Downsizing Tips

If you have been following us at all, you know that our team strives to educate, equip and empower our clients as they buy a home, sell a home, or relocate from one place to the next – whatever the situation. To be effective, we do our best to stay current on the key issues affecting our clients and one way we do this is through hosting regular focus groups. We know that by surrounding ourselves with those who have “been there” and “done that” that we gain first-hand experience and real world knowledge. We take what we learn and tighten up our systems, improve our communications, and make changes where necessary. It’s all about getting better! Our most recent focus group involved three couples we had recently assisted with downsizing from their homes to area Continuing Care Retirement Communities (CCRCs). The conversation was lively and the insights were invaluable. We asked them to share their experiences of downsizing and below are just a few of the things that we learned: The biggest challenge was emotionally “giving up” personal collections. Things mentioned were books, tools, and guitars. Each person had something different they were challenged with releasing. All three couples used the same estate sale liquidator for dealing with the remaining items. Two of the three couples were dissatisfied with the estate sale, but for somewhat different reasons. The other couple was pleased overall. One female in the group was concerned about the itemized list and that some items weren’t noted as having been sold. She also noted they did not appear in any of the lots published online. Additionally, she was unaware that she as the client would be responsible for credit card charges, although this was in the contract. She expressed stress, frustration, irritation that it was not done the way she expected. Another female participant said she felt she did not ask enough questions about the contract and specifically how the fees were charged, and she did not like how some of the items were listed and portrayed, believing this was detrimental to what items could have sold for. She also said some items never made it into the sale, having been left in a closet at the home. The final couple was content that they did not receive an itemization (usually made available by request), concluding that it was the total they received that was more important to them than the individual prices each item sold for. Putting items in the right place during the resettling process was a big deal to all the couples. Some reported great outcomes with this, praising the move managers for a job well done. One gentleman, however, was not pleased in regard to books that were not returned to the bookshelf in any type of order based on how it was in his previous residence. He encouraged the move managers to take photos, make notes, etc. and place the books back in order. Photographs were noted as a source of frustration. With a lot to go through, this is a long project for some as they go through them one box at a time. Technology can be a concern. Move managers need to know how to hook up computers, phones, printers, etc. One participant noted that the move manager was familiar with wireless devices, but didn’t know his computer was plugged in directly, so it took longer than preferable to get sorted out. All the couples noted the importance of visiting multiple communities before choosing the one to move into. They all researched and selected based on their lifestyles now, but also future care needs. They all agreed it was important to eat there multiple times to see if you like the food and the dining arrangements. During meals and tours, the couples encouraged talking to people who live at the community and ask questions. They also cautioned that there are “complainers” at every community so you have to differentiate between people who elected to move there versus those who felt they were made to move there – not of their own accord. When asked what advice they would give to real estate agents (since they all had good experiences with Buckelew Realty Group), they noted three primary recommendations: 1) Keep people informed about what is coming next each step of the way. This provided comfort and helped them prepare in advance – no surprises, 2) Offer services including assistance with the move, house cleaning, and liquidation in addition to real estate so they only need to hire one service rather than worrying about finding people in all categories, and 3) Provide education on how to downsize successfully. They noted they had attended multiple seminars and met with all the senior living community vendors, attorneys, and other education partners in order to be prepared for their move. Beyond the specific comments, we made some observations of our own as we listened to the group, both during the live meeting and while listening to the recording later. One couple out of the three was recently moved and their home had not yet closed. You could tell a major difference in the level of stress between them and the others. They still had some hurdles to overcome and so they were not able to be fully settled and enjoy their new community. The other two, however, were fully immersed and engaged in various activities and meeting new people. Although we had requested written evaluations about the various aspects of the experiences including all services involving outside vendors, no one gave us the negative feedback about the estate liquidators. Until we asked specifically what issues they were dissatisfied about, they stayed quiet. Based on the tension when discussing it however, they had not really “let it go” but rather swept it under the rug instead. Pre-planning time and intention most definitely makes a difference in the overall ease and understanding of the various steps and services involved in the process. One couple

Hmm. You may come across a very cool Barry Sanders Oklahoma State Cowboys football jersey from 1987. But that’s really the only difference between an Oklahoma City estate sale this weekend and one in any other state in the U.S. We just have cooler stuff in OKC! Also called an estate auction, there’s no better way for treasure hunters to while away a few hours on a Saturday morning than sifting through goodies galore at an Oklahoma City estate sale. And, if you’re the individual or family selling the stuff, an estate sale is an ideal way to downsize and professionally liquidate unwanted possessions while making (hopefully) a little extra money. It’s common for folks to believe that an estate sale in Edmond, Yukon, Mustang, Moore, or anywhere across OKC is something held upon the death of a person, but more and more people and families are utilizing estate auctions and sales to downsize themselves into a new (smaller) home, condominium, or, in some instances, to help finance moving to an independent or assisted living community. In our 40-plus page guide book “Downsizing Made Easy,” we outline a wide variety of things to understand when considering an estate sale or auction. Here are a few of those: Should I Hold an Estate Sale or Estate Auction? Which is Better? This largely depends upon time and the nature of the stuff you have to liquidate. Auctions require less time to prepare and hold, while estate sales can demand a bit of prep time. Estate auctions are excellent options when you are selling collectibles, art, vehicles, or equipment. What do Estate Sale Companies Charge? Expect an estate sale company to take between 35-50% of the gross proceeds for their services with the possibility of additional costs if any items need to be transported elsewhere for sale. This is true for auctions as well, although, each estate liquidation service is different, so be sure you are comparing apples with apples when inquiring about fees and services. Is it Worth It? Estate sale and estate auction companies in Oklahoma City are experts at evaluating, pricing, and selling items. You’ll get better prices for your items because people come to estate sales expecting to pay fair prices, unlike garage sales where they expect to get everything cheaply. Plus, estate liquidators in Oklahoma do all of the marketing, draw crowds, and handle all the work, including setup,  cleanup, and sales tax. Even after the commission, most folks with extensive belongings make far more using an estate sale company than they would have going it alone. When is it NOT worth it? Sometimes there just isn’t enough left after a move to warrant a sale. Most companies charge a minimum fee which covers their cost of set up, advertising, and staffing. If what you have to sell isn’t enough to cover their minimum fee, you could end up owing money at the end of the sale. In this case, it may be better to call a “buy out” person to come and make an offer on the remaining household items (i.e. misc. furniture, dishes, decor, etc.). A buy-out company or person will pay you a flat fee for the balance of your goods and haul them away at their expense. Don’t expect much though – they are buying it with the intention of making money themselves when reselling. Another option is donating the remaining items to a charity. Some charities take specific types of donations like furniture, clothes, household goods, etc. In some cases, the charity will pick up and in others, you will have to deliver the items to a drop-off site. Either way, be sure to get a tax receipt so you can write the donation off on your tax returns. Let us handle the heavy lifting As a move management company, we have extensive experience in working with Oklahoma City estate sale companies. We’ve even vetted professionals that we refer on a regular basis as part of our provider team. And, when you hire us to help you with your move, our move managers will work intensely with the liquidation companies, helping to coordinate the entire process, and relieving YOU of the extra work involved with clearing out your home. Contact us if you are considering a move or need recommendations for professional, honest, and reliable estate sales or estate auction companies in Oklahoma. Additionally, would you like your own personal copy of our “Downsizing Made Easy” guidebook? It’s free of charge when you schedule a personal consultation with us to discuss selling your house, downsizing, liquidating an estate, or finding a senior living community in Oklahoma City, including Moore, Edmond, Yukon, Mustang, and the Greater OKC Metro area!

Choosing the best place to live as we get older is not a simple matter. In fact, a mere outline listing the complexities inherent in this decision would extend well beyond the allowable word count for this article. That said, let’s look at 3 of the most frequently asked questions and some possible answers to each. Question 1: Where will I live? The challenge with this question is that one additional word usually falls at the end of it. That word is “if.” Where will I live if my health declines? Where will I live if my spouse dies before I do? Where will I live if I can no longer take care of my home? Where will I live if I can’t drive? Without a crystal ball, no one can know for sure what their future will hold. But instead of talking about it, most people just push aside the thoughts of potentially needing to relocate. While addressing the questions outright may cause anxiety or uncomfortable conversations, not dealing with them creates even more internal stress and anxiety. Did you know that it’s stress and anxiety that, according to many studies, actually accelerates unhealthy aging and disease processes? ANSWER Plan ahead and create a game plan for the “what ifs” of life. Address the questions, concerns, fears, and uncertainties head-on. Talk with your family and meet with your financial advisor. Research both independent and supportive housing options. Be proactive rather than reactive so you can focus your attention on living more fully today instead of worrying about the future. Question 2: When is the best time to move? There is not a one-size-fits-all answer to this question either. The short answer is simply: Before you ‘need’ to. You see, too many people are relocating reactively instead of proactively. They choose not to deal with the questions of life mentioned above in the first part of the article. Instead, they wait until they (and their home) are in poor condition and they move out of necessity instead of by choice. Studies show that people who move involuntarily have significantly increased levels of depression and show steeper declines in physical health than do those who relocate voluntarily. It may make sense to consider market conditions and housing availability in your decision about when to move, however, your health and perceived future healthcare needs should be the highest priority. ANSWER Be proactive and makes changes earlier than later. If you live in a two-story home, consider moving to a one story before you can no longer manage the steps.  Married couples might consider downsizing together instead of leaving the task for their widow to handle alone. Thinking down the road and if finances will allow, consider the life-care community option while you are still healthy enough to qualify. Question 3: How will I physically manage a move? After decades of living in the same home, many people have collected more than they need. Closets are overstuffed, cabinets are packed, and hutches contain sentimental sets of family heirloom china (which adult children have no interest in). When you add garages, shop buildings, storage containers, junk drawers, and attics to the mix, it can all seem insurmountable.   This overwhelm is largely due to 2 things: 1) False assumptions about the difficulty of liquidating these items, and 2) The task of physically and/or emotionally parting with years of accumulation. ANSWER Hire professionals to simplify the process. Too many people either try to manage the liquidation and move process themselves or ask family to do it. With adult children spread across the country, working full-time jobs, or dealing with their own challenges, arranging for help is not always easy. Furthermore, adult children may not be the best resource due to their own emotional stake in the accumulation of household items, thus proving ineffective at supporting downsizing efforts. Conversely, adult children may be completely detached, rushed, or pushy, making sorting and deciding what to keep or leave behind an arduous and emotionally painful task. While it may cost you a little extra, hiring a professional move manager ensures you remain in the driver’s seat concerning decision-making. It also guarantees you will have an experienced guide for navigating relocation logistics and hands-on physical support for downsizing and relocation-related tasks. People usually say the peace of mind they receive from their move manager was worth far more than the fee paid for the service. They also remark that the fee was much less than they expected to pay. ____________________ For more information about downsizing, rightsizing, decluttering, and comprehensive, personalized move management services offered in the Oklahoma City metropolitan area, contact OKC Mature Moves at 405.563.7101.