The industry of estate sales is unregulated, under-researched, slightly mysterious and often misunderstood. If you were to look for market research or business metrics on the estate sale industry, you wouldn’t find anything because there is no organization or governing body tracking, analyzing or regulating the industry.
Estate Sales, Unregulated Industry
Since there is no governing body or organization regulating the estate sale industry, estate sale and appraisal associations have been established to bring credibility to both seasoned liquidators and newcomers. By registering or qualifying for membership at these various associations, estate sale liquidators help expand their professional education, appraisal performance, quality of service and ethical conduct. In conducting business in any unregulated industries comes a certain responsibility for the incumbents to regulate themselves. It is imperative estate sale liquidators operate within their fiduciary duty to keep customer’s best interest as their #1 priority. This includes compassion for customer’s circumstances, professional sale management, full-filled promises, trust, security, accurate appraisals and transparent transactions.
Since selling most personal property within a home does not require any license or permit other than receiving the proper local licenses required to run a business, nearly anyone can become an estate sale liquidator. Comparable to your ability to have your own garage sale without needing permits or licenses to operate, anyone can have an estate sale and at their discretion hire anyone else to manage it, regardless of whether the service provider has formally established an estate liquidation business.
Estate Sale Liquidator Opportunity
The industry serves as a great opportunity for entrepreneurs to establish a part-time business on the weekend, which could potentially lead to a full-time venture. There are thousands of professional estate liquidators across the country. Some are trustworthy and legitimate; others are not. Due to minimal upfront costs, the barriers to entry are very low to establish an estate liquidation business. As with all successful businesses, it still requires a lot of work and know-how to build a trusted reputation within the local market and to attract qualified buyers to frequent the estate sales.
There are so many wonderful people operating trustworthy estate sale businesses, but in an unregulated industry a little education goes a long way.
EstateLane helps you hire a trustworthy, estate sale liquidator to professionally manage your sale. Our #1 priority is trust and transparency.