Thinking about starting a side hustle in estate sales management? This business idea can be a lucrative way to earn extra income by helping people sell household items, antiques, and collectibles, typically after downsizing or the passing of a loved one. Estate sales management involves organizing and conducting sales events that can attract buyers looking for unique items.
In this blog, we’ll cover the skills you’ll need to get started, where you can learn these skills, different ways you can charge for your services, market niches to explore, and how to find clients. If you’re seeking a new way to supplement your income, estate sales management could be a worthwhile pursuit. Let’s delve into what you need to know to embark on this venture.
What is Estate Sales Management?
Starting a side hustle in estate sales management involves organizing and managing the sale of household items, antiques, and collectibles from a client’s estate. Typically, these sales occur when someone is downsizing, moving, or after the passing of a loved one. Estate sales managers handle everything from pricing items, setting up the sale, advertising, and managing the sale event. This type of side hustle can be rewarding as it allows you to help others during significant life transitions while also providing an opportunity to earn extra income. Understanding the basics of estate sales management is the first step toward starting this business.
Why is There an Increase in Need for Estate Sales Management?
The demand for estate sales management services is on the rise. Several factors contribute to this increasing need. The aging population is a significant driver, as many seniors are downsizing or moving to assisted living facilities, creating a steady demand for estate liquidation services. Additionally, with the passing of baby boomers, there is a growing number of estates that require management and sale of assets.
Real estate markets in general have shown strong performance, with many areas experiencing price increases and robust demand for properties. For instance, the median listing home price in Los Angeles County saw a year-over-year increase of 7.3% as of April 2024 (Norada Real Estate Investments). Similarly, the Tampa housing market demonstrated a solid long-term appreciation rate, reflecting a healthy demand for real estate transactions (Norada Real Estate Investments). This trend indicates a favorable environment for estate sales, as higher property values can translate into more valuable estate sales.
Overall, the increasing need for estate sales management services is supported by demographic trends and a healthy real estate market, making it a promising side hustle opportunity.
Skills Needed for Estate Sales Management
To start a side hustle in estate sales management, several important skills are required. First, basic knowledge of antiques and collectibles can be very beneficial, helping you to identify and price items correctly. With these skills, you’ll be well-equipped to begin your journey in estate sales. Additionally, research skills are important for determining the value of items, as you’ll need to know how to price them appropriately. Strong organizational skills are essential, as you’ll need to manage and arrange a variety of items efficiently for the sale. Attention to detail is equally important for accurately pricing items and ensuring nothing is overlooked. Good communication skills will help you effectively interact with clients and buyers, making the sales process smoother.
Where to Learn Estate Sales Management Skills
Learning the skills needed for estate sales management can be done through various resources. Online platforms, especially YouTube, are excellent tools for acquiring these skills. YouTube offers a plethora of free content, allowing you to learn at your own pace and revisit material as needed. Channels like “EstateSales.net” and “Antiques Roadshow PBS” provide valuable insights into pricing, identifying antiques, and organizing sales. Additionally, you can find tutorials on researching item prices and understanding how to use websites like Facebook Marketplace, Craigslist, and other platforms that post used products for sale, such as eBay and OfferUp. These websites are valuable for comparing prices and understanding market trends.
In addition to YouTube, books are a fantastic resource. “The Business of Antiques” by Toma Clark Haines offers practical advice on the antique market and managing sales. “Kovels’ Antiques and Collectibles Price Guide” by Terry Kovel is another excellent book that helps in understanding the valuation of various items.
Websites like EstateSales.org and the National Estate Sales Association offer webinars, articles, and forums where you can learn from experienced estate sales managers. These platforms provide a comprehensive overview of the industry, from pricing strategies to client management, ensuring you have access to a wide range of learning materials.
What Are the Start-Up Costs?
Starting an estate sales management business doesn’t require a significant investment. Essential equipment includes basic supplies like tables for displaying items, price tags, and a cash box or a digital payment system for handling transactions. A reliable computer and a smartphone are also necessary for managing sales, advertising, and communicating with clients.
For advertising your estate sales, online platforms like Facebook Marketplace and Craigslist are free and effective ways to reach potential buyers. Additionally, having a few folding chairs and signage for directing people to the sale can be beneficial.
The start-up costs for an estate sales management business can be kept minimal, typically under a few hundred dollars. Many of the required items can be sourced second-hand or borrowed initially. By focusing on these minimal necessities, you can start your business without a significant financial burden, making it an accessible side hustle for those with limited funds.
What Are the Profit Margins and Different Ways I Can Charge for This Business
In the estate sales management business, profit margins can vary based on several factors, including the value of the items being sold and the efficiency of the sale process. Typically, estate sales managers charge a commission based on the total sales revenue, ranging from 25% to 50%. For example, if you conduct an estate sale that brings in $10,000, and you charge a 30% commission, your earnings would be $3,000. This commission structure allows for substantial extra income, especially if you manage high-value estates.
In addition to commission-based earnings, you can also consider charging a flat fee for your services, particularly for smaller estates or if you’re just starting out. This fee can cover the initial consultation, setup, and advertising expenses. Offering flexible payment options can attract a wider range of clients and help establish your reputation in the market.
Add-On Services
To increase your earnings in the estate sales management business, consider offering additional services that add value for your clients. Offering staging services to display items attractively and post-sale clean-up can further differentiate your business and justify higher fees, contributing to a more profitable venture. Other additional services can include professional cleaning services to prepare the estate for the sale, particularly for more expensive items that need extra care. Additionally, you can offer to box up items that the customer wants to keep but didn’t sell. For items the customer doesn’t want to keep, you can provide options for bringing them to Goodwill or other donation centers, or even offer to take items to the local waste management location. By providing these extra services, you not only enhance the overall experience for your clients but also create opportunities for additional income.
Low Competition, High Sales Potential Niches
- Vintage Kitchenware
- Mid-Century Modern Furniture
- Antique Jewelry
- Rare Books and Manuscripts
- Collectible Vinyl Records
Expanding on Mid-Century Modern Furniture
Mid-century modern furniture is a niche with great sales potential and relatively low competition. This style, which includes clean lines, organic curves, and functional design, has seen a resurgence in popularity due to its timeless aesthetic and quality craftsmanship. As an estate sales manager, focusing on this niche means targeting clients who have homes furnished with pieces from the 1950s to the 1970s.
To excel in this niche, it is important to familiarize yourself with key designers like Charles and Ray Eames, Eero Saarinen, and Arne Jacobsen, as their works are highly sought after. Developing expertise in identifying authentic pieces and understanding their market value can set you apart. Platforms like eBay and 1stdibs can be excellent resources for researching current market trends and prices. Additionally, staging the furniture to highlight its unique features and photographing it well can attract discerning buyers willing to pay a premium for these iconic pieces.
How Do I Find Clients?
Finding clients for your estate sales management business can be achieved through several approachable methods. Networking with real estate agents, attorneys, and senior living communities can open doors to referrals. These professionals often work with clients who need to liquidate estates and can recommend your services. Offering free consultations or initial assessments can also entice potential clients to choose your business. Additionally, attending local estate sales and introducing yourself to attendees can help spread the word about your services.
Building an online presence is essential. Creating a professional website and utilizing social media platforms like Facebook and Instagram to showcase your services and past sales can attract potential clients. Joining local online community groups or neighborhood forums where you can advertise your services and participate in discussions can also be beneficial. By maintaining an active and engaging online presence, you can reach a wider audience and establish credibility in your market.
Final Thoughts on Starting an Estate Sales Management Business
Starting an estate sales management business can be a rewarding way to earn extra income. By focusing on developing the necessary skills, keeping start-up costs low, and offering valuable add-on services, you can create a successful side hustle. As you begin this venture, remember that your primary goal is to provide a helpful service to those in need while generating additional income for yourself. With dedication and the right approach, estate sales management can become a profitable and sustainable business.
If you would like more side hustle ideas, please visit sidehustleforretirees.com.
Meta description:
Start a profitable estate sales management business with minimal costs. Learn essential skills, find clients, and explore niche opportunities.