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This question is about entrepreneur.
How to start an estate sale business
To start an estate sale business, you need to build experience in the field, seek the advice of experts, and lay out clear business standards. For details on these steps and others you can take to start an estate sale business, use this guide:
Build experience in the field. It is very difficult to start an estate sale business without any experience.
If you don't have any experience in the world of estate sales, your best bet is to try to work for a seasoned liquidator. Most professionals in this area keep their trade knowledge secret, so there is no easy way around this step.
Working for an experienced liquidator for an extended period will give you a strong understanding of the industry and provide you with the skills and knowledge you are going to need to start an estate sale business.
However, if you are a long-time peruser of estate sales, and you know the ins and outs of the industry, you might be able to skip this step.
Seek the advice of experts. Even if you are ready to start your own estate sale business, don't hesitate to ask for advice from trusted colleagues in the field.
Estate sales can contain a wide swath of different kinds of items, from antiques to collectibles. If you don't know about a certain item, don't fly blind; enlist the help of an expert in antiques or the specific kind of item you are going to be selling.
Having an expert check-up on your preliminary research can have a profound effect on whether or not you make a successful sale.
Many people think that all old antiques and collectibles have high value but this is often not the case. You need to be sure of the value of the items you are dealing with if you want to run a successful and trusted estate sale business.
Lay out clear business standards. The estate sale field is largely unregulated, meaning you need to set your own business standards, best practices, and ethics.
You also need to make these standards clear to both your employees and your clients. Some practices you want to avoid include:
Pricing items too high to deter potential buyers
Paying employees via items in an estate sale
These situations are just two common examples, but they should be avoided, as they can result in heated conflicts of interest.
Determine your business standards before starting your estate sale business, inform your employees and clients, and stick to your code of ethics.
Obtain the proper insurance. You have to be bonded and insured before you get your first client.
Liability insurance is something you should definitely get. It is needed in the unlikely event that someone gets injured at one of your estate sales. Even though the estate sale isn't taking place at your home, you should make sure your business is covered in case an accident occurs.
You should also check with the homeowner of each estate sale to make sure their relevant insurance policies are up-to-date and adequate.
It is also highly recommended that your business is bonded. Bonding guarantees that if there is a loss in financial terms during an estate sale that you are managing, your business will be able to cover the loss. Seek out the guidance of one, or several, insurance agents to determine the proper amount of coverage for your estate sale business.
You can also become a member of the Antiques and Collectibles Association (ACNA). The ACNA offers discounts, insurance plans, and the use of the ACNA logo on promotional materials for your estate sales.
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