Skillfully Sell Your Stuff to Make the Most Profit

I LOVE deals! If I see a really good item, for a really great price I have a difficult time telling myself no (even if I don’t need the item at the moment). Consequently, the stuff started piling up in my closet and storage room. I needed to de-clutter, but I didn’t want to just give these items away. That’s when I realized I needed to learn how to sell used items for extra side income. Other people make a living off of selling second hand items, why couldn’t I make a small profit?

I had just moved to a new city, and had very little experience selling items. I decided to go for it and start selling locally.

Selling second hand seemed straightforward and easy at first. You just “list” your item and people will flock to you, right? Well, my experience has taught me that beginners can sell items, but it is a skill that takes time to develop.

It’s been 3 years and I have been able make a huge profit. I learned that it is possible to make an extra side income just by selling second hand stuff. The key is to know your market, know your platform, and know how to price your item.

Know Your Local Market

Every city and region has a different market. Even if you lived in the same town your whole life, you may not be aware of what items sell successfully and what items don’t. The best way to learn your local market is to throw yourself into it. Find out what people want, and what prices they are willing to pay for specific items. Join Facebook selling groups and keep track of what things sell for. Look at Craigslist and other classified sites to see what things generally are priced at. Get out into your community, go to flea markets and yard sales. Even being aware of retail prices can be helpful (especially when buying items to sell). It’s important to understand the demand of your local market, especially if you choose to sell locally.

Know Your Platform

There are so many platforms available to sell used items. Picking the right one that works for you is important. There are benefits to selling items locally (especially large items), but depending on the population of your area, there are also limitations. Selling items online, using EBay, Etsy, or other online selling websites appeals to a mass market, but there are extra costs and complications.

In order to figure out what works best for you, do research. Think about how much time and energy you are willing to put towards learning and understanding each unique platform. Depending on the items you have to sell you may want to consider learning how to sell on multiple platforms.

Know Your Price

One of the very most important aspects of being successful at selling second hand items is pricing. If it is overpriced people will be hesitant to purchase anything from you. If it is under priced, you will not make as much of a profit as you could have. I have had this struggle for many years, because I have the desire to give others a good deal as well as making a profit.

Keeping track of what you paid for your items is the first step to determine pricing, if you don’t remember, estimate. If you bought an item at the store brand new, you are most likely not going to get your money back. I have seen so many people buy expensive products and when they try to resell it they have a difficult time.

Another thing to consider when pricing, was your initial intentions for that item. For example, If you want to sell and old coffee table to make space in your bedroom you may price it differently than if you bought a coffee table simply to resell and make a profit.

I always price an item for slightly higher than what I would like for it. For instance if I paid $10 for an item, I may ask $25, but I would accept $20. Expect people to negotiate and price accordingly.

It Takes Practice

I mentioned earlier that selling is a skill, but there is also a huge learning curve. Be patient with yourself. Start out by selling smaller, less valuable items that you are ok with letting go for a cheaper price. Try it out and if you enjoy selling used items you have the potential for making side income.

What has been your experience with selling second hand items? Have you ever made more from an item than what you initially paid for it?