There are many ways today to cash in on used clothing, books, furniture, and really just about anything else. If you do your homework and put a little extra effort into strategy you can maximize you profits and even turn flipping other people’s junk as a regular income source.
Local Consignment Stores – There is no doubt about it, consignment stores are in vogue now more than ever and they are popping up everywhere. What’s great about this trend is the competition in the market is driving consignment stores to think outside of the box and many have specialized in order to compete. This fact can be used to your advantage. Consider these tips:
1.) Learn the basics about how consignment works. Most stores will have a certain day or days of the week where you can make an appointment to bring in your stuff for consideration. Staff will look at your offerings and will create an offer based on such things as style, condition, brand and the store’s current stock levels.Items will be offered for sale at a set price range for a certain amount of time. If it sells then the consignment shop keeps a percentage of the sale, and in some cases an additional listing/buyer fee, and you are paid the balance.
2.) Visit the consignment stores in your community and even in neighboring communities and see what type of merchandise they offer. Many consignment stores not only sell clothing but some sell furniture, books, records, jewelry and other household items.
Compare each store’s prices for similar items (especially if you have some of the same items you want to sell).
Read about 10 other ways to earn money locally.
3.) Talk to staff about how to make appointments with them to show your items and be sure and ask them if there are things they are needing, in particular. In fact, I’ve found that many of the store owners (and particularly the very successful ones) are more than willing to help you understand their needs and what type of merchandise their customers want. After all, it’s a win for them to be able to meet the demand. Most stores can provide you printed guidelines and tips about how to prepare items and what items to bring to be presented for offers. Also, ask if your consignment store has a list of brands that they do not sell. I’ve found that many of the “higher end” consignment stores won’t make offers on “discount” brands.
4.) After you’ve visited the stores and you understand what types of products, the quality of the brands and their price ranges, develop your own strategy by separating what you have to offer that could fetch the most money according to store. So, if for example, you have a higher end consignment shop that offers a certain brand at a higher price, then start with them first. Just be sure that the percentage that you will make off the sale is a great rate as well.
If you have a lot of items to sell, make appointments with the best stores first and then work down your list. Your goal is to try to unload as many things for sale and learn as much as you can.
Make sure you present all of your items in the best possible way. Make sure clothes are laundered and wrinkle-free.
5.) Search the newspaper, online bulletin boards, Craigslist, etc. for weekend garage sales and estate sales. A lot of the time, you can get a lot of extraordinary bargains at garage sales that you can turn around and “flip” at a consignment store for a nice profit. Often, garage sales are the best source of vintage clothing and furniture that some consignment stores specialize in.
Local Consignment Events – There are often large-scale consignment events that you might hear about in your community. There’s a large kids’ clothing consignment sale that happens in my city every year. Find out what the requirements to set up and sell are and put your best stuff on display. You can also print cards or fliers that you can hand out to people who might want to work with you in the future.
Online Consignment Sites – Online consignment sites often work just like the physical storefronts, but they are often looking for very specific brands. Check out some of these better known consignment websites below.
1.) The RealReal – Accepts a lot of luxury brands. Be sure to check out its directory of accepted brands, and then you can ship the items that you would like to sell to the company. When an item sells, you will be paid up to 70 percent of the selling price.
2.) Poshmark – Individuals can sell on the Poshmark website or app. Once an item sells, Poshmark takes a small percentage and it also sends shipping envelopes and labels so sellers do not have to worry about shipping costs.
3.) Twice – Request a sellers kit and mail in items according to the list of accepted brands. Twice will make you an offer for what you send it and you can accept it and get paid via Paypal or reject it.
4.) Threadflip – Sells clothing, handbags and jewelry. Request a free shipping kit, mail in your items, once Threadflip accepts your items, they will photograph it and list it for sale.
5.) Shop-Hers – Sells designer women’s brands.
Extra: 10 websites where you can sell your stuff.
photo credit: Remon Rijper via photopin cc