It’s been a while since my last update, so I thought I’d fill you in. My last job wasn’t going well for me, so I’ve moved from upstate to New York City and taken a job with an estate liquidation company in Queens. In case you don’t know what it is, allow me to fill you in. Estate liquidation is selling a property and all of its contents. People request to have estates liquidated when they are forced to move out or can’t take care of a property any longer. One of the most common occurrences is when an elderly person moves into a long-term care or assisted living facility. The living relatives don’t have the ability to take care of the home or pay the taxes on it, so they liquidate the estate and all of its assets. Divorce, moving, and bankruptcy are other possible reasons one might have an estate sale.
Anyways, I’ve learned that this type of business is quite lucrative, so I began searching for someone to work for. I was browsing Indeed and I noticed that IDX Liquidations was hiring, so I called them and asked to speak with someone about it. As it turns out, their NYC estate liquidators are hosting multiple estate sales for clients through Queens County. They sell appraise all the contents of the home and then sell everything from the furniture to paintings. IDX’s connections with other liquidators and resellers in the area allows them to sell some of the products more easily.
Let me give you an example. John runs a big business. Things are going really well, so John buys a million dollar home. Then, all of the sudden, John’s business goes under. John spends all of his money trying to pay to keep his home, but he can’t afford the mortgage. So, John goes bankrupt. The bank repossesses John’s home and hires an estate liquidation company to sell the property, house, and contents therein.
Some homeowners attempt to handle the estate liquidation on their own, but it can be surprisingly challenging because of all the research that’s involved. The normal homeowner doesn’t have a clue what the family heirlooms are worth, so they’ll likely undervalue them and mistakenly sell the heirlooms for nothing at a garage sale. Another example is a silk rug for example. How does a normal home owner sell an $8,000 silk rug? They probably can’t. But, estate liquidators can because they’ve established partnerships with a local rug dealer in the area.
This is all very exciting for me. I’ve always wanted a business model where I could make money learning it and then go into business for myself. I may have finally found something that I can do long-term, but only time will tell.