What Are the Best Practices When Handling an Estate Sale?

There are few things we would love more than if every real estate transaction was a happy experience, every purchase was a cause for celebration, and every sale was a stepping stone to bigger and better things. Unfortunately, the real world doesn’t always work that way, and it is often necessary to handle the more difficult tasks.

Effectively managing an estate sale is arguably the most challenging situation, both for a real estate professional and for the person entrusted to be the executor. It can be hard to gather the resources you need and juggle all your duties on top of your daily responsibilities.

In this post, we will endeavour to provide you with a one-stop resource to guide you through all of the practical steps of handling an estate sale.

Gather Your Support Network

An estate sale is far from just another real estate transaction. You have all of the usual to deal with, finding a Realtor®, determining an accurate listing price, marketing the listing, and showcasing the house to potential buyers. On top of all of that are the legalities and the emotional challenges of dealing with your own grief while holding it together for everyone else.

In times like this, it’s more essential than ever to surround yourself with supportive friends and family members to share the burden, even if it’s your signature on the official documents. A friend who is disconnected from the situation but available for a quick coffee will help you get through this difficult time.

Even more importantly, you should surround yourself with loved ones who also have fond memories of your relative who has since passed. Pouring over old photos and talking about way back then may trigger some tears, but will also bring some laughter and lead you all down a healing path. Though your friends and family members are not necessarily providing advice, their emotional support just may be the most valuable resource of all.

Managing an estate sale is never easy, but you’ll get even more guidance in What Are the Implications of Selling an Inherited Home?.

Lean on the Experts

Every real estate transaction has legalities involved, but an estate sale takes it to a whole new level. It is critical to work with an experienced lawyer who understands inheritance law and will help you perform your duties as an executor to a high standard.

In addition, you’ll want to work with a real estate agent who has experience, empathy, and local expertise. You may be unable to perform every task to prepare the house for the market.

That’s when a local real estate agent can step in with a network of contractors, tradespeople, legal experts, and any other connection you will need to make your transition as seamless as possible. We would never suggest that managing an estate sale is easy, but it will be more straightforward once you have your emotional support network and a team of experts on your side.

It’s important to be ready for anything when selling a home for someone else. The resources below will help:

When to List the House

Obtaining probate means that the courts recognize your authority as an executor and are officially granting you permission to sell the home. Since this process can take time, you should apply for probate as soon as possible.

Estate sales tend to be more complicated, often due to the timing of the transaction. You can start laying the groundwork by cleaning, decluttering, and arranging for minor repairs and staging.

However, you can’t officially sell until probate has been granted. If you try to jump the gun, the new owner will have to wait to take possession. Since most people want their new home quickly, this limits you to a very small pool of buyers who would be willing to wait. That’s why it doesn’t make sense to list the home in advance in most cases.

Assess The Value Of The Home

With estate sales, you don’t always have the luxury of time to prepare the house in a way that dazzles potential buyers. Selling as-is may limit your ability to sell for top dollar, but there are still things you can do to maximize the home’s value.

When working against a short timeline, you’ll need to focus on other aspects of your selling strategy. This begins with a good understanding of the value in the current market.

In the absence of renovating and upgrading the home, setting a compelling price point is the best way to maximize your sale. Of course, much of this will depend on current market conditions and the skill level of your real estate agent.

A local Realtor® can help by providing a CMA (Comparative Market Analysis) to see how the home compares with others in the area. We factor in the size, condition, any recent upgrades, location, and a variety of other attributes to determine what will appeal most to the maximum number of buyers. The goal is to attract as much attention and interest from as many people as possible.

The Challenges of Selling a House Remotely

In the past, we’ve had many clients outside of Peterborough who have been named executor for a relative. How is it possible to sell a house when you don’t even live near the area? If travelling back and forth is out of the question, you will need to rely on an experienced real estate team that you can trust.

Fortunately, modern technology makes what was once almost impossible an everyday reality. Nearly every document can be signed digitally from anywhere in the country. Clear communication is essential throughout the process of selling remotely, which means you want to work with a compassionate professional who keeps you in the loop.

Stage the Home to Appeal to Buyers

Extensive renovations may be off the table, but that doesn’t mean you can’t perform minor improvements to make the house shine. If you’re not in the area, we can connect with professional cleaners and declutterers on your behalf to get the home ready to welcome potential buyers.

We also work with an in-house staging coordinator who will redesign the home from top to bottom. This is one of our primary areas of focus because staging is well-documented to help you sell faster with less effort, often while earning more after all is said and done.

Curious about how staging can help you maximize your sale? The posts below will give you some ideas:

Take Time for You

Taking care of an estate sale, along with all your other duties as an executor, can feel stressful and overwhelming. It may be tempting to delay your own healing process while so much is going on, but it’s also important not to burn yourself out.

As much as possible, be sure to take some time for self care. Even a short break where you get outside in nature can help you feel like yourself again. Whenever you need help with the process, don’t hesitate to reach out to someone in your support network.

Do you need some expert guidance when handling an estate sale? Our experienced and caring Peterborough real estate agents are here for you. Connect with us today at team@jeffandkatie.ca or call 705-775-2255 with any questions.

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