At Gordon’s Downsizing & Estate Services, one of the services we offer is helping customers manage what to do with their extra personal belongings when they downsize. We build and execute a personalized plan for each customer to accomplish this task. When there is a volume of items to be dispersed we typically use an online auction service, www.MaxSold.com to do so, as this method generates maximum value for our customers.
From time to time customers ask us whether they can remove an item from their auction once it is open and the short answer is “No, it’s not a good idea.” and this is why...
Put yourself in the shoes of a buyer and imagine this...it’s Black Friday and you have found a special item that you’ve been looking for for some time. The item is a bit rare, hard to find, but now, finally - it’s available and at a price that works for you. You plan your week around getting to the store first at 9am so you can be sure to get it at 10am when it’s available. Meanwhile, you shop around for other things you like since you are there anyways. Finally, 10am arrives and the store announces they have changed their mind and decided not to sell the special item at all. In the context of a bidder, how would you feel? Was this fair? Was it reasonable for the store to change their mind at the last minute? Overall, a frustrating buyer experience.
From years of watching auction events play out, we have learned that the average bidder at an auction buys more than one item and most end up buying several once they become committed. Once a bidder knows they have bids in on a key item, they often look more closely at the various other things for sale to see what else they might be interested in.
We have also learned that, typically, the more lots an auction contains and the more varied the items within an auction, the more interest (bidders) it attracts. Consequently, the more bidders who engage with an auction improves the volume and ultimately the bid values of competing offers, hence positively impacting the overall sale results. Removing an item after an auction has begun not only erodes buyer confidence in participating in the auction in general, it is also a breach of the auction contract the seller committed to, and it is inherently unfair to the buyers who are collectively helping solve the problem of what to do with all the items the seller wishes (maybe needs) to sell, typically within a fixed timeframe.
In order to maximize our customers’ sale values and to solve their problem of not being able to keep additional personal items they no longer need, we strongly recommend not pulling items from an auction once it has begun.
Do you have personal items that are no longer of any use to you that you are interested in dispersing when you downsize or are managing an estate settlement? Contact us at Gordon's Downsizing & Estate Services and we will work together to create a customized plan to meet your needs.