Estate Liquidation by relying on Consignment
When it comes to estate liquidation, no one ever considers consignment. It’s also not something we think about when we move or remodel. We simply hold an estate sale, yard sale, or moving sale, and donate what’s left.
Consignment is a great option when there are not enough items in a home to hold an estate sale, or for valuable items that remain after an estate sale.
How does Consignment work?
Consignment stores will generally hold your item and display it in their consignment store to potential buyers for a specified time period. If the item sells, they keep a percentage you’ve agreed on. The amount they charge varies from each consignment shop to the next, based on the item and the geographical location.
Why is consignment a good idea?
There’s a variety of consignment stores, some are referred to as antique shops, and many have specific items they sell like only consigning jewelry, clothing or fine art. Finding a consignment shop that sells your particular item, will ensure that your item is being viewed by potential buyers specifically looking for what you have to sell.
Another good reason to choose consignment is to have an option or a last ditch effort per se on selling specific items that did not sell after an estate sale or moving sale. This is rare, but at times may occur if there’s a set price buyers were not willing to pay during the estate sale.
Some items are valuable. You may have instructed your estate sale company not to lower the price on those particular items, and they remained in the home after the estate sale. You did not lower the price for a reason. You wanted to sell them for a set price and consignment will give you that option.
You are generally asked what you expect to get for the item. Most consignment shops give you a high and a low price you can expect the item to sell for. This helps you in determining what you can actually expect.
How long are items on consignment for?
Most consignment stores will leave an item in their shop for 60 days, but that also varies based on the item and the actual store. Fine Art and Jewelry may require a longer period of time when compared to everyday items.
What happens if the item doesn’t sell?
Most consignment stores will provide you with written documentation that outlines your agreement with them prior to taking in your item. If the item does not sell, the consignment store will follow what is outlined in your agreement with them. The item is generally donated or returned to you. The terms of your agreement will vary depending on the company policy, 30, 60 or 90 days are the most common.
Professional estate consignment companies have advanced techniques in featuring your item. Many consignment stores will also list your item online to attract global clients. Consignment may not be the first thing we think about when selling items, but it should definitely be one of the top choices on the list.