Tips and Advice from Kidzsignments

The Price is Right or Is it?from Kidzsignments

Monday, September 30, 2013

How well you price your items determines how much you will earn at a consignment sale.

When you're pricing your items, it is purely subjective.  However, you need to gauge how aggressively or conservatively to price your items.  First gain a clearer understanding of your objective. 

If your items don't sell will you be picking them up?

Yes.  I will search until every item has been collected.

     Aggressive - I want to earn as much money as possible.  If this sounds like you then you really need to price your items carefully.  If you overprice and don't discount they won't sell.

  • Yes.  I will only be picking up my high ticket items. 

     Moderate – I want to recoup some of my costs but I won't lose sleep over it.  I would suggest pricing the items in the upper middle of the price range and discounting your items.

  • No.  I am glad it is out of my house.

     Conservative – Earning some money and having the items out of my house are a win-win.  I would suggest pricing the items in the middle or lower end of the price range and discounting your items.

 

It is important to take the emotions out of pricing your items.  We all have that sentimental outfit that the baby wore home from the hospital or the one they wore on their first day of school but that does not mean we can price it $100. 

  • To price your clothing....New clothes with tags can easy be priced at 50% and more of the original retail price. Clothes that are not new but in great shape are usually priced 1/3 to 1/4 of the original price. The price should also take in account the brand, age and condition of the item.

  • Furniture and equipment prices can be calculated 1/2 to 1/3 of the original price.

  • Books typically sell priced at 1/3 of the original listed price. There are so many variables when it comes to books - Is it soft/hard cover, Is it educational, What is the condition?

  • Work with a buddy. This gives you the opportunity to bounce ideas off of each other (and the work becomes fun).
  • Group all your items before you start pricing. Price all the dresses at the same time, the sweaters at the same time, etc.
  • Lastly you should ask yourself "What would I pay for it?"

  • DO NOT WAIT UNTIL THE LAST MINUTE!  You will stress, feel unprepared and will rush through pricing and tagging your items.  Take the time to do it right and you will sell more.

Great resources for getting pricing information:

Craigslist

Ebay

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