Estate auctions and estate sales are similar in that they both involve the sale of items from an estate, typically after the owner has passed away, is downsizing or is no longer able to live in their home. However, there are some key differences between the two.
One key difference is the way the items are sold. In an estate sale, items are typically sold on a fixed price basis, with the estate sale company setting prices for each item. People have to come to home to browse the items and make purchases on the spot over multiple days. Items are sold on a first-come first-serve basis, while in an estate auction items are sold to the highest bidder. Additionally online auctions can reach a wider audience and may result in higher bids for the items being sold.
There are several advantages to conducting an online auction, rather than in person estate sale. Some of these advantages include:
Increased accessibility: As stated previously, the auction can be accessed by anyone with an internet connection regardless of their location. This will increase the number of potential bidders and increase the overall value of the items being sold.
Convenience: Online auctions are typically more convenient for both the buyers and sellers. Buyers can bid on items from the comfort of their home, and sellers do not need to worry about logistics of hosting an estate sale.
Greater visibility: Online auctions can reach a wider audience, as they can be easily shared and promoted on social media and other online platforms. The audience can follow a link to start bidding and not worry about traveling during scheduled time frames for an estate sale.
Better record-keeping: Online auctions typically have better record-keeping since the auction link never expires. The seller can go back and view the results at any time. Our software has customizable reports that can be emailed and saved in PDF formats for those that prefer hard copy records.
Lower costs: Online auctions are less expensive to conduct therefore the commission fee is typically lower than estate sale companies.
Traffic: An estate sale is typically held over multiple days, relying on foot traffic to come in and out of the property, browsing the “garage sale like” set up, to make offers of your items. There is far less traffic at the property with an estate auction. The only people on the property is our team while building the auction over a few days. While the auction runs online, there is no traffic on the property aside from a scheduled preview. Once the auction is complete, we host a scheduled pick up day. Typically 4-6 hours where only people that have won items come to the property.
If you’re interested in learning more about our services, please reach out to Scott @ 585-208-2470 or srgauctionservice@gmail.com. We also partner with great local real estate agents if you need help selling your home once the contents have been sold at auction.