An often-overlooked source of goods for the small online retailer is the local estate auction. It’s not traditional wholesale in the strict sense of the word, but you can obtain high-quality products for resale at wholesale-level prices. Here’s the scoop.
Estate sales, which usually occur after somebody passes away, are usually administered by a third-party auction company, and are designed to liquidate the decedent’s entire collection of goods. You can often find valuable antiques, as well as ordinary items with a good resale value. Just check your Sunday paper under “auctions,” and pay a visit. You’ll have to register with the auctioneering company, usually on-site, and this is a simple process that just involves providing your contact information. Not all auctioneering companies will take checks, so be prepared with cash. Also, remember that this isn’t a yard sale—don’t ask if they can “hold onto” your purchases until you can bring a truck back the next day. It’s all cash-and-carry. You bid, you buy, and you take it away.
Once you’ve been to a few, you’ll notice that the same buyers tend to show up at all the local auctions. It’s a festival-like environment, with the auctioneering company usually running a snack stand as well. And if you’ve never heard an auctioneer’s song, you’re in for a treat. A traditional auctioneer doesn’t just get up in front of the crowd and ask for bids—they direct the bidding in a sort of fast-paced song. It’s fun to listen to—but pay close attention, it’s easy to miss something. And if it’s crowded, make sure that your bid has been seen. You’ll have a bidding number which you can hold up if you want to bid, but don’t be afraid to shout out as well if you’re in the back of the crowd. Often, you’ll know that you’ve been recognized because the auctioneer will frequently work with a second person who scans the crowd looking for bids. This second person will point to you and shout out to the auctioneer to acknowledge your bid.
Since the goal of the auction is to liquidate everything, there are two special types of bargains that stand out. First, the auctioneering company will often group together smaller and lower-value items in boxes. If there are several such boxes, they may let them go for a few dollars a piece on a “take your pick” basis. Take a look in those boxes ahead of time, and you’ll frequently find buried treasure amidst the bric-a-brac. The second bargain occurs towards the end of the auction, when the auctioneer may again group together several items that haven’t sold. “Give me a bid for everything on the table,” they’ll sing, and you’ll take home some terrific bargains for a terrific price.
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