Selling An Estate with KIKO: Answers to your most important questions

When the time comes to help your parents transition from their longtime home, the responsibility can feel overwhelming. Selling an estate isn’t just about listing a property or hosting a yard sale. It involves coordinating the sale of a home, decades of accumulated possessions, land or business assets – all while balancing your career, possible children’s schedules or even living out of state.

Whether your parents are downsizing, moving to assisted living, or you’re settling an estate after their passing, understanding the process can help bring clarity and peace of mind.

What is an estate auction?

An estate auction is a professional sale where personal property, real estate, and other assets from a personal estate are sold to the highest bidder in a structured, competitive bidding environment. Unlike a garage sale or online marketplace listing where you set fixed prices and hope for buyers, an auction allows the market to determine value through competitive bidding.

Estate auctions can take place on-site at the property, at an auction facility, or online through digital platforms. They’re particularly valuable when you’re dealing with a large volume of items, when you need to sell everything within a specific timeframe, or when you have items whose value might be difficult to determine on your own.

When executed correctly, the auction process brings together serious buyers who are ready to purchase, creating urgency, and often resulting in better prices than you might achieve through individual sales.

Has KIKO worked with families who live out of state when the estate is in Ohio?

Absolutely. This is a common scenario, and we have processes and tools to support families managing estate sales from across the country. We understand that coordinating across time zones and state lines adds complexity to an already challenging situation.

At KIKO, we handle the local logistics, such as real estate or personal property appraisals, cataloging, and marketing and advertising, while keeping you informed every step of the way.

How do you settle a parent’s estate?

Settling an parent’s estate involves several important steps.

1. First, you’ll need to secure the legal authority to act on behalf of the estate, whether through an existing power of attorney, by being named executor in the will, or through the probate court if necessary.
2. Next, you’ll take inventory of all assets including real estate, personal property, financial accounts, and any business interests. You’ll want to notify relevant institutions, settle outstanding debts, and file necessary tax returns. We recommend working with a reputable estate attorney to help with these tasks.
3. Then, when it comes to the physical real estate and possessions, you’ll decide which assets family members want to keep, what has sentimental value worth preserving, and what should be sold. This is where an estate auction becomes invaluable – it lets you convert a houseful of belongings into cash that can be distributed to heirs or used to settle estate expenses.
4. Finally, after all debts are paid and assets are liquidated, you’ll distribute the remaining proceeds according to the will or state law. While this process can take several months, having experienced professionals handle the auction portion removes a significant burden during this difficult time.

Will we have a dedicated point of contact throughout the process?

Yes, with KIKO you’ll work with a dedicated estate auction expert who will be your primary contact from initial consultation through close out. This sales manager works to understand your family’s unique situation, your parents’ needs, and your goals for the auction. They’ll coordinate with other team members as needed, but this continuity is especially valuable when you’re managing things remotely and can’t easily drop by an office or walk through the property on a moment’s notice.

What services are included when KIKO handles an estate sale?

KIKO Auctioneers’ comprehensive estate sale services are designed to take the burden off your shoulders. We begin with a thorough assessment of the property and its contents, providing professional appraisals to ensure items are valued appropriately.

Our team carefully catalogs, photographs, and describes each item for the auction. We handle all marketing and advertising to attract serious buyers, manage the preview period when potential bidders can view items, conduct the auction itself, and collect payment from buyers. After the sale concludes, we arrange for buyers to pick up their purchases and coordinate the removal of any unsold items according to your preferences.

After the estate auction, will the house be completely empty and ready for the next step?

Yes, that’s our goal. In fact, KIKO specializes in selling an estate’s home and personal property at the same time. Over the past 80 years, we’ve proven this approach is efficient and effective.

Our most popular service includes selling real estate at a live onsite auction, while offering personal belonging during an overlapping online only auction. This draws in the most bidders possible while maximizing advertising dollars.

What’s a realistic timeline from signing a contract to holding the auction?

Most estate auctions take place within four to eight weeks from the time we sign a contract, though this can vary based on the size and complexity of the estate. The timeline includes our initial assessment and walkthrough, the cataloging and photographing process, a marketing period to build buyer interest, a preview period for potential bidders to view items in person, and finally the auction itself. Your KIKO expert will work within your family’s timeline as much as possible.

What are some exceptions in the estate sale timeline?

The most common exception occurs when families need more time to sort through personal items, family heirlooms, and sentimental belongings before we begin. This is completely understandable – deciding what to keep, what to distribute among family members, and what to include in the sale can take more time than people anticipate. Other exceptions can happen when there are title issues with property or when family members disagree about how to proceed. We always recommend starting the conversation with us early so we can plan around these predictable challenges.

Which items tend to sell best?

The real estate market remains strong in Ohio, with family homes and land selling very well. On the personal property side, farm equipment, vehicles, tools and quality antiques or collectibles like coins and jewelry often attract strong bidding. Sports memorabilia and automotive signage can also command good prices when marketed to the right audience.

Common household items, outdated electronics, and household furniture typically generate less interest. That said, our 80+ years of experience helps us identify what will resonate with buyers.

What if an item doesn’t sell at auction?

Unsold items are handled according to your preferences and our agreed-upon plan. Many families choose to donate usable items to local charities, which provides a tax benefit and helps the community. Other options include recycling materials when appropriate or arranging for disposal of items with no remaining value. We discuss these options with you before the auction, so you’re never surprised by what happens afterward.

How do I pay for my estate auction? How does KIKO get paid?

In the auction industry, typically auction companies earn a commission and buyers are charged a premium. Our commission structure is straightforward and designed to align our interests with yours. We succeed when you receive the strongest possible results. We typically charge sellers a commission percentage on items sold, and buyers pay a premium on top of their winning bids. The specific percentages depend on the size and nature of your estate, which we discuss transparently during our initial consultation. Commission and fees can be deducted directly from the sale proceeds, providing a convenient option for families. We’ll provide you with a written agreement that clearly outlines all rates before you commit to working with us.

Are there any upfront costs or additional fees I should know about?

In most cases, our services require no upfront payment from you. However, there can be additional costs in specific situations. For example, if extensive cleanout is needed before we can begin or if specialized appraisals are required for particularly valuable items, it may come at an additional cost. We discuss any potential additional costs during our initial consultation so you can make an informed decision.

When do sellers receive payment, and how does that work?

Sellers typically receive payment within 2-3 weeks after the auction concludes for contents and 45-60 days for real estate. This timeframe allows us to collect payment from all buyers. We provide a detailed settlement statement showing every item sold, the price it brought, our commission, any applicable fees, and your net proceeds.

Can you manage the entire process if the homeowners have already moved out?

Yes. Many sellers we work with complete the estate sale after parents have already relocated, even if they’ve moved out of state. As long as we have the proper legal authority to act on behalf of the estate – typically through power of attorney, executor authority, or appropriate family consent – we can manage everything remotely.

I’d like to learn the options for my estate situation. What’s next?

Our clients are often juggling a lot: family, career, parents’ needs, and the logistics of managing everything from a distance. Whether you’re just beginning to think about your options or you’re ready to start the process, we’d welcome the opportunity to talk with you about your specific situation.

Contact KIKO today to schedule a no-obligation consultation where we can discuss your parents’ estate, answer any additional questions you have, and create a customized plan that works for your family’s unique circumstances. You don’t have to navigate this alone.