Denver Estate Sales vs Denver Yard Sales
Yard sales are easy. Just stick reasonable prices to things, take those things out to your yard, and sell them. It’s a great way to declutter and strike up conversations with the interesting characters who live in your neighborhood.
Estate auctions, on the other hand, aren’t nearly as straightforward. A proper estate auction demands careful planning. Without it, you’ll be left with more items than you would have liked to hold on to or donate to charity. You’ll also wind up making significantly less money than you could have, which isn’t a position anyone would like to find themself in.
Whether you’re considering holding an estate auction because you have begun bankruptcy proceedings, inherited a house filled with a relative’s belongings, or planned to move to a smaller home, there are a few things you can do to secure a more positive outcome. Here are some tips for selling your personal property at auction!
Get Professional Appraisals Before Going to Auction
You’re probably aware of what your personal belongings are worth. Inheritance is another story. You may have no idea whether a piece of furniture is a valuable antique from France or a cheap knockoff from Vietnam. You’ll be especially flummoxed if you try to guess at the market values of collectibles. It is nearly impossible for a layman to appraise stamps, coins, vintage firearms, Hummel figurines, model railroad engines, and pretty much any other collectible.
A professional appraisal will prevent you from setting unrealistically high minimum bids. It will also protect you against savvy collectors who would like nothing more than to pay you $20 for an original Georgia O’Keeffe painting.
Advertise Your Denver Auction as Much as Possible to Drive Attendance
You want lots of people to come to your auction. More attendees mean more people bidding against one another – precisely what drives up prices.
Print ads. Online ads. Bandit signs and flyers. They’re all effective tools for advertising an estate sale, and it can’t hurt to leverage all of them at the same time. Make sure to include attention-grabbing items in your ad – the flashiest and most valuable items should be the stars of the show. Include crystal clear details in your ad as well: where, when, and an extensive list of all the other items you’re auctioning.
Acquaint Yourself With Estate Tax Laws
Many states impose taxes on estates. You’ll want to determine whether yours is one of them before holding a large auction. Colorado does not have an estate tax, but that doesn’t exempt its residents from the federal government’s estate tax. If you have inherited assets worth more than $12.92 million (or double that amount, if a married couple previously owned the property), then it is imperative that you “give” the federal government its “share” before it resorts to claiming it forcibly.
Hire a Denver Auction Company That Sells Real Estate, Too
Some professionals specialize in auctioning movable property. Others specialize in auctioning real estate. Only one does both in Denver, CO. That’s us: your full-service solution to estate liquidation.
If you’re selling personal property and real estate in the greater Denver area, then Colorado Premier Realty & Auction Services is standing by to simplify your life. We make complete liquidation as easy as making a phone call. Contact us today to get started!