How Much Do Estate Auctioneers Charge?

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How Much Do Estate Auctioneers Charge?

Who are Estate Auctioneers?

An estate auctioneer is a person who conducts an auction of real or personal property. They are sometimes referred to as "estate liquidators".

Are you searching for an auctioneer for your estate sale? Talk with Legacy Auction Group in Kansas city to get top dollar for your items!

What do I need to consider before hiring an estate sale company?

Make sure that any estate auctioneers you are considering hiring are licensed by your state or county; this is really just common sense. Also ask them what type of commission they receive (percentage-based vs flat rate) and how much this will be. They may also be able to recommend an appraiser or another service that you could benefit from using – especially if the items in your estate are particularly unique, large, or valuable. In some cases, no sale is too small for a licensed auctioneer to manage on their own as long as they have room at their next scheduled event for those specific items. On the other hand, smaller auctions might not interest larger companies who can afford to wait until they have a full house of high-ticket items to sell before hosting a sale themselves.

It's important to assess whether or not hiring an estate auction company is right for you by understanding what types of fees you will pay with each option. For example, if you decide to sell your own estate items at an auction by yourself, you'll likely need to spend money on advertising and other costs typically associated with running a sale. If you choose to employ the services of an auction company like Legacy Auction Group or another professional company instead, make sure they are bonded (or carry enough liability insurance) in the event that something goes wrong with one of their employees.

How much does it cost?

One way an estate auctioneer charges is based on a flat rate with additional charges for advertising or labor costs associated with holding the auction. For example, if someone hires an auctioneer to hold an estate sale, and the estate auctioneer charges $400 per day, for ten days, they would be paid $4,000. Flat fees may range anywhere between $200 per day to $10,000, depending upon factors such as house preference, location and the number of items up for auction.

Another way an estate auctioneer might charge is for their services on a commission basis. This method is usually preferred by sellers or family members who want to see higher returns off of items that will sell quickly, such as car parts and other smaller, more easily moveable pieces. On average, according to the National Estate Sales Association, most sales are hosted for between 30-50% of the gross sales.

All states have laws that govern auctions within the state's borders; these vary widely from one jurisdiction to another. Some do not specify a limit on commissions charged by an estate auctioneers while others set maximum rates which are lower than those outlined in most consumer protection statutes (which typically limit to 20% of the selling price). Auctions held within the state of California are specifically limited to 10%.   

Why You Should Hire An Auctioneer?

Navigating the world of auctions can be very confusing and not everyone has the time to research the costs of antiques and collectibles. Legacy Auction Group handles this for you and makes it simple to get cash for the items you need to sell. Contact us today for help with your auction!