Online Auctions & Estate Sales

Online Auctions and Estate Sales both have a place when it comes to selling a household or estate. We will first describe each and list some of the Pros and Cons of both.

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Online Auctions

Online Auctions are a method where all items are staged and inventoried.  They are then assigned a lot number. They are photographed and loaded into our auction host system where they will be listed up for bid. We promote the sale and its items to our extensive list of buyers, utilizing both general and targeted marketing strategies to reach active collectors and interested buyers. Items of notable value are given special consideration to ensure they are marketed to active buyer for the best chances of an ideal return.

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While online auctions depend heavily on photos to sell, we also afford all interested parties an opportunity to view the items in person. During the bidding period we offer the ability to inspect the items on a preselected date called the 'Preview Day'. This is a 4-6 hour window of time. Our St. Louis Estate Sellers team supervises this event, ensuring security and addressing any buyer inquiries.  The bidding period generally runs 7-10 days. When the sale ends we send out invoices to all winning buyers. The checkout day is typically 1-2 days after the auction ends. On the checkout day all winners come to pick up their items and pay. Once this has happened we collect all monies paid and process the sale for final net asset distribution. Sellers should expect to see their check about 7-10 days after checkout day. Any remaining items left after checkout day ends can either be disposed of by you, or, if you prefer, we can take care of removing and disposing these items for a service fee.

 

The online auction process is a very simple and effective way to liquidate the content of a home, estate or collection!

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Pros:

• Online Auctions ensure each lot is sold for the Highest price the market will bear. This process ensures that no money is left on the table.

• Online Auctions typically sell 89-97% of items offered. If our client desires, we can also dispose of remaindered unsold items.

• During an Online Auction the price of items goes up. Buyers who want something badly will actively compete to own and 'win' the auction item. Many times emotion dictates the need to be the winner and this often translates to the item selling for more than average market value!

• The seller's property has much less exposure to public traffic. Some sellers appreciate that their home or selling location will only have truly interest parties and the winning buyers show up to collect their goods. Estate sales do permit for more 'lookie-loos'.

• Accessibility: Online Auctions afford a wide variety of buyers the ability to see and bid on items offered. Being able to look at an item for several bid days has proven to be the best method compared to live auctions or estate sales.

• Convenience: Online bidding from anywhere offers an incredible advantage for including most anyone in the bidding and buying process. Instead of being locked into making an in-person appearance at a live auction or estate sale, the online auction gives buyers much more incentive.

• Higher final price potential. A larger pool of potential bidders in online auctions can result in higher final sale prices for sellers.

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Cons:

• No human interaction. Some people prefer live auctions, and while that doesn't usually impede their desire to participate, there are some who prefer to take part in a live sale. Keep in mind that unlike many estate sale or online auction companies, St. Louis Estate Sellers have licensed and experienced live auctioneers on staff to conduct a live sale if you prefer.

• Some buyers prefer live interaction so that they may ask questions. And while the online auction preview day affords them the ability to do just this, we find that some just like the live sale interactive element.

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Estate Sales​

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Estate Sales are also very straight forward. We stage and inventory estate or household content and price it with a flat price. We market and advertise the items and then hold the sale. The Estate Sale can run anywhere from 1 to 5 days. The prices are typically adjusted by daily discounts in order to motivate sales. Some people like this method and strategize on how to buy items by attending multiple days.  Estate sales typically involve more employees to operate the sale over the online auction.

Pros:

• The ability to set prices on goods to help ensure selling an item(s) for a set amount.

• A good way to sell a large quantity of items. Estate sales are usually only done for entire households.

• When items are priced within market range it is a good method of liquidation.

Cons:

• Items which are desirable can sell for less than market value when compared to online or live auctions. Estate sales allow for leaving money on the table.

• Prices get reduced with each passing day. Some buyers will wait for items to get reduced so they may obtain them for the lowest possible price.

• More time consuming that online or live auctions. More time is put into inventory and research for items of value to ensure they are priced at fair market value.  This labor is not needed in an auction as there is no independent pricing per item in an auction.

• Leftovers. Statistically, estate sales usually have more unsold leftover items than both live and online auctions. While we can of course dispose of these items, they will involve more fees to do so than the smaller quantity of leftovers in an online or live auction.

• Estate sales cost more than online auctions to operate. More employees are used for estate sales to be conducted compared to online auction.

• Overall return is less than auction.  While some estate sales will of course do quite well, we must point out that the return on them is lessor than that which is realized in an online or live auction.

• Estate sales attract more bargain hunters compared to the buyer base of auctions.  While everyone likes a bargain, estate sale attendees typically like one more than auction buyers. The average auction buyer is reserved to the fact that they will need to bid high enough to own the item. Estate sale buyers try to get into the sale as early as possible to get as many undervalued items or find more deals.

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So, what is best for you?

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While St. Louis Estate Sellers will be happy to sell your estate or household through Estate sale, Live Auction or Online Auction​, we feel that one method works the best in most circumstances.

 

So what do we do the most of?  Without a doubt the answer is the Online Auction. We have found that the Online Auction is the most profitable method.  This is not to say that live auctions or estate sales won't make good money. But, the online auction is the method preferred by most sellers. It is an easier and less expensive to run method than the estate sale or live auction. It also results with more items being sold compared to the estate sale.

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We will be happy to advise you upon consultation what the best options are and what you should expect to pay. 

Also know that All Fees are paid from the sale proceeds! We never charge up front fees and our consultations are always free. Our commission fees are assessed on a sliding scale. The more an item brings, the less the commission fee is! We also do Not charge advertising fees. When you do a consultation with us, we will give you a clear idea of what the cost to conduct your sale will be.

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We encourage you to hit the Contact Us button to send us a message. Or opt to do a virtual consultation by sending us photos through our system and we will get back to you in a matter of hours. You may also contact us directly by Call or Text 314-566-2222.

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