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Stratus Estate Buyers Offers Jewelers Turnkey Buying Events
Its team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
In an interview with National Jeweler, Stratus Estate Buyers founder Justin VanMatre talked about his new business venture and how the company’s estate buying events work.
St. Louis—Stratus Estate Buyers has officially launched, offering independent jewelers its full-service estate buying services.
Founded by Justin VanMatre, former chief revenue officer at National Rarities, the company specializes in three-day in-store buying events.
In an interview with National Jeweler, VanMatre shared more about his new venture and how it works.
“I felt there was room for opportunity in this industry to create a more elevated estate buying company and an opportunity to provide value to the jewelry stores,” he said.
There is no cost to the jeweler to invite the company to host an event in their store. Stratus coordinates the event, providing in-store staffing, customer outreach, and marketing across print, digital, and social.
The jeweler receives a 10-percent commission check at the end of the sale, with average checks ranging between $15,000 to $20,000, the company said.
Jewelers also receive post-event data analytics.
Customers will receive payment on the spot. If they want to spend it on a new purchase, they receive a 20-percent store credit bonus.
Stratus operates across the country, with events already scheduled in California, North Carolina, Wisconsin, and other areas.
“We are able to work with small, rural [jewelry stores] to very large, city-based stores. It is a bit one-size-fits-all,” said VanMatre.
While its service may work for different types of jewelers, every market is different, and the Stratus Estate Buyers team does its homework to prepare.
“Each store location starts with a deep dive,” he said, with the team researching the area’s demographics to determine the best approach.
For example, they look into the size of the customer base in that area and how far people there are willing to travel.
“We utilize a multitude of different avenues to pull that data and research to ensure it’s going to be a successful event.”
Related stories will be right here …
Founded by Justin VanMatre, former chief revenue officer at National Rarities, the company specializes in three-day in-store buying events.
In an interview with National Jeweler, VanMatre shared more about his new venture and how it works.
“I felt there was room for opportunity in this industry to create a more elevated estate buying company and an opportunity to provide value to the jewelry stores,” he said.
There is no cost to the jeweler to invite the company to host an event in their store. Stratus coordinates the event, providing in-store staffing, customer outreach, and marketing across print, digital, and social.
The jeweler receives a 10-percent commission check at the end of the sale, with average checks ranging between $15,000 to $20,000, the company said.
Jewelers also receive post-event data analytics.
Customers will receive payment on the spot. If they want to spend it on a new purchase, they receive a 20-percent store credit bonus.
Stratus operates across the country, with events already scheduled in California, North Carolina, Wisconsin, and other areas.
“We are able to work with small, rural [jewelry stores] to very large, city-based stores. It is a bit one-size-fits-all,” said VanMatre.
While its service may work for different types of jewelers, every market is different, and the Stratus Estate Buyers team does its homework to prepare.
“Each store location starts with a deep dive,” he said, with the team researching the area’s demographics to determine the best approach.
For example, they look into the size of the customer base in that area and how far people there are willing to travel.
“We utilize a multitude of different avenues to pull that data and research to ensure it’s going to be a successful event.”
So, why three-day events? “Three days is the sweet spot,” said VanMatre.
However, that can change depending on the situation, like if a store with a smaller square footage has attracted more customers than it can comfortably fit.
“I felt there was room for opportunity in this industry to create a more elevated estate buying company,” said Stratus Estate Buyers founder Justin VanMatre.
VanMatre shared his recent experience working with a jeweler in Missouri.
“We beat the numbers from their three previous events with another company on the first day,” he said.
While more traffic is important, targeted traffic is even better, he said.
“About half of the traffic that comes into the stores for these events has never been in the store before,” he said.
A customer that had never visited the Missouri jeweler before decided to have a custom piece created after attending the event.
“In smaller markets, [jewelers] have a sense that everybody knows who [they are] and everybody’s been into the store before,” said VanMatre, but that may not be true.
“We know that customer traffic and units sold are down on average across the country, so any time you can build your traffic, that’s a good deal.”
In addition to jewelry, the Stratus team can evaluate luxury watches, coins, designer handbags, artwork, and one-of-a-kind collectibles.
“People that buy designer handbags and artwork are the type of people that also buy jewelry,” noted VanMatre.
He’s built up an experienced team that includes a number of graduate gemologists and associates with experience in a multitude of different specialties.
Each specialist completes 150-plus hours of internal training, including classroom instruction and mock buying sessions.
The training program is led by Brandon Payne, Stratus Estate Buyers’ head of gemology, who is a Graduate Gemologist and certified appraiser.
The company also supports team members interested in advanced credentials through the Gemological Institute of America and American Gem Society.
Its team also includes Mikayla Inez, head of business systems and a diamond graduate; Stefanie Brock, director of operations; Rebekah Hayward, director of account management; and Adam Affholder, director of sales.
“I want jewelers to know that we have an experienced team…that will come into their store and provide an elevated service that is an extension of their business that brings value over those three days in the form of generated revenue, foot traffic, and brand awareness,” said VanMatre.
“Our No.1 goal is to ensure that customers leave happy and we help build [the jeweler’s] customer base over time as well.”
For more information, visit the Stratus Estate Buyers website.
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