Pricelessfind Estate Sales & Appraisals Explains “The Minimum Fee” & Other Estate Liquidation Options

Many Estate Sales & Tag Sale companies charge a minimum fee for their services. Prospective clients are sometimes confused by the meaning the “minimum fee”. To put it simply the minimum fee is the amount of money that the estate sale company needs to make in order for a client to retain its services.

To make this simple to understand, let us say company “A” requires a $1000.00 minimum for conducting a two day sale at your home. Let us say that company
“A” charges a 25% fee for work done of gross proceeds received . If there is a sale in your home, and the sale nets only $2000.00 in gross revenue for a two day sale, you still owe company “A” $1000.00 dollar fee for their services. Effectively you are paying a commission rate of 50%. This works out very nicely for company “A”. More than likely, there was not enough at your home to make it worth while to even conduct an estate sale. Many are told, “Oh, it was just a slow weekend”.

At Pricelessfind Estate Sales & Appraisals, we never charge a minimum fee. We are brutally honest about the gross money that we believe your possessions will bring during a one or two day sale.

There are other options for estates which will not produce enough money to make the “estate sale “a plausible option. This past summer we had a client from Florham Park who was told by another company that the charge for conducting her sale would be $1400. When we visited her, we told her honestly, that there was not even $2400 of
gross revenue total of items in her condo. We suggested to this client that we could professionally price and sort all of her belongings for a reasonable hourly rate, and that she could have a friend help her conduct the sale. We would also advise her on how and where to advertise her estate/moving sale. Our cleanout donation team showed up after her very successful sale was over. The client was very happy with the course of action she chose, having been honestly advised by us, in her best interest.

Other options for estates with low fair market value of goods include outright tax deductible donations. Last mother we go a call from a client whose 95 year old mother had passed away and left an apartment full of depression era mahogany furniture and other assorted bric-a-brac. The client’s mother had lived in a very expensive 55 and over rental which charged a bi-monthly rent in Livingston NJ. We honestly advised this client that an estate sale was not the best route for him to take. Our cleanout/donation crew provided this woman’s estate with a legitimate estate tax donation form and cleaned out the remaining trash and other non-donation worthy items. This was accomplished in 1 ½ days with very little notice. This estate was flush with cash and the client was able to deduct the charge for trash removal services and take the full value of the contents of the apartment against their taxes. . Our client was also able to save on two weeks of expensive apartment rent.

An appraisal is required only if the charitable contribution exceeds $5000.00 in fair market value. If the amount exceeds the $5000.00 amount the IRS requires that form 8283 be attached to the income tax return. This form requires a professional fair market value appraisal compliant with the Uniform Standards of Professional Appraisal Practice. This is the only form recognized as legal and professional by the IRS. Pricelessfind Estate Sales & Appraisals can also assist you for larger contributions. Please contact Pricelessfind Estate Sales & Appraisals to find out what is in your best interest. We will give you an answer that is honest and beneficial to you or to your estate.

Alicia Soukup 908-303-2632