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I have an opportunity to buy the leftovers from a family-run estate sale. I went on the second day out of three. I’ve been trying to get started in buyouts/cleanouts, but there is not much info online about guidelines for making an offer. If anybody has done this, can you give me some tips? I’m meeting her tomorrow. I’m willing to rent a storage unit if I have to, but would prefer not to.
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My advice: Don’t do it.
Will you make money? Most Likely.
Alot of money? Probably not
Will the work input justify the profit output? Almost definitely not unless you happened upon a “unicorn” sale.
Just go cherry pick the good stuff. Then you don’t have to deal with the low profit items, broken items, long tail items, and outright trash. Odds are good that even at a unicorn sale you are better off cherry picking.
leave the bulk buys to the folks with the staff and infrastructure to handle the volume.
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Good advice from both of the two Heavy Hitters in this community. You’d be well served to pay attention. I follow their advice a lot and have never regretted it.
That being said, allow me to play Devil’s Advocate, because I’ve actually done this three times. On one occasion I literally got crap in my haul. Each time, crap included, I’ve come out ahead. Here’s my MO.
First offer lowest possible dollar. Counted up, each item that I KEEP will clock in at less than a dime in cost. I’m hauling everything for you, you are going to knock your price not to rock bottom, you’re going to rent a tractor and start digging lower. I’ve paid $100, $60, and $75 for my three hauls to date, and each time my SUV was loaded to the point where a mouse would have a hard time finding space. Mary Poppins the heck out of it! This is the only way it’s worth the time and effort.
Next: unpack into sorting bins. Trash, Maybe*, Donation (Goodwill?) and Keep. Sort IMMEDIATELY into sorting bins. Don’t put it away to sort later. You really, really, really don’t want to store that half eaten sandwich for six months! If you have to pick up today and sort tomorrow, sort tomorrow. Don’t put it off for longer than 24 hours. Even if you have a storage unit of stuff, make time to sort it as a major priority. Get floodlights and sort through midnight, if you have to. I know, I know, but I promise it’s good advice.
Now, take the trash to the trash and the donations to the donation center. Same day or next. Don’t muck about. Get it done and get it out.
Ooh. I’m a poet! 😀
*Time for a caveat. If you have a car full of stuff, you don’t need a Maybe category. Have your phone nearby and do a quick look up. Then sort into Trash, Donate, or Keep. Or grab a kid/cousin/colleague and let them do the look ups while you sort.
If you have a lot of stuff, try to work through your Maybe items within a week.
And that’s it. Whatever’s left is worth your time and attention.
Now, go back and read the prior suggestions. As mentioned, thems up there is good advice. I’m a bad puppy!
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I like Amatino’s vision. If you’re really interested in clean outs, let this be your experiment. Don’t pay more than $100. Sort everything out immediately. See if it feels like you’re really profiting or doing someone else’s dirty work.
Personally, I would never rent a storage unit just for this stuff. You’re immediately losing money.
Let us know how it goes. The worse that happens is you get trash. Live and learn.
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Jay, this sale was one that started off with a whole lot of volume — a truly “packed” house. There was a ton of vintage. I spent two hours on the second day digging and I have already profited greatly from the things I bought then. I didn’t go on the third day but the family says they have a lot left over.
I’ve been considering cleanouts as a way to cut down the time and expense of sourcing. True, I don’t want to fill my store with junk. I think the advice to cherry-pick is good.
I’m interested in others’ thoughts about buyouts, like do you have to be a flea-market seller to get rid of the ordinary items?
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Buying storage lockers might be a similar and better option, assuming they have not been “picked” before the auctions. Although, they are profitable it’s too much work for me similar to estate buy outs. I am a cherry picker and I still have a lot more stuff than I can list.
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I charge for cleanouts. Usually 500 bucks and I keep anything good I find. They pay for the dumpster. NO CHEMICALS TAKEN. I box them up for the homeowner. Sometimes I pay, but that’s cherry picking time.
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What’s your common experience doing these cleanouts? $500 is great if you actually get boxes of items to sell.
But do you ever run into a house full of garbage where $500 is not enough t pay for your time to do the work and the cost of the dump? How clean do they expect you to be?
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Here is my advice for my friends here…….
anytime u see an old house for sale, send the owner and the realtor a postcard saying u do cleanouts. Don’t bother on the new homes, look for old ones and u can find good stuff in the attic and basement….realtors are always pushing the owners to clean out, they are your friend…..shhh.. don’t tell anyone near me about this…
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Jay, I look around and adjust accordingly…if it’s going to take a lot of time I will charge 20 bucks an hour to throw stuff in the dumpster while culling out the better items. I always make them get a dumpster, the dump charges by the load. Some people turn me down, some sell me a few things, some say fine and have me do it. I get 3 or 4 a year that keep me up to my eyeballs in inventory to sell…
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i thought about making business cards got myself and leaving them with the estate sale companies when I go to the sales. Basically offering to buy large amounts of X and offering to cart away the left over Y and Z.
I’m just outside Dallas TX and there are a ton of sales every weekend.
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