What happens to the unsold items? We are asked this question every auction.
First we will cover the estate sale side. Most estate or tag sale companies have approximately 30% to 40% left over inventory after they have completed the sale. We have worked with many of these companies to help liquidate the balance. Here is a short list of what some estate sale companies do with "left overs";
- Donate to charity
- Attempt to "fire sell" the items on the last day, sometimes selling grocery bags full for $1.00 to $5.00
- Negotiate with a seller to take all left overs for a discount price
- Let the sellers deal with it themselves
- Be careful as some shady estate sale companies have a clause in their contracts that gives them the right to keep all left overs for free.
With an auction company the left over percentage is very low, usually around 5% to 8% and in many cases there are no left overs at all. Auction companies usually offer similar type disposal services of left overs. However they may offer other options such as the following;
- Run the items in the next auction to sell
- Regroup the items for a better dollar amount in the next auction
- Sell direct to the buyers on pick up day at a reasonable price
- Buy the items from the seller
- Let the sellers take the items back
What ever the venue Auction or estate sale, there is usually some "left overs" to deal with. Make sure it is spelled out in the contract prior to signing as to what happens with these left overs. It is always
up to the seller what happens to their items so make sure to express this in writing when signing the contract. Contact us today to handle your estate sale