Maximizing Revenue Through Estate Sales: A Marketer’s Guide to Legal Considerations
As the owner of the Revenue Engineer blog, I’m always looking for ways to expose my readers to different streams of revenue possibilities. Here’s one that I thought would be of interest to marketers-and that you should certainly consider as a source of income for your business: the estate sale. How can estate sales generate revenue? An estate sale is a sale of all or a majority of a person’s possessions in their home. The purpose of the sale is to dispose of all of their belongings, and/or to close down a business, such as an antiques dealer or an artist’s studio.
What marketers need to know A large part of the process of an estate sale is marketing. Through my own marketing automation efforts, I’ve learned that marketers are constantly looking for ways to optimize sales. In the case of an estate sale, your revenue operations (RO) must also be focused on your compliance for the legal issues that may arise during a sale. What are the legal aspects of estate sales? Each state has unique laws for estate sales. Here’s a checklist of some of the more common areas where the law can have an impact on an estate sale:
In order to execute a successful sale, you must understand the estate sale laws where the sale will take place. Homeowners are more likely to use the services of an estate sale company if they don’t have to worry about compliance with the law. That is, by hiring you, they know they are in compliance with the law. If you are responsible for sales, such as in a retail sales position, then you should also pay attention to how the sale will be conducted. For legal information regarding estate sales, please refer to How to Navigate the Legal Landscape of Estate Sales.
Compliance is key As with all of the legal issues we discussed, compliance is key to being able to sell the items in a successful manner. Automating your compliance process creates a competitive edge in the market for your estate sale company. If you’re not in a position to have a full-fledged estate sale company, then an alternate selling option is a consignment sale. During a consignment sale, you sell items for someone else, typically a portion of the proceeds goes to the seller, and you keep a percentage of the income generated from the sale. Now, not everyone has a plan for their estate sale, but don’t let that stop you from using compliance to take control of your legal risk.
