Why no one wants your seller's furniture...
...and how to break the news to them. The Baby Boomer furniture problem.
RECLAMATION is a Bay Area used furniture marketplace committed to reducing the impact of the fast furniture industry on the environment. We sell our items through our Instagram pages, @reclamationfurnishings and @telegraph_estate. We have a 20,000 sqft warehouse in Oakland right off of Highway 24 on Telegraph. We acquire most of our inventory through partnerships with high end Realtors. We buy out the furnishings of fine homes and provide fast, comprehensive estate services.
How many times has a seller told you they need a “couple extra weeks” to sell their furniture before listing? Have you heard something along the lines of, “We paid $15,000 for this dining set in 1989 and it’s still in pristine condition.” or “We have an appointment with the auction house appraiser in a couple of weeks.” or “The estate sale company says they need 4-6 weeks...”
How many times has that “couple extra weeks” turned into a three month delay that ended with the 1-800-GOT-JUNK trunk curbing up outside the home, hauling everything off to the landfill and leaving behind a bill for $2,000-$5,000.
We recently acquired this stunning 18th century French armoire from a home in San Francisco. I’m 6’3” and rarely feel small around furniture, but this piece is delightfully imposing. The owner paid $12,000 for it back in 2006.
It dates back to the reign of Louis XV, the French Revolution and the rise of Napoleon. It is ornately designed, hand carved of French walnut, and in excellent condition. When you open it and peer inside, you can’t help but wonder what thousands of items it has contained over the last 300 years. It smells old. It’s hauntingly mesmerizing.
It looks great in our warehouse. It makes sense here. Unlike most of the homes in the Bay Area, we have the space for it.
Similar pieces on 1stDibs and Chairish are priced anywhere from $6,000 to $50,000 but the harsh reality is that this piece will sell for much lower than $6,000.
What’s going on here?
Too much supply: If you haven’t read about the Great Wealth Transfer, it’s worth looking into. The term is used to describe the transfer of wealth from Baby Boomers to younger generations. There is a massive transfer of assets underway, including cash, property and investments. A report by Cerulli Associates estimates that in the United States alone, $53 trillion in wealth will be transferred from Baby Boomers to their heirs by 2045.
Not enough demand: Not only is there a massive amount of furniture changing hands, but Baby Boomers tend to have furniture that is traditional or antique, which is less popular among younger generations who prefer modern and minimalist designs. As a result, there is less demand for this furniture, making it difficult to sell.
The trap:
Memories and sentimentality can make furniture difficult to let go. This can lead to procrastination and delays in downsizing, which can exacerbate the problem.
Sunk Cost Fallacy - Because they have invested so much money in their furniture over the years, your seller might feel that they need to hold onto it in order to "get their money's worth," even when it’s clearly in their best interest to let everything go so they can get their house on the market.
The harsh reality is that no one wants to buy your seller’s furniture and the cost of removing it often exceeds its value.
How to break the news to them.
Be direct. Explain the reality of the situation.
Show empathy. This is really hard for them.
Remind them of the end goal; a successful home sale.
Bring us in. Let us help them get through this.
We have developed a comprehensive set of services to address the needs of various kinds of sellers. We resell, consign and donate. We liquidate, haul away and responsibly recycle and dispose.
We are laser focused on speed, often completing a job from assessment to removal in under 48 hours, and even some in under 24.
We work with many of the most prestigious real estate teams in the Bay Area and we would love to work with you.
Nate Morgan, Founder
nate@reclamationfurnishings.com
415-902-8843