A: MORE MONEY.
This section has been designed to assist in deciding that an auction is the best way to liquidate your items. Remember that this is an opinion based article but through research and experience these are some notable items worth mentioning to a potential seller.
A) In a tag/estate sale the value of an item and pricing is usually done by one or two people. A priced placed on an item no-way guarantees that an item will sell even if the price is considered a "fair market value".
At Auction an item WILL sell in a competitive means which may generate more revenue than previously thought thus creating a true "fair market value". ( MORE MONEY)
B) In a tag/estate sale generally the public is granted complete unsupervised access to all levels, rooms, and all locations of the sellers home during the 2 or 3 day sale. Many families are not comfortable with the thought that strangers are wandering thru a loved one's home searching every inch of the home.
An Auction can be sold completely outside with no buyers never entering the home. On certain occasions the auction can be moved to another location. (MORE MONEY)
C) In a tag/estate sales the person or persons you deal with are UNREGULATED. No state licensing or registration requirements. Simply stated there are no written contracts requirements documenting revenue or expenditures or mandating that money is placed in escrow until seller is paid.Estate sellers DO NOT HAVE TO MEET ANY REQUIREMENTS or ANSWER TO ANYONE.
Arkansas Auctioneers must attend annual continuing Education Classes as well as a Licensing state board exam to become and remain a licensed Auctioneer. Some have become Certified Personal Property Appraiser and Auctioneer. All Auctioneers are required by Arkansas Law to maintain an escrow account and are accountable to the Arkansas Auctioneer Licensing Board. (MORE MONEY)
D) At a tag/estate sale a limited number of people are allowed into the facility at a time. Some potential buyers line up very early, wait for hours and do not even have the opportunity to purchase the best items. The saddest part is that most of these buyers would paid more for the item if they had to compete to buy it. Many times the best items are sold prior to sale day(s) and the general public never has a the opportunity to buy them. Plus multiple tag/estate sale days do not create any urgency allowing buyers to wait until 1/2 off day or 1/2 off of 1/2 off day (money lost). The remaining items not sold are either sold at a very cheap price or given to someone to carry them off or left for the family to deal with. The Advertising campaign is usually in the "Garage-Yard sale" ad in local paper.
At auction the buyer's line up early to view items and everyone starts bidding on items when the Auction starts. Although most Auction ads are much larger with much more detailed information Auctioneers take pictures of the items being sold and place it on web sites for everyone to view. Everything is sold in one day with clean up, settlement sheets and accountability of all monies taken in and all expenses accounted for. Although most Auctions are settled with just a couple of business days Arkansas law requires settlement within 10 business days of the Auction date. (MORE MONEY)
E) At tag/estate sale"the early bird gets the worm" and the seller loses.
At Auction the customer who bids the most money buys the item, not the one who gets there first. Auctions are open to the public and can have hundreds of bidders setting the prices of items sold. Everyone attending has the opportunity to purchase every item as it crosses the auction block.
(MORE MONEY)
F) Remember the word AUCTION is an ACTION word.The human eye has the potential to gravitate to it first. It brings the urgency of RIGHT NOW to mind. The public knows when the auction starts and knows it is over when the last item is sold. All potential buyers know that each and everyone may bid on the item being sold. They also know they may have to give more than they really wanted to in order to own the items they are interested in because there will be others interested in those same items and everyone there can place a bid. They know this will their only chance to buy the item. RIGHT THEN, AUCTION DAY. No chance of 1/2 off of 1/2 off of 1/2 off or might be the lucky one who hauls it off for free. (MORE MONEY)
At some point you may consider these points when deciding to liquidate inventory or settle an estate.
We know that every situation is different but there is only ONE chance to settle or liquidate. It is vital you get solid information and facts. (MORE MONEY)
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