FutureShop and the Sale of Estate Property
I recently read a fairly interesting book entitled FutureShop, by Daniel Nissanoff. The full title really tells the whole story: FutureShop: How the New Auction Culture Will Revolutionize the Way We Buy, Sell, and Get the Things We Really Want. The book isn't particularly well-written -- it sometimes seems like an advertisement for Mr. Nissanoff's business interests -- but it does present some thought-provoking ideas that could be applied to the estate and probate context. In particular, Mr. Nissanoff talks about the inefficiencies of garage sales and classified ads for selling the stuff you don't want. Of course, when someone dies, there tends to be a lot of this type of stuff. Most of it winds up in a number of different places:
1. In the home of a relative or friend who may or may not want it (or realize its true value).
2. Sold for pennies on the dollar in a garage or estate sale.
3. Given away to charity.
The problem with garage sales, estate sales, classified ads, etc. is that they often don't attract the interested, informed buyer who would pay top dollar for a given item. That's where the internet comes in. We've already seen the rise of businesses that will "sell your stuff on eBay" -- there's tremendous power in a vehicle that brings interested buyers to your door.
I think we're now going to start seeing these businesses cater to estates, with services such as:
-clean out of the decedent's home
-inventory, appraisal, and storage of the decedent's property
-sale of such property on eBay or a similar type of website
I think these businesses could unlock a lot of value for estates and their beneficiaries, and generate nice returns for their owners.
