Settling the Estate
Liquidators greatly expand services to help heirs clear house
Jeff Baker enters the master bedroom of a luxurious old East Side home and quickly surveys the belongings.
“That’s an old piece, completely rebuilt; that marble top isn’t original,” he says, referring to a small table on his right.
“That’s a 1920s Michigan piece,” he continues as his eyes circle the room. “And that’s an 1820s Georgian English secretary. Those mirrors are original, but they would have had candleholders in front of them to reflect the light; those are gone. That chest next to it looks old but is pine and is brand-new.”
Baker’s job is to know such things.
As one of several central Ohioans who specialize in liquidating estates, he is responsible for knowing the value of every item in a home – and for getting as close to that value as he can. When he is done, the home will be clean, empty and ready for a new owner.
Most families handle estates on their own. They sift through the belongings, gather some for themselves, give some away, and donate or sell what’s left.
But as families move farther apart and as homes accumulate more stuff, customers increasingly turn to the pros to clean house.
Victor Krupman asked Baker to help him clear out his Bexley house, loaded with art and silver collections, after Krupman’s wife, Cookie, died in 2008.
“It would have been overwhelming for me to do all that on the computer, checking the value of the art and silver,” Krupman said. “You need someone like him to help you break away from the things.”
A handful of tag-sale and appraisal companies have offered estate liquidation services for years in central Ohio. Others, such as Baker, have gotten into the business because they see a growing need.
Each company is a bit different, but most do more than just sell merchandise. They will clean the house, ship belongings to far-flung family members, find buyers for special items, and, in some cases, care for the yard and offer security services.
Estate liquidators, who blend counseling, selling, organizing, appraising and decorating skills, start by meeting the clients to discuss the estate.
Family members will typically gather the items they want and leave the rest to the liquidator. They might have some idea of what could be valuable in their parents’ home, but often, it’s a mystery to those who grew up with the belongings.
Firms will systematically search the house for items of unusual value – items that warrant a special audience. For many in the business, this is where the fun comes in.
But, liquidators caution, clients should also be wary of firms that inflate the value of the estate in an effort to get the contract.
Prized items such as art, guns or collectibles are pulled out for a targeted auction or for collectors; the rest are prepared for conventional sale, either through a tag sale or an auction.
Auction firms can have the advantage of being able to sell everything, but those who prefer tag sales say such sales might command more money for the seller.
The job lands liquidators in the middle of the two most difficult issues most families deal with: death and money, which require special negotiating skills.
Often, though, it’s not the expensive piece of art that drives such disputes.
Prices for estate liquidators can vary widely by service, and few firms will quote a price before they see the estate firsthand.
Some firms charge an overall percentage of what the estate fetches, typically 25percent or 30percent. Others charge flat fees depending on the service: tag sale, appraisal, cleanout, etc. Still others blend flat fees with a percentage of the sales.
Estate liquidators know some clients might bristle at the thought of paying up to a third of an estate to an agent. But, they argue, without the service, heirs are less likely to get full value for the belongings because they don’t know their worth or don’t know how to find the best buyer.
Liquidators recommend interviewing more than one firm and checking for references.