7 Steps How To Price Garage Sale Items and Make it Profitable.10 Mar 2019 by Easymove
The process is normally not an easy one. It takes a lot of effort to sell your goods. Of the garage sale tips, you have come across there has often been some stress attached to the price of the products.
Therefore, it’s important to come up with a price that does not favor each side. Unfortunately, the process of pricing is not easy. There is some work that needs to be done.
In this article, we have made the process easier by reducing the steps you have to go through to determine a good price. This article will help you determine the price of an item even if it’s your first time.
1. Determine the items that you want to sell
This is the period where you start selecting the goods that you don’t want in your house. Take everything out from clothes, kitchen utensils, furniture and those farm tools that you don’t need.
The process should be a thorough one. I promise you this one is not a simple one and is sometimes a sad one. There are goods that you have a sentimental value attached to it deciding to sell them can be difficult.
Always note that goods that are to be sold on the garage sale are those which are not very old.
Customers wouldn’t buy them or will go at a low price. After selecting them, ensure that they are clean. Clean items will not only attract a high value but will also attract customers to buy from you.
Also to attract customers you can offer them home delivery service by using Easymove App. Let customers buy garage sale items, like furniture, chairs, appliances, and book Easymove local furniture delivery service.
2. Sort garage items into groups.
You have the items that you want to sell by now. A good thing is to sort the items into different categories. The reason is that you can easily classify the goods with their prices.
This is the final step that determines what will be sold and what will not. The items could be classified into groups such as clothing, utensils, and furniture.
You can still sub-divide the groups further, for instance, clothing can be classified into children clothes, adult clothes, shoes, and jewelry.
The groups will fetch different prices in the market. So it’s safe to say they can be sorted according to the different market prices. You should note that at this stage there is still no step in determining the price of the goods.
3. Get a garage sale license.
If you want to operate any business legally, a license is a must. In some places, garage sales do not require a license but in some, it’s a must. Therefore, before starting the sale process it’s good to seek advice from the relevant local authorities.
This will ensure that you are on the safe side. On the business perspective, why should you seek a license?
Well, a license will be an expense to you. This could cause losses. If you get a license, you are being wise in advance and you can easily plan on what prices to sell the goods putting all things into consideration. The price of each commodity will involve a percentage of the legal fee. What if you had not to get one? The license fee will be incurred by you.
Ensure you get the permit. After which you can now start your garage sale.
4. Determine the day of the garage sale.
There is a relationship between the price of goods and the time of the year. For instance, if you are selling gumboots, they fetch high prices during the winter and low prices during the summer.
Reason being, during the summer the demand for gumboots is very low and during the winter period, the demand is so high.
The same goes for the day of the week. During weekdays the demand is very little due to the fact that people are busy working so the customers that you will attract are those that are idle and have no money. The best time of the week would be during the weekends.
At this time people are free and have money to spend. Again the time of the month will also determine what the price is. If your plan is to sell at the beginning of the month prices should be higher at this time people are willing to buy and will not be scared away by a higher and reasonable price.
The day when an item is being sold is very important in helping you determine the demand for goods. We know the higher the demand the higher the selling price.
5. Determine the price of second-hand goods.
This can help you determine the average selling price of items sold by like-minded people. They include the following.
I. Check online for prices
This is the first step in determining the price of an item. There are online sites that sell second-hand items. An example is Facebook and eBay. Most sellers on eBay buy goods at a low price from garage sales and sell them at a high price on eBay.
There is no denying that there is a very profitable business. First thing is to check if the items you want to sell have ever been sold on eBay. If they have, this can be a good guide of how the price should be.
Depending on the price on eBay, you should sell your items at a lesser price.
Facebook is another social media site where garage sales are advertised, and goods are sold. You can use it to your advantage. Like eBay, it can help you come up with a good price for the product.
II. Ask a friend or a person around you.
You want to come up with the best price that will attract more customers and make you a lot of profit in such a case you could ask yourself this question.
What is the maximum amount I am willing to pay for this item? Well, this process is also subjective and sometimes be affected by the sentimental analysis you have for a certain product.
Facebook is another social media site where garage sales are advertised, and goods are sold. Ask a lot of people. Different people will be willing to pay different prices. Then after coming up with these prices try to come up with the average price. These will be a good indicator of what the market around you is willing to pay for the different goods you have.
III. Prices from other garage sales near you.
Another way of coming up with the price that people are willing to buy. There are always a lot of garage sales around you. Trust me if you search the internet for garage sales near me you will find lots of them.
Normally, a garage sale will be advertised through different means such as posters and Social Media like Facebook.
They will always have the prices of the goods in the advertisement. From these garage sales, you are able to know what the buyers are willing to pay for a particular product.
6. Determine the retail price.
The retail is important as we had initially said the price is always 10% of the retail price. You should research the retail price carefully.
There are products whose retail price has reduced or increased significantly after you had bought the product. The retail price will guide you on what the price should be.
People who buy from garage sales want a bargain. If you take the retail price into consideration, you will know what to charge and what people are expecting to buy the item at.
Garage Sale Pricing
This is the last step in the list. You take into consideration all the factors that were used to determining what the customers are willing to buy the price at and the retail price then come up with the price. You should do it alone. Come up with a price that you are satisfied with and the one that is not above what the market expects.
General things about garage sale pricing
These are so basic, and you should have probably heard of them. They include:
You are selling something that is old and used and above that, you are not offering any warranty.
For instance, if you plan to sell a watch at $20 put the price at a range of $25 to $30. If the customer's bargain then you can lower it to $20.
You still agree with me that determining the price is not an easy one and is a very involving process. You have to consult other people, seek the relevant permits and even seek information online.
But the process becomes easier for those who are used to garage sales. The process does not end there if you still want to make the optimal profit.
There are other things such as determining the best place to sell the product and ensuring that the prices are visible to the buyers. There are also things that you should be prepared for during the sale day and the prices will vary with the time of the day.
In terms of the price of the items, we have given you all that is needed to be done.
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