You are here: Home / FAQs

Madame PackRat

Frequently Asked Questions

The following are Frequently Asked Questions from both our clients and customers.

What is an Estate Sale?
An Estate Sale is a means of liquidating the belongings of a family or estate.
What’s the difference between an Estate Sale and a Garage Sale?

Estate Sales traditionally are conducted by third party professionals for a fee and are conducted inside the house for a period of two to three days.

Garage sales are held by individuals who usually put things for sale in their garage and driveway and they usually only last one day.

Why do people have Estate Sales?
Rightsizing, downsizing, moving, divorce, death, bankruptcy and foreclosure are the most common reasons for an Estate Sale.
Where does the Estate Sale take place?
Madame PackRat’s Estate Sales converts an individual’s home into a retail establishment.
How does Madame PackRat determine the prices?

Experience. Market Trends. Research. Local Experts

Depending on the age and condition of the item for sale, the rule-of-thumb is 30%-50% less than retail value of household goods; 50%-75% percent of ‘book value’ for antiques and collectibles, unless they are valuable and rare.

What do you mean ‘book value’?
Book Value means value determined by prices realized at Auction or other posted/recorded sales data. There are several well-known publications that give pictorial and written descriptions of antiques and collectibles along with current prices.
What are some of those publications?
Kovels, Warmans, Schroeders and Millers are a few of the many fine research publications.
What about research on the internet?
That is a fantastic tool. We love it!
What is the difference between ‘book value’ and ‘market value’?

That’s a great question! There is a distinction.

Book Valuereflects current recorded sales data.

Market Value is the price at which a willing buyer and willing seller arrive, with neither being under the compulsion to buy or sell and both having knowledge of relevant facts. Said simply, ‘you can only get what someone is willing to pay regardless of what it may be worth’.

Will someone ever pay more than ‘book value’?
Rarely.
However, we have seen items bid up over the suggested selling price at auction because of the heat of the moment. We tell our clients that at an Estate Sale usually the best you can get is full price the first day. Buyers are looking for bargains, that is why they come to Estate Sales.
Do you have price reductions?
Yes.For instance, at a three day sale the first day everything will be full price. The second day 25% off all things except those marked ‘FIRM’. The third day is usually 50% off.We price everything fairly to begin with, so any discount offered just improves the quality of the deal.

If you really like something ask yourself if you will regret not buying it right then. We’ve had many conversations with folks who came back to buy something and were ‘too late’.

What if I want to make an offer of less than 50%?
We will always have a Bid Box, you are invited to complete a simple form identifying the item on which you wish to bid and make an offer. We will present it to our client.
Who stands the best chance of ‘making a deal’?

Cash buyers buying in volume usually get the best deals.

Do you accept credit cards?
Yes. And Cash.No Checks!
When do you have Estate Sales?
On weekends. The volume of things to be sold determines the length of the sale, usually two to three days: Thursday, Friday, Saturday or Friday and Saturday. Rarely do we have a sale on Sunday.
What are the hours of the sale?
9:00 AM – 5:00/6:00 PM. In the winter we rarely stay past 5:00.
Do you have to have a bunch of antiques and collectibles for a successful Estate Sale?
NO! Almost everything will sell if it is clean, in good condition and priced right. Naturally having some unusual things creates buzz and will draw more of a crowd. But, people will buy almost anything and for a variety of reasons.
Should I go through my kitchen, storage shed and garage and get rid of the junk before I have my first meeting with you?
No! No! Resist the urge to purge. Leave it up to us
So, everything has some value and will sell?
Well, not everything. Old hangers, holiday décor way out of season, torn, dirty or worn out linens and clothes, old magazines and newspapers, used candles, stained mattresses and pillows, promotional give-away items, opened toiletries, expired foods or meds, moldy or rusted appliances, used orthopedic slings and supports, opened puzzles and other incomplete items, but just about everything else does.If you are in doubt, wait until we come for our consultation and assessment and we will guide you.
What do you do to prepare for a sale?
The short list is: Sort. Organize. Dust. Clean. Polish. Assess Value. Tag. Display and stage items to highlight their best features to sell for a fair price.In addition, we bring in lighting, tables, table risers, table cloths, clothing racks.
What if I want to keep an item after the contract is executed and you and your staff have started to work?
Probably not a problem, but we can charge our regular commission for anything removed once work has begun. Naturally if you have overlooked personal memorabilia we of course will return those items to you. As a matter of fact if we find that type of item we will set it aside to give it to you.
What if a family member sees something they want from the estate after you and your staff has started work, can they take it?
Once again, we can charge our regular commission for anything removed once work has begun. The best thing for you to do is give away all that you intend to before the contract is executed (These kind of things are outlined in our contract.)
What about old computers, printers, and monitors?
If we can prove they work they will sell.NOTE: BE SURE TO HAVE CPU’s CLEANED OF ALL PERSONAL DATA
How do you promote the Estate Sale?
We post an ad with a gallery of pictures on 24/7Estates.com, MadamePackRatsEstateSales.com, ImAPackRat.com and the Dallas Morning News. We also send email notifications to past customers of our Estate Sales.
May I stay in my home while you are preparing for the Estate Sale?

No. We cannot get productive work done if there are people other than staff present. Please make other arrangements to be completely moved out before we start work. Absolutely no exceptions.

What if I want to put my house on the market? Do I do it before or after the Estate Sale?
Putting your house on the market during the Estate Sale could greatly increase the market exposure for your house. Since we also own Changing Places Realty we would be in a position to negotiate an offer during the Estate Sale if the opportunity presented itself.We have had many opportunities during Estate Sales to discuss the sale of the home too. We should explore this further at our first meeting.If you have other questions please give us a call!