Many estate sale companies have started to lower their prices in order to drum up business in a buyer\u2019s market.\u00a0Of course every estate sale company\u00a0can set up shop their own way, but there is cause-and-effect in this industry. The fear is once customers receive\u00a0discounts at one estate sale, they\u2019ll start to expect them from\u00a0all estate sales, and it can be difficult to break them of these expectations.<\/p>\n
Giving discounts willy-nilly was fine and dandy in ’08 when the industry needed a nudge to get people\u00a0to\u00a0spend money. But now that the economy has improved and jobs are on the rise, are\u00a0half-off and quarter-off\u00a0discounts still necessary?\u00a0How can estate sale companies\u00a0take control back over the estate sale discount structure?<\/p>\n
Not all estate sales are alike, and different geographic areas have different rhythms that play into how you’ll want to structure\u00a0discounts. Consider visiting other estate sales near you\u00a0to see the natural flow of things\u00a0and make decisions based on your observations. Network with other estate sale companies<\/a> and find out what works for them. And as always, try things out and modify based on your findings. Your estate sale company is a work in progress.<\/p>\n Here are a few ideas to help you figure out if and when\u00a0to\u00a0structure your estate sale discounts.<\/p>\n If you decide to\u00a0handle all sales the same way, your regular customers will know what to expect. Or you may decide to structure discounts on a sale-by-sale basis. There are benefits to both methods, and \u00a0you\u2019ll want to do your best to accommodate your best\u00a0customers’ needs.<\/p>\n Some estate sale companies prefer to keep their customers guessing. You can create a greater sense of scarcity, which urges people to buy, if they know discounts might not always happen. If you do decide to base discounts on a sale-by-sale basis, be sure to blast out the news on social media or email: “Half off on Sunday!” This way, you reward your most loyal customers \u2014 and give an incentive to followers who aren\u2019t as engaged.<\/p>\n If you haven’t built up your online presence<\/a> yet, or you have customers who have come to expect\u00a0discounts on 2nd\u00a0or 3rd sale days (because of other estate sales in your area<\/a>\u00a0,or because you’ve operated this way in the past), you may want to stick to a more rigid format. While you’ll lose some flexibility, this method is easier on you and your regular customers. Some estate sale companies say it all works out in\u00a0the wash – and those few extra dollars you might have made are worth saving yourself the stress of\u00a0playing each estate sale by ear.<\/p>\n Some estate sale companies find it useful to stick to a pretty straight-forward\u00a0discount structure: Full price the first day, a quarter off the second day, and half off the last day seems to work well for many. One downside to this format is that you may have customers waiting to buy until the second or third day, making the first day of the sale not very lucrative at all! Having a set discount structure also may set a bad precedent – not only for your company, but for other estate sale companies in your area as well.<\/p>\n Pro Tip: look around and see what other estate liquidators\u00a0near you are doing. If they have a set discount structure in place, talk to them about it and find out why. Maybe together you can think of better estate <\/a>sale pricing<\/a> and discount solutions that will be good for competition – and your clients and customers.<\/p>\n Structure next-day discounts based on what you have left to sell at the end of the day. If all the good money-making items have been sold, offer a flat\u00a0discount the next day for hard-to-sell items<\/a>\u00a0in order to clear the estate. Remember: your job as an estate sale company is to get rid of everything. Observe your sale and discount as needed to maximize revenue for your client. Remind customers that the antique they\u2019re eying might not be there on Day 2 or 3, and not to count on\u00a0a discount!\u00a0You may find your first days are still successful.<\/p>\n Negotiate discounts per item on the fly, instead of offering flat discounts per sale. This way you stay in complete control of your estate sale. This means you are willing to give fair discounts when warranted, whether the reason is moving less popular inventory, a flaw with the item, or due to time constraints.<\/p>\n The downside to this method of conducting business is having to haggle in front of other customers. This can leave the door open for\u00a0possible problem shoppers<\/a> within earshot to feel they weren\u2019t given as good of a discount as the next guy. However, this can still be a very good method, just not for the amateur or faint of heart!<\/p>\n Part of the art of being a successful estate sale professional is knowing how to appraise items<\/a> and properly price them accordingly \u2014 the first time around. If you have the right asking price, neither under nor over, you can feel confident you\u2019re asking for a fair deal when customers try to negotiate.<\/p>\n Consider having a price range rather than one set number in mind, so you\u2019ll already be prepared to haggle if and when the time comes. Also, always remember who you\u2019re beholden to: your client, not the customers.<\/p>\n Pay attention to seasonal fluctuations, even holiday weekends<\/a>. Some estate sale companies have a harder time moving inventory when it\u2019s not estate sale season (spring or summer).<\/p>\n Conversely, in the thick of yard sale season, customers are used to getting the cheapest prices possible. You may consider offering\u00a0discounts during high seasons to make sure customers looking for a deal keep coming back.<\/p>\n One compromise is to have discounts days \u2014 but not include everything in the discounts, like high-end estate sale furniture<\/a>, art, even jadeite kitchenware<\/a>, vintage Pyrex<\/a> or other highly sought-after pieces.<\/p>\n This way you can give your customers the best of both worlds: the feeling that you\u2019re doing everything you can to give them a fair price, while still standing by the value of your big ticket items.<\/p>\n Some estate sale pros prefer to eyeball it when the customer pays out. This is basically giving discounts based on the number of items\u00a0bought. You may feel comfortable handling your sales this way, especially if your clientele is made up primarily of frequent shoppers.<\/p>\n If a customer doesn’t like a price of an item, rather than haggling it out right then and there, ask them to make an offer, either verbally or on a piece of paper. If their offer is more than the discount you\u2019re offering the next day, it\u2019s easy! Make the sale!<\/p>\n If your client’s estate doesn\u2019t have a whole bunch to sell (say $5k or less) also known in the biz, for better or worse, as \u201cgranny sales,\u201d there\u2019s no rule against having a one-day sale. In fact,\u00a0some estate sale companies have found much success streamlining it all into one day\u00a0and some\u00a0swear by\u00a0it.<\/p>\n One company even said the estate needed to be pretty substantial to warrant a two or (in very rare cases) three day sale.\u00a0Holding your estate sale for one day only also creates a sense of urgency, which can often drive customers to make a move sooner rather than later.<\/p>\n Another\u00a0upside? Less labor \u2014 and\u00a0 <\/span>less time for discounts \u2014 means more money in your (and your client\u2019s) pockets.<\/p>\n Pro-tip: Post lots of good estate sale photos<\/a> and advertise, advertise, advertise. Use\u00a0phrases like \u201chigh end merchandise\u201d \u201cquality antiques\u201d and \u201cmidcentury modern\u201d when applicable to build excitement.<\/p>\n You own your own business. Now think like a marketer! The smartest entrepreneurs\u00a0are constantly testing things out to see what yields the best results, and using that data to inform their decisions. Try marketing your\u00a0estate sales<\/a> in different ways\u00a0in order to test out tactics as you\u2019re starting your business. See which sale(s) end up making the most profit, and base future sales on these results.<\/p>\n1. Ad Hoc vs. Set in Stone<\/h2>\n
2. Set it and Forget it<\/h2>\n
3. Go with the Flow<\/h2>\n
4. Let’s Make a Deal!<\/h2>\n
5. The Price is Right<\/h2>\n
6. Mind the Season<\/h2>\n
7. Nix All or Nothing<\/h2>\n
8. Estate Sale\u00a0Discounts in Bulk<\/h2>\n
9. Take Offers<\/h2>\n
10. One-Day Estate Sales<\/h2>\n
11. Test it Out!<\/h2>\n
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