Do you know what to consider when deciding to have an estate auction? You’ll need to think about many steps when planning one. For example, you’ll have to think about conducting the event yourself or leaving it in the hands of a reputable organization. You’ll also have to ponder how much money to put towards your advertising budget.
The more knowledge you have about planning an estate auction, the better prepared you will be for creating one. Fortunately, you’re in luck…
This step-by-step guide will give you the confidence and knowledge to help you create a bidding frenzy.
Step 1: Don’t throw anything away
Consult a professional before throwing stuff away. The internet has many stories of people tossing away what they thought were worthless items, only to discover that the items were worth tens of thousands of dollars. An appraiser can find out which of your items are valuable so that you can decide if you want to toss them or keep them.
Step 2: Organize your stuff
Label valuable items to avoid mistakes. Organize your stuff into three distinct categories–items for bidding, items to donate, and items to keep. Labeling your sentimentally valuable pieces ensures they aren’t accidentally up for grabs during the auction.
Use a Company for Your Estate Auction
MaxSold is an excellent company to help you set up an online estate auction. It has built a growing reputation for meeting the demands of its customers. Every year, thousands of people use MaxSold to create virtual auctions that have been highly successful. If you’re unsure about online auctioning, it is a good idea to contact a MaxSold agent to get the information you need.
Step 4: Remove Your Photos
Put away your framed photos. Remove your framed photos from your wall to protect the privacy of your friends and family. By removing framed photographs, you’ll ensure that your privacy will be protected.
Step 5: Create an Estate Auction Advertising Budget
Stick to a budget that suits your needs. To ensure you get many bidders, you’re going to have to spend money on digital advertisements, such as social media ads, email campaigns, and YouTube videos. By researching how much money you will need to spend, you can create a budget that is suitable for you.
Step 6: Choose what works for you
Decide if you’ll plan your auction or use an agency to do it for you. Below is a list of pros and cons of conducting your own estate auction.
|You will save money on getting a licensed professional.||You may lose a lot of money during an auction because of your lack of experience.|
|You can use social media sites like Facebook, Twitter, and Instagram to advertise your auction. ||If you are not experienced in social media marketing, it can be very difficult to advertise your auction.|
You may not have the time to spend on becoming proficient in social media marketing.
You will have to appraise items yourself and that is time-consuming.
We hope these steps will help you plan your next estate auction with ease. We would also like you to consider MaxSold to assist you in creating an online auction. The company can connect you to a vast pool of interested bidders to maximize your profits.