Estate Consignments, Sales, or Auctions: Which is Best for You?

A family member’s death is difficult no matter the circumstances.

While you’re grieving, you also need to stay on top of the tedious steps — such as what to do with your loved one’s belongings.

If you want help paying for funeral costs, or just bringing in some cash, you’ve got options. This is a motivating factor since the average funeral costs more than $7000.

The three main options include estate consignments, sales, and auctions. Each of these options is different and have benefits of their own.

Let’s take a look at all three below, so you can decide which is best for you.

Estate Consignments

With an estate consignment, you’re able to get a flat rate for your loved one’s belongings. From here, the company will sell your loved one’s belongings either in their own store or in an auction.

When you go to the consignment route, you have very little work to do and will receive a check for your troubles. You’ll also be able to take great offers that are fair and worth your while.

It also allows you one of the quickest ways to unload your loved one’s estate, since you’re not waiting for an auction or other sales to go through.

Make sure to research the company that handles the estate consignments and shop around for a great price.

While consignments are great, you might fetch a larger price with an estate sale or auction.

Estate Sales

If you’re looking to clear your loved one’s estate, hosting a sale is one of the best ways to make a profit.

The estate sale company will take inventory of the entire estate to find the market value of every item. They’ll assign a strict price to each item and host the estate sale to try to give you a positive return.

While an estate sale is beneficial, it does not unload items as quickly as estate consignments. When you’re trying to figure out how to address your loved one’s estate, you need to decide if getting the maximum return or timeliness is more important.

Estate Auctions

The sky’s the limit when it comes to the money you can make from an estate auction. The reason for this is that a minimum price is set and then people will have the opportunity to bid on all belongings.

If the estate includes items like antiques, collectors will show up in droves to begin bidding on these valuable items. You need the assistance of a company that hosts estate auctions to put the word out and to facilitate the process.

Like sales, however, an estate auction is not the quickest way to unload these belongings.

Hire Us to Help

We specialize in all of the approaches above and will happily help handle your loved one’s estate.

Now that you know a little bit about estate consignments, sales, and auctions, make the decision that fits your situation.

If you still need help deciding, contact us and let us explain these situations a bit further.

Prestige Estate Services
3126 W. Cary Street, #112
Richmond, VA 23221-3504