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A look behind the scenes with a real estate sales expert

Posted on by Vaseline

Marni Jameson
| Specially for the Herald-Tribune

Ten years ago, when I cleared out my family home of 50 years, I had no idea what I was getting into, let alone what I was doing. I had never been to an estate sale before, now I was going to have one. I took a week off from my job in Florida, flew to California and dove headfirst into the quicksand, a paralyzing swamp of family history, memories, feelings, legends and surprise-filled boxes, and all laced with my own guilt because I was like that. ill-prepared to handle all this.

But I couldn’t wallow. Although I had no earthly idea what something should sell for, I made wild attempts to determine prices so that I could achieve the goal of clearing the house out to put it on the market. The proceeds would help pay for the long-term care of my elderly parents.

I get PTSD just thinking about it. Memories of this life-changing ordeal came flooding back this past week as I spoke with Melissa Sullivan, owner of The Posh Peacock, an estate sales company serving greater Orlando.

Where was she when I needed her?

Sullivan entered the world of real estate sales four years ago after working in IT for 25 years. She was ready for a career change and started helping a woman who had a small private real estate sales business but had no technical skills. “She didn’t accept credit cards and didn’t have a website,” said Sullivan, who fixed that. Shortly afterwards the woman died of cancer. Sullivan kept the company going and growing.

Today, Posh Peacock handles approximately 25 sales per year.

The fact that services like hers exist to clear out family homes and turn material items into money and freedom just makes me so happy. My soul feels lighter because I now know that I can no longer worry about all those crowded houses out there that threaten to fall like avalanches on the heads of grown children.

While a real estate sales company may be just what a family needs, some intrepid types want to tackle the sale themselves, which has its own benefits. Anyway, I found Sullivan’s inside information useful. While it’s too late for me, these takeaways might help you:

Marni: Who are your customers?

Melissa: Two-thirds of the homes we vacate belong to people who are downsizing or moving to assisted living. A third belongs to someone who passed. If the owner has passed away, we sell all the things in the house after family members take what they want. For downsizers, we assess what they are taking with them to see if there is enough left to justify an estate sale, the equivalent of about four rooms with furniture, plus household items.

What if downsizers want to hold their own estate sales?

You don’t need a real estate sales company. Families who want to do this themselves can follow the same route as us. Empty all cupboards, cupboards and drawers. Separate waste. Set aside what you want to keep or give to someone. Everything else you can sell or donate. The two most difficult parts of the job are pricing and having enough help to make sure the items don’t run away. There are many pricing tools available now. One of these is WorthPoint.com, an app that lets you look up items and find suggested prices. Looking up sold prices on eBay is another good source.

How do you prevent theft?

We do not allow handbags or backpacks inside. We also group small items at the jewelry counter, which is staffed at all times, and we have staff trained to monitor every exit.

How much is the average gross sales, and what is your discount?

The usual split is 60% for the client and 40% for the real estate sales company. We liquidate most homes gross $12,000 or more. In that case, the homeowner would get $7,200, and we would get $4,800. That includes staff, which costs about $2,500, advertising, and art consultants or appraisers we employ to help us price collectibles.

How long does the process take?

We’ll be in and out within a week. On the first day, six to eight workers go through the house and inventory everything. We then clean and polish the merchandise so it is highly visible and stage the sale, creating vignettes to make the house look like a boutique. Over the next few days we’ll be pricing and photographing items to promote the sale online. The sale starts on Friday. On Saturdays prices drop by 25% (on art and collectibles) to a whopping 50%, and on Sundays we offer a 60% discount. On Monday, anything left over will go to a local charity and the customer will receive a donation receipt.

What is worth more than people expect, and what is worth less?

Clothing, especially vintage clothing, costume jewelry and tools, sells very well. Tools retain their value because no one cares if they look old. Coins and stamps are no longer as expensive as they used to be. And I still remember how heartbreaking it was to tell a woman that her collection of more than 200 Madame Alexander dolls in the original boxes wasn’t worth much.

How can owners help?

We welcome any appraisal or other information they have about their valuables. The main thing is that they take everything they don’t want to sell, otherwise buyers will find it.

What should people pay attention to who want to hire a real estate sales company?

Ask what they do with items left over after the sale. The company must donate them and give you a receipt so you can write off the donation. However, some companies take ownership, resell the items and take all the profits. It is a chronic problem in the sector. Make sure the company you hire has adequate liability insurance. Also ask about any additional costs outside the commission.

What do you wish more people knew?

For some of their beautiful furniture, such as living room sets, they are lucky to get 20% of what they paid. This is where research tools can help. I learned early on that you will make more money if you lower your prices slightly. Price too high and items sit around and then go for much less.

Marni Jameson is the author of seven books, including the recently released “Right size today to create your best life tomorrow: a motivating guide for those looking for their ideal home later in life”, and “What to do with everything you own to leave the legacy you want.” You can reach her at marnijameson.com.