cabinet in your home, or in your safe-deposit box. The downside of storing these documents in a safe-deposit box is that your loved ones may have difficulty accessing them in the event of your death or incapacity.

Notify your executor of the whereabouts of your estate-planning documents, and provide copies of the relevant documents to your executor, agents for powers of attorney, and the guardian for your children. When you hand off these documents to your various agents, it’s also a good time to discuss your wishes with them. Creating a master directory can provide your heirs with an invaluable overview of your assets and accounts; just be sure to keep it in a safe place.

Step 6: Don’t Neglect the Softer Side of Estate Planning

In addition to tackling the above estate-planning basics, also spend time thinking through important issues that your estate plan doesn’t address. If you end up needing long-term care , for example, would you rather receive that care at home, provided you could afford it? If in the unlikely scenario your guardians have to care for your minor children, what are the key values you’d like them to impart to your kids? Be sure to think through some of the “softer” aspects of estate planning that aren’t usually addressed in a typical estate plan.

Step 7: Plan to Keep Your Plan Current

Last but not least, plan to keep your estate plan current. One of the biggest estate-planning pitfalls is drafting an estate plan but not bothering to keep it up to date. Plan to notify your estate-planning attorney, and possibly revise your documents, if you experience any of the following:

• Change in marital or family status (for example, marriage, divorce, birth, or adoption of child)
• Major change in assets—either sale or purchase
• Major change in financial status
• Death or ill health of one of your beneficiaries
• Death or ill health of executor, power of attorneys, or guardian

This is an updated version of an article that was originally published in April 2023.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies .

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About the author, christine benz.

Christine Benz is director of personal finance and retirement planning for Morningstar, Inc. She is also the author of a new book, How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement (Sept. 2024, Harriman House). She co-hosts a podcast for Morningstar, The Long View, which features in-depth interviews with thought leaders in investing and personal finance.

Benz joined Morningstar in 1993. Before assuming her current role she served as a mutual fund analyst and headed up Morningstar’s team of fund researchers in the U.S. She also served as editor of Morningstar Mutual Funds and Morningstar FundInvestor.

She is a frequent public speaker and is widely quoted in the media, including The New York Times, The Wall Street Journal, Barron’s, CNBC, and PBS. In 2020, Barron’s named her to its inaugural list of the 100 most influential women in finance; she appeared on the 2021 list as well. In 2021, Barron’s named her as one of the 10 most influential women in wealth management.

She holds a bachelor’s degree in political science and Russian language from the University of Illinois at Urbana-Champaign.

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New real estate commission rules kicking in: What should buyers, sellers do to save money?

Three-minute read.

The real estate industry is rolling out new rules for paying buyers' and sellers' agents beginning Aug. 17 in a move that advocates say could lower overall commissions, but also put pressure on consumers to shop for skilled real estate agents and read the fine print.

The rules change a decades-long financial arrangement between the two sides. Sellers, for example, will no longer be required to pay buyers' agents, while buyers will need to sign contracts with their agents that lay out their compensation terms.

"The new rules provide both opportunities and risks for consumers,” said Stephen Brobeck, a senior fellow with the Consumer Federation of America. “Knowledgeable home buyers and sellers will be able to take advantage of the opportunities and avoid the risks.”

The National Association of Realtors agreed to the new rules in March to settle class-action lawsuits that accused the trade group of conspiring to keep commissions artificially high. The Realtors group said it would pay $418 million over four years and change some of its practices, but it denied wrongdoing.

NJ's most expensive home for sale: It's in Colts Neck, and here's what $28M will buy you

The rule comes as New Jersey adds it s own requirements for real estate agents. As part of a state law that took effect Aug. 1, buyers need to sign a representation agreement with their agent before starting the homebuying process, outlining how they will be compensated for their work.

All told, the changes could mean buyers pay more and sellers pay less, although real estate agents still are unsure how the process will play out.

"Nobody likes change, but I think most people who have been in the business for a long time feel like we've gone through other big changes in the industry. You just adapt," said Diane Traverso, an agent with NextHome Nexus Realty Group in Toms River and president of the Monmouth Ocean Regional Realtors trade group.

The litigation involving the National Association of Realtors took aim at a long-standing rule that required sellers' agents to compensate buyers agents and post the agreement on the Multiple Listing Service, a platform operated locally by the Monmouth Ocean Regional Realtors, where buyers' agents can see what's for sale in the area.

'Sinatra house' in Point Pleasant Beach: It sells for about half initial asking price

Consumer advocates said the practice was anti-competitive. They argued it left sellers paying 5% to 6% of the sales price in commission, effectively eliminating the bargaining power that a buyer could bring to the transaction. And it opened the door for buyers' agents to steer their clients to sales that could pay them more.

As part of the National Association of Realtors settlement, sellers are no longer required to compensate buyers' agents, and buyers need to sign agreements with their agents spelling out the compensation terms.

Sellers' agents still can share their commission with buyers' agents, but they can't disclose the agreement on the MLS.

"I think the best way (to find out if the commission is being shared) is for the buyer's agent to call the seller's agent and just ask," Traverso said.

Why is it so hard to find an NJ home? Here's the answer for buyers, and what needs to change

Brobeck from the Consumer Federation of America offered advice:

• Select an honest, competent broker or agent who understand and can explain the new compensation system. Check reviews on sites such as Zillow, Realtor.com and Homes.com.
• Read and evaluate seller and buyer agreements, taking note of blanks that are filled in. Consumers should be wary of commitments to compensate an agent before they have decided to be a client.
• Discuss and negotiate commissions in dollar amounts.

"Buyers should take the opportunity to (negotiate), setting a goal in dollar terms of 2% of the home sale price, or less," the Consumer Federation of America said. "And so should sellers, who have had the same opportunity but frequently have decided not to pursue it."

Michael L. Diamond is a business reporter for the Asbury Park Press who has been writing about the New Jersey economy, housing market and health care industry since 1999. He can be reached at [email protected].

Home sale commissions are getting a shake-up this weekend

Changes to realtor commissions taking effect this weekend could give home sellers a lot more negotiating power — and for buyers, potentially some more paperwork.

Starting Saturday, realtors will be barred from offering compensation on multiple listing services (MLS), making it harder for buyers’ agents and sellers’ agents to negotiate fees on their own, as they’ve done for decades.

Until now, home sellers traditionally had to pay commissions, commonly in the range of 5% to 6%, to their agents, who then split that fee with the buyer’s agent upon making a sale. The new rules, which follow a historic $418 million settlement with the National Association of Realtors in March, leave more room for sellers to negotiate those fees down and make it more appealing for buyers to forgo agents entirely.

“It’s the biggest change probably in the history of real estate,” said Mike McCann, a realtor in Philadelphia. “It has created a lot of fear, a lot of anxiety” within the industry, he said.

With the MLS no longer serving as a forum for negotiation, it remains to be seen how agents, buyers and sellers will choose to cover commission costs. While sellers could pass on any savings on the commission to the buyer in the form of a lower home price, it’s also possible that sellers could increasingly choose to ask the buyer to cover some or even all of the costs.

To ensure buyers know the compensation that they may be on the hook for, the NAR is implementing a change, also effective Saturday, requiring agents to enter into written agreements with buyers before showing a home.

Jan Jaeger is a client of McCann’s and says the new rules add more work to the experience of homebuying, which she’s going through now in Philadelphia after selling her house there earlier this month.

“It’s just another step in already a very difficult process, and I only say that because I have bought and sold many homes in the past, and what’s happening today is very different. It used to be fairly simple,” Jaeger said.

The settlement that triggered the shake-up stemmed from a class-action antitrust lawsuit that alleged brokers were steering clients to listings on the MLS offering better commissions. The NAR denied wrongdoing and reaffirmed its “commitment to requiring that MLS Participants must not limit the listings their client sees because of broker compensation.”

The NAR has also clarified that even though offers of compensation are prohibited on the MLS, offers “could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.”

The changes come in the midst of a cooling housing market, where high home prices and high mortgage rates have caused sales of existing homes to slide since the pandemic-era homebuying frenzy.

For first-time homebuyers already concerned about affordability, the possibility of being on the hook for commissions adds more potential costs.

“People are saving, they’re paying rent, they don’t have the money,” McCann said of younger buyers looking for their first homes. “How are they going to pay the commission? That’s my biggest concern.”

Still, experts say the big takeaway is that fees could decline further. Real estate listing site Redfin noted in a report earlier this month that commissions for buyers’ agents have already been on a yearslong decline.

“It’s also possible that news of the settlement made consumers more aware they can offer any commission to a buyer’s agent or none at all, contributing to the decline since March,” the report said.

In the end, the new changes should at least give homebuyers and sellers more transparency into how they compensate brokers.

Brian Cheung is a business and data correspondent for NBC News.

Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More

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Dubai real estate sector shows signs of slowing down as off-plan sales outperform secondary market: experts

The Dubai real estate sector is showing signs of stabilising says Cushman & Wakefield Core

The Dubai real estate sector continues to thrive, but there are signs of a slowdown said Cushman & Wakefield Core in its Q2 2024 market update.

The real estate agency said that while Dubai’s market continues to perform steadily across most indicators, signs of stabilisation are emerging and the pace of growth is slowing, especially in the secondary residential market, which is gradually transitioning into a stabilisation phase.

In the second quarter of 2024 the number of properties handed over to buyers fell markedly, although the number is expected to surge in the second half of the year.

Dubai real estate stabilisation

The price of property in Dubai has increased for the 16 th consecutive quarter, with a 21 per cent annual increase.

Ultra-prime properties are performing well, with more than 300 homes sold for AED20m ($5.4m) and above in Dubai between April and June.

Despite this, signs of a steadying of growth are emerging said Cushman & Wakefield Core.

Rising launches with moderate handovers

During Q2 2024, a lower rate of handovers was observed with just 5,391 units delivered compared to more than 8,350 units in Q1 2024.

A total of 24,300 residential units are anticipated over the remainder of 2024, bringing the annual total to nearly 39,000 units, which is similar to the number of handovers in 2023 and in line with market demand.

Prathyusha Gurrapu, Head of Research and Consulting at Cushman & Wakefield Core , said: “Growing from a high base, new project launch volumes continue to see record numbers with a 42 per cent y-o-y increase, as demand and absorption remain buoyant.

“We have also seen developers with large landbanks initiating projects and smaller private developers aggressively acquiring land, which continues to be a challenge to source.”

Off-plan market dominates, secondary market stabilising

Prathyusha said: “Until the end of 2021, the differential between off-plan transactions and secondary market transactions was limited, however, over the last two to three years, off-plan transactions have sharply increased, underpinned by the rise in new project launches.

“While secondary market transactions have shown a moderate growth of 5 per cent, off-plan transactions saw a substantial spike of 61 per cent.

“In Q2 2024, off-plan transactions accounted for more than double the number of secondary market transactions, indicating that the off-plan market has a higher share of investors compared to end-users.”

Signs of stabilisation

Prathyusha said: “Primary off-plan sales prices (inventory sold by developers) are higher than secondary off-plan prices (resales by individuals) across most Dubai districts and off-plan projects.

“Although the percentage difference is still in single digits, it suggests that sellers are struggling to match original prices and selling slightly below market value to exit.

“This trend is worth monitoring, as it may grow in the coming quarters with more off-plan supply entering the market.”

Other indicators of market stabilisation include a higher number of sales listings witnessing no change in listed prices in H1 2024, while a much lower number of listings saw prices increase compared to the same period.

Furthermore, since Q3 2023, the median residential listing price has declined at an average of 7 per cent q-o-q, further indicating market adjustment.

Prime Dubai real estate market

While city-wide sales prices continue upward trajectories for the 16th consecutive quarter with a 21 per cent year-on-year increase, Cushman & Wakefield Core said prime districts have seen relatively modest sales price increases while mainstream and affordable districts are witnessing steep increases albeit significantly impacting their affordability.

Dubai remains a strong global ultra-prime market with more than 305 residential properties sold above AED20m ($5.4m) in Dubai in Q2 2024, marking a 12 per cent y-o-y increase.

However there has been a marked slowdown in off-plan transaction volumes over the past two quarters, said the real estate experts.

Prathyusha said: “This is mainly due to the lower off-plan inventory available in the market for these ticket sizes. That said, secondary market ultra-prime transactions have retained their steady activity levels with 135 transactions – the highest ever number of secondary market ultra-prime transactions registered in Q2 2024.

Rents rise yet villa market moderates

Cushman & Wakefield Core said: “We saw a relative stabilisation in city-wide villa rents, which have risen by 13 per cent year-on-year, whereas apartment rents are up by 22 per cent compared to the same period last year.

“Household incomes are not keeping pace with rising rents, which is further contracting disposable incomes. We have seen a higher percentage of tenants continuing to renew, with the number of renewals in Q2 2024 seeing a 14 per cent increase.

“Similar to the trends seen in the sales market, rents in the mid-market apartment districts saw the steepest rise in rents, whereas prime districts saw lower levels of increase”.

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Hyatt completes sale of hyatt regency orlando for $1.07 billion.

Hyatt Exceeds $2 Billion Sell-Down Commitment

CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE:H) today announced that an affiliate of Hyatt has completed the sale of the 1,641-room Hyatt Regency Orlando and adjacent 45 acres of land to affiliates of RIDA Development Corporation and an Ares Management Real Estate fund (“Ares”) for approximately $1.07 billion, while retaining a long-term management agreement under the Hyatt Regency brand. In connection with the transaction, Hyatt retained $265 million of non-controlling preferred equity and provided an additional $50 million of seller financing for the adjacent 45-acre parcel.

Hyatt Completes Sale of Hyatt Regency Orlando, Exceeding $2 Billion Sell-Down Commitment (Photo: Business Wire)

The sale of Hyatt Regency Orlando is part of Hyatt’s capital allocation strategy to sell owned hotels and reinvest proceeds in asset-light platforms that accelerate growth, and exceeds Hyatt’s expanded $2 billion asset-disposition commitment announced in 2021. Over a three-year period, Hyatt has now realized $2.6 billion of gross proceeds, net of acquisitions, at a 13.3x multiple.

Hyatt Regency Orlando, the fourth largest Hyatt hotel globally by room count, has 1,641 rooms with 315,000 square feet of flexible event space. The hotel – which welcomes more than one million guests and attendees on average per year – is strategically positioned in the market given its prime location near popular Orlando attractions and direct connection to the Orange County Convention Center, the second largest convention facility in the U.S. The city’s strong tourism industry makes Orlando a key market, and RIDA and Ares intend to invest additional capital in a significant renovation plan that will focus on guestrooms and other amenities to further enhance the guest experience.

Additionally, with significant experience developing large-scale convention properties, RIDA and Ares have entered into a development agreement with Hyatt for a new Grand Hyatt hotel on the 45 acres of land adjacent to Hyatt Regency Orlando. Upon the satisfaction of certain conditions, Hyatt and an affiliate of RIDA and Ares will enter into a long-term management agreement for the hotel.

Mark S. Hoplamazian, president and chief executive officer, Hyatt, said, “The sale of Hyatt Regency Orlando represents the largest single-asset sale in Hyatt history. We are thrilled to be working with RIDA and Ares on this transaction, and in collaboration with these world-class developers, we will continue driving the success of Hyatt Regency Orlando and thoughtfully expand our brand footprint in the most-visited destination in the U.S. with a new Grand Hyatt hotel.”

RIDA and Ares anticipate pursuing necessary approvals and other governmental support over the next several years for the planned Grand Hyatt Orlando, which is expected to have approximately 2,500 rooms and be developed in multiple phases. The development of Grand Hyatt Orlando is positioned to create a combined total of more than 4,000 guestrooms across Hyatt Regency Orlando and Grand Hyatt Orlando at the Orange County Convention Center, further positioning Hyatt strategically in this thriving high-demand market.

Ira Mitzner, President & CEO of RIDA Development Corp., added, “We are extremely pleased to be partnering again with Ares in this historic transaction. We are excited to work with Hyatt to grow and enhance the Orange County Convention Center (OCCC) district and create a guest experience unparalleled for both group and leisure customers. We look forward to collaborating on a visionary public-private partnership with the State of Florida, Orange County, the OCCC, and all community stakeholders.”

Andrew Holm, Partner and Ares’ Co-Head of U.S. Real Estate Investments, added, “Hyatt has established Hyatt Regency Orlando as a landmark of its community’s vibrant business and leisure activity, and we are excited to work closely with the Hyatt team and advance our partnership with RIDA to realize the potential of this important location. We look forward to leveraging our extensive investment experience undertaking large-scale, complex projects as we seek to create long-term value in this attractive market.”

To learn more about Hyatt Regency Orlando, visit hyattregencyorlando.com .

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of June 30, 2024, the Company's portfolio included more than 1,350 hotels and all-inclusive properties in 78 countries across six continents. The Company's offering includes brands in the Timeless Collection , including Park Hyatt® , Grand Hyatt® , Hyatt Regency® , Hyatt® , Hyatt Vacation Club® , Hyatt Place® , Hyatt House® , Hyatt Studios , and UrCove ; the Boundless Collection , including Miraval® , Alila® , Andaz® , Thompson Hotels® , Dream® Hotels , Hyatt Centric® , and Caption by Hyatt® ; the Independent Collection , including The Unbound Collection by Hyatt® , Destination by Hyatt® , and JdV by Hyatt® ; and the Inclusive Collection , including Impression by Secrets , Hyatt Ziva® , Hyatt Zilara® , Zoëtry® Wellness & Spa Resorts , Secrets® Resorts & Spas , Breathless Resorts & Spas® , Dreams® Resorts & Spas , Hyatt Vivid Hotels & Resorts , Alua Hotels & Resorts® , and Sunscape® Resorts & Spas . Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com .

About Hyatt Regency

The Hyatt Regency brand is a global collection of hotels and resorts found in more than 230 locations in over 40 countries around the world. The depth and breadth of this diverse portfolio, from expansive resorts to urban city centers, is a testament to the brand’s evolutionary spirit. For more than 50 years, the Hyatt Regency brand has championed fresh perspectives and enriching experiences, while its forward-thinking philosophy provides guests with inviting spaces that bring people together and foster a spirit of community. As a hospitality original, Hyatt Regency hotels and resorts are founded on openness—our colleagues consistently serve with open minds and open hearts to deliver unforgettable celebrations, effortless relaxation and notable culinary experiences alongside expert meetings and technology-enabled collaboration. The brand prides itself on an everlasting reputation for insightful care—one that welcomes all people across all countries and cultures, generation after generation. For more information, please visit hyattregency.com . Follow @HyattRegency on Facebook , Twitter and Instagram , and tag photos with #HyattRegency.

About Grand Hyatt

Around the world, Grand Hyatt hotels bring travel dreams to life by celebrating the iconic in small details and magnificent moments. Located at the crossroads of local culture and global business within major gateway cities and resort destinations, each Grand Hyatt hotel is uniquely designed to be a captivating destination within a destination. Grand Hyatt hotels deliver welcoming and elevated service, first-class accommodations and an abundance of options within a multicultural backdrop of dramatic architecture and bold and vibrant design. Grand Hyatt hotels boast inventive restaurants, luxury spas, fitness centers, and business and meeting facilities. For additional information or to make a reservation, please visit grandhyatt.com . Follow @GrandHyatt on Facebook and Instagram , and tag photos with #GrandHyatt.

About RIDA Development Corporation

RIDA Development Corporation is an internationally recognized real estate organization that has successfully developed and owned office, residential, industrial, hospitality, mixed-use, convention and retail developments for nearly 50 years. Established in 1975, RIDA has invested in over $7 billion of successful investment and development projects and has been a pre-eminent big-box, conference hotel developer and owner in the US over the past two decades. Recent developments by RIDA include the Gaylord Rockies (1,500 rooms), Marriott Marquis Houston (1,000 rooms), the Hilton Orlando (1,424 rooms), the Omni Orlando Resort at ChampionsGate (1,005 rooms), and the Gaylord Pacific Resort and Conference Center (1,600 rooms) which is under development on the San Diego Bayfront and scheduled to open in May 2025. RIDA’s corporate headquarters is located in Houston, TX with regional offices in Orlando, FL, San Diego, CA and Warsaw, Poland.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2024, Ares Management Corporation's global platform had over $447 billion of assets under management with more than 2,950 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com .

The Ares Real Estate team oversees approximately $52 billion of assets under management and has more than 270 investment professionals across seventeen local offices in core markets in the U.S. and Europe as of June 30, 2024. The team leverages its scale and vertically integrated operating platform to execute comprehensive real estate equity and debt strategies that are flexible by geography, product type and sector.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our development plans for a Grand Hyatt property, strategies, development prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, the risks discussed in the Company’s filings with the SEC, including our annual report on Form 10-K and subsequent reports, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Hyatt Contacts: Media Jorian Weiner, 312.780.3004, [email protected]

Investors Adam Rohman, 312.780.5834, [email protected]

Ares Contact: [email protected]

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How to Set Up Your Estate Sale

It’s the big day of your estate sale. If you’re new to the estate sale business , you’re still figuring out what you need to make the sale go smoothly. Even if you’re an estate sale veteran, it can be easy to forget things last minute.

We compiled a check-off list of best practices for the day of your estate sale, regarding staging, security, signage and supplies you’ll need. Remember: a little preparation up front goes a long way toward success.

Staging Your Estate Sale

Staging can make or break your estate sale. Think about your favorite store and the feeling you get when you walk inside. Now think about the store that always stresses you out. Is everything in disarray? Is there an unfriendly vibe? Does it look unclean? All of these cues subconsciously let you know what kind of place it is.

The good news is, unlike other aspects of an estate sale, staging is completely within your control. Do what you can to create the kind of atmosphere you’d like to attract the customers you want, and not problem shoppers . Then get them in the buying frame of mind.

Some estate sale companies use closets for same-price items (usually clothes). Then, put a sign on the closet door: Everything $X. Done.

Ladders are great tools that can be used for displays. Set it horizontal or vertical or use slats to make even more room.

Clothes rack

Investing in a traditional clothes rack you can use at every sale is also a good idea.

Skirt Hangers

Use these for bigger items, like quilts and table cloths

Dust off the top of doors to hang blankets, quilts, etc.

If the beds are still in the house, use them! Beds can be used to display flat items or items that can be laid out.

Stair or walkway railings

Railings can be put to use to display items, like clothes and linens.

A picture is worth a thousand words , but a sign is worth a million. Got something to say? Say it with a sign. Signs are not only a way to convey the rules to customers, they’re also a way to set the tone for your estate sale. And forget less is more when it comes to signs – the more, the better.

Here are some examples you may want to think about at your estate sale. If you know you’ll reuse them, invest in some professional, sturdy signs so you don’t have to reinvent the wheel every time.

Smile! You’re on candid camera! (smug smiley optional)

This Big Brother reminder is casual enough to be friendly, but sends the message that you mean business.

Items without tags are not for sale.

This type of estate sale sign eliminates people who take off the price in hopes of getting a deal – or free! (Yes, there are people like this; stay in the business long enough, and you may start to lose faith in humanity). The best way to eliminate this is to prohibit sales without price tags. You’d be surprised how well this works.

Do Not Enter!

Not every room at an estate sale is a free-for-all, especially if your clients are still living at home. Place Do Not Enter signs wherever you want customers to keep out of – like bathrooms if you don’t want them using your facilities for a pit stop.

We prosecute shoplifters & price switchers

Pretty self-explanatory. The trick here is to actually follow up on your threat if it happens. Word gets around and you want to be known as the company who can’t be ripped off.

Kids under 10 must be accompanied by an adult

Letting small children run amok in someone else’s home, whether or not it’s an estate sale, should be an apparent no-no. Unfortunately, not everyone has good manners. Let a sign point out the obvious.

All items 25% off (or 50%, etc.)

These are convenient for announcing estate sale discounts , rather than having to tell each customer at the door or at check-out.

Sorry, we’re full. Please wait.

Put this sign on the front door when you need help controlling traffic inside the house, without having to put an employee on guard.

More stuff in the garage!

Pro estate salers know the best stuff often lives in the garage (power tools, anyone?) But some shoppers won’t know other rooms have items like furniture for sale unless you point it out.

It’s the seedy side of the business, but like it or not, there are thieves out there who will try to rip you off. Estate sales are often easy targets. Luckily with affordable technology at our fingertips, going vigilante is easier than ever. Of course, if you do catch a thief or something comes up missing, always report it to help make sure it doesn’t happen again.

There are so many different options, depending on your needs. These days, many cameras can work in conjunction with your smartphone, tablet, or computer.   Check out this list of security cameras that are easy to set up at a reasonable price. (For legal reasons, be sure to let customers know they’re under surveillance.)

Security guards

You don’t have to employ actual rent-a-cops, although the bigger estate sale companies usually pay for this service. Security guards can simply mean people you hire especially to keep an eye out for shoplifters.

Extra employees

Just having extra estate sale staff  around, if you can afford it, is also a way to cut down on stealing. Think of it as a panopticon, estate sale style.

Some estate sale companies use a Bluetooth device to communicate with each other, and have found it has the same effect on shoplifting as having extra employees. Chalk it up to paranoia, thieves are less apt to steal when they think people are talking about them. If you suspect bad behavior, say, “We may have a problem” or something to that effect to scare the potential thief out of pocketing that collectible.

Estate Sale Regulars

Unfortunately, it can be regular customers who are thieving from your sales. These people are known to frequent estate sales on the regular, and because you see them all the time, it can be easy to let your guard down. If you’re finding items keep going “missing” at your sales, you may consider keeping an eye on the people you see every weekend.

Call the police

Even if you don’t feel like reporting the crime, you should. The more theft is documented, the better chance there is of stopping it. This problem doesn’t affect only you, but all the estate sales (and stores, for that matter) in your community.

These are the nuts and bolts of your sale day. Just like you’d be prepared with a bridal bag for a wedding, you’ll want to gather everything you might need before your estate sale, instead of scrambling the day of. Not only will it save you time, you’ll look that much more professional and prepared to clients and customers. Check out more tools of the trade .

Grease pencils

Before running out to buy a bunch of price stickers, consider other methods of displaying the price. The problem with price tags is that some people like to remove them (see above). Others may even switch them to get a lower price on the item they want! Be one step ahead of the scammers and try to price everything using a grease pencil, which can write on glass and plastic.

These work especially well for lots, like kitchen utensils, art supplies, tools.

Stapler, tape, pen, paper

Better to have than to have not. For price tags that fall off or last minute to-do’s and forget-me-nots.

Folding tables

Use a couple of folding tables, one for checkout and one for bagging/wrapping items. Hint: keep these tables separate to avoid congestion and keep things moving.

Boxes and bags

Customers appreciate having plastic or paper bags to tote their items home in. Start collecting them or buy them in bulk at CostCo or Sam’s. Some estate sale companies require shoppers to BYOB (Bring Your Own Bag/Box), which most people don’t seem to mind.

Hint:  Look for bags in the home of your estate sale – you’ll often find them in the junk drawer or closet.

Carry crates for shoppers to use while browsing

Go the extra mile and give customers a crate or bag they can put items in while browsing. It encourages them to buy more!

Wrapping paper

To wrap items, use old newspapers or ask your local publication for their “end rolls” which are blank.

This could be on your smart phone or device. Great for calculations on the fly, especially for those of us who were English majors.

That about covers it! What are your must-have supplies when holding an estate sale? Let us know your tips in the comments!

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For sale Manor Farm, Moscow, Moskovskaya oblast, Russian Federation, Nikolskaya Sloboda

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For sale - Cod. 25203

• Tipology: Manor Farm
• Area: 787 m²
• Rooms No.: 5
• Publication date announcement: 24/02/2015

For sale a luxurious country residence Novorizhskoye highway in a luxury cottage "Nicholas Sloboda". House with swimming pool and garage for 2 cars with a total area 787 sq.m. Exclusive trim, expensive furniture, sound planning. The house has five bedrooms, a fireplace, a home theater. All communications are central. Plot 28 (actually 30) acres with gorgeous landscaping. Children's playgrounds, paths paved with natural stone, lawns with flower beds, an artificial pond with gazebo and elegant lights for night lighting, barbecue. Detached two-storey room with total area of ​​150 square meters with a key.

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