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Just a few months back, before it became so ridiculously cold, I bought a gorgeous purple coat in a consignment shop. It was a designer coat, in perfect shape, and I swear it should’ve cost about $1,000. But for $150 I bought what had been someone else's coat, and put some additional dollars in her pocket.
Selling used stuff isn't new, but it's the hot thing right now — especially since everyone is worried about their 401(k)s or how to balance out what you spent on holiday gifts without going into debt.
Think about it: Companies are selling assets right and left as a way to get cash and get rid of debt, right? That's something you can do, too. In fact, the typical person has 50 unused items worth $3,000 right in their homes, according to eBay. And more people are buying and selling used: Craigslist, the online classified site, reports a 50 percent growth over the last year and now boasts 40 million unique visitors a month.
Just look around you: your kitchen, bedrooms, garage, the basement. You can easily get rid of the stuff you don't need or haven't used in a while. Think of the tennis racquet that's been collecting cobwebs in the garage, or the clothes you've only worn once (or not at all). Remember, your trash maybe someone else’s treasure. You can get some real dollars for this stuff, lighten up your load, and simplify your life in the process.
Here are a few initial pointers to make sure you're successful:
Take an hour. First, set aside some time to go through the house to look for stuff to sell. Get others involved. Ask what can be sold. If you’re staring something in the face and it hasn’t been used for 3 months, sell it.
Know the value. If you're unsure about what to charge for an item — especially if it might be rare — do a bit of research either at eBay or other online sites, or get an independent appraisal. Lots of legitimate jewelry stores (forget pawn shops) sell used pieces and can give you a fair price.
Where to Sell Your Stuff
Let me give you a quick rundown of some of your different options:
- Consignment stores. These stores are easy because you have a salesperson whose sole job is to help sell your stuff. Also, some consignment stores specialize for a more targeted audience, whether for cars, clothes, or jewelry. The downside is that you generally have to split revenues, by as much as 50/50.
- Online classifieds. Sites like Craigslist and Kijiji are great because they're free, easy to use and post products, and they get a much larger reach while still being "local." As a result, you don't have to deal with shipping. However, they can be tedious if you have lots of small items to post. Also, your market is still limited — although it's certainly broader than your neighborhood.
- Online auctions – As you undoubtedly know, eBay is the player here. The entire world sees your product, and more competition is usually a good thing. Also, if you have a niche item, you can attract connoisseurs. The downsides: You'll pay small fees to post and promote your items, you'll have to set up ads along with a payment method (PayPal or credit cards), and you have to ship your items. This can be time consuming, especially for small items. Alternatively, you can drop your stuff off at an eBay reseller and be done with it— but you'll be giving up about 35% of your revenue.
And keep your ear to the ground: If a lot of your friends are talking about selling their schwag, maybe you're in on the next big stock swing. Publicly traded companies that would benefit from a boon in second-hand sales include Winmart (WINA), which owns second-hand shops across the country, and of course ebay (EBAY). If you take your secondhand earnings and invest in one of these companies, maybe next time you'll be looking to sell your Rolls-Royce, not your old tennis racquet.
Here's some more from around the Web:
13,003 reasons Girls Just Wanna Have Funds loves eBay
Women For Hire on working from home
Diva Tribe's advice on how to sell your crafts
Jennifer Openshaw is co-founder and president of WeSeed, a new approach to demystifying
