Estate Auctions: The Benefits and Process

In the unfortunate circumstance of a loved one passing, the last thing that you should be burdened with is the decision making and workload centered around handling the assets of the estate. Unfortunately, the responsibility of estate executor typically falls in the hands of the people who are grieving the most. This process can be daunting and time consuming, that is why it can be valuable to have a partner in the process that can assist in making educated decisions and relieving some of this workload. Below we will explore the process and benefits of using an auction to sell estate assets.

A 1931 Ford Model A, sold in estate auction in Taylors, South Carolina by Pearce & Associates Auction Company, heading to its new home.

Benefits of the Auction Methodology 

  • Timely: A typical auction can liquidate an estate in a matter of weeks.
  • Decreased Workload and Stress: A full service auction company provides set-up (tagging, cataloging, photography), professional and precise marketing campaigns, invoicing, payment, and management of asset pick-up by buyers. 
  • Maximum Exposure: A professional marketing campaign can draw bidders from all around the world, especially if the auction is conducted online.
  • Results Represent True Market Value: If an auction is well marketed, all parties of interest will be competing for the assets resulting in fair market prices.
  • Reasonable Commission: No hourly fees will be charged to the estate, just a reasonable and agreed upon commission rate.
  • Total Transparency: Our system accounts for every bid placed on items. We will provide periodic marketing results, this way we can remain on the same page throughout the process. 

What if the Estate Contains Real Estate?

Pearce & Associates Auction Company has decades of experience selling real estate associated with estates ranging from residential to commercial properties. An auction can be a very effective way to sell real estate within an estate, to learn more about selling real estate at auction contact us today for a free, confidential analysis of the property. 

The Process of An Estate Auction

  1. Take Inventory of the Assets in the Estate: Before calling a professional auction company, take an inventory of the items included in the estate. 
  2. Reach Out: Give us a call, we will discuss the items and give you our thoughts on the best course of action. Many times, we will come to the location to take a survey of the items and provide a Free Confidential Analysis of the assets.
  3. Contract: Once we have a good idea of what is included in the estate and understand your wishes, we will provide a comprehensive proposal that will contain information like commission rates, marketing plan, timeline, etc. If you are pleased with the proposal, we will sign a contract.
  4.  Pearce Staff Set Up: Our staff will take it from here. We will be responsible for tagging, describing, cataloging, and photographing the items. All of this information will be compiled in our software and placed online. 
  5. Run Online Auction & Marketing Campaign: The auction will typically run online for between two and three weeks, a marketing campaign will be simultaneously bring bidders from around the country to the bidding catalog. 
  6. Pearce Staff Will Manage Pick Up and Payment: Once the auction ends, we will be responsible for assisting buyers in picking up and paying for the items. The proceeds will be deposited into our escrow account.
  7. Check In Your Hand

Why Pearce & Associates?

Pearce & Associates Auction Company has offices in Charleston, South Carolina and Birmingham, Alabama, but we are equipped to handle estates anywhere in the United States. We have had the pleasure of being trusted with the liquidation of thousands of estates over our 40 year history. We know that every situation is different and that the events surrounding the liquidation of an estate can be very emotional. As a family run company, we strive to treat our clients like family and do our best to handle their situation with care. As experts in conducting and marketing online auctions, we are able to continuously provide service and results that are clients are pleased with. Our company is a part of MarkNet Alliance, this alliance has over 65 partner companies all across the United States. When you hire Pearce & Associates Auction Company, you do not just get our experience and resources, but also the experience and resources of our entire alliance. We have a database of nearly 800,000 bidders worldwide. Please reach out for a Free Confidential Analysis of your assets to determine if your estate is right for auction.