Selling Used Stuff - 3 Steps to figuring out if it's worth it.

Selling used stuff is the main reason I shop at thrift stores. Granted, there are many fun things to look at and pick up for myself, but my primary reason for shopping is to find items at a profit. It can be a lot of work. You need to do your research.

When selling used stuff you need to keep the following 3 rules in the top of your mind:



1. Is there demand?

Do people want to buy this? If so, why is it here in the thrift shop? Usually if an item is in high demand, you won't find it in a thrift store. Well, you will find it, if you're persistent. Everything hits the thrift store at some point, but you need to remember that there are thousands of people like you out there trying to make a buck. The odds are against you. If your item is there, someone will beat you to it.

Ebay is your friend. check those completed listings to determine what things are selling for.

Keep an eye out for relatively unknown collectibles. Niche items. Things that might have been discontinued. Some items I look for include Puzz 3D's and pez dispensers. They are highly collectible and sought after.

2. What is the condition?

When selling used stuff, the condition of the item is critical. A mint condition original Transformer is worth plenty of coin, but a few scuffs or a loose hinge might render it worthless. But with collectibles, there's usually some value. You just need to do your research. Barbie clothes from the sixties are lucrative, no matter the condition.

3. What's the price?

Of course, when selling used stuff, the price point is the most important part. It's how you make your money. Every noobie knows the cardinal rule: Buy low and sell high. But how low is low? This depends on your profit margin and the energy you're willing to expend to make a buck.

You may find that after taxes, shipping and the fees incurred selling your stuff, you're barely breaking even. And that doesn't include your time. How much is your time worth to you? 

Make sure you understand the value. Your margins need to be big enough. Sometimes you just don't know. Sometimes you get extremely lucky and make a huge profit, while other times you might end up selling at a loss.

Is it worth it?

That's the joy of selling used stuff. You need to be willing to take a few hits while waiting for the windfalls. On average, you can make some decent extra money if you put the time in to do your research.

And remember the 3 steps to figuring out if it's worth it. When selling used stuff check for demand, condition and price. If it's not worth it, don't buy it!

Welcome to the electronic age!

The eternal thrifting question: Is this worth something?

In my last post I discussed the importance of research and knowing what has value and what doesn't. In order to make money, you need to know what's worth money. Ebay is a treasure trove of information. It's amazing how many times I thought to myself, this knick knack is so weird and obscure that I wouldn't be able to find anything aout it, then find out that therere are loads of these listed, and yes, they are worthless. In the event that eBay falls short, a simple google search will turn up any fan websites or collector's homage.

We truly live in a golden age of information. It's a blessing and a curse. For, while it is easy for me to figure the value of something, it's just as easy for someone else. It's harder and harder to find these treasures for a good price. You need to be one step ahead of the competition. Knowledge is key, of course. The more you know, the better equipped you are to make quick decisions, for if you need to check your facts and return later, most likely your treasure will be snatched up by someone else.

That's why smart phones are the perfect thrifter's multi-tool. Information is literally at your fingertips. Whether your weapon is an iPhone or a Blackberry, you have a leg up. You can saunter through the store, tossing stuff into your cart, until you get to the furniture. With your stuff securely claimed, you can leasurely relax on an old sofa, thumbing through your Ebay app, one item at a time. Then toss the junk and keep the good. There are apps that will scan barcodes for you, so you don't even have to look them up. They magically reveal the latest Amazon price. 

Unfortunately, you lose a little of the thrill and suspense of finding your gold mine. But after awhile, you'll still be kicking it old school. In time, you won't need to look it up, for you will already know.