When my husband finished law school, we put our house on the market and thankfully sold it quickly. We sold most of our furniture and large items to cut down on moving costs and storage costs. The best part was that we turned a profit on every piece of furniture, every household item and every toy that we sold. Essentially, we not only furnished a portion of our house for free, but made money in the process!
First I want to share with you some of my secrets to success for coming out ahead when buying used. Then, I’ll share several tips to help you get started buying used to resell. I would love to hear your ideas and success stories in the comments!
3 Keys to Making a Profit Selling Your Stuff:
Buy almost everything used
Just like a car loses value as soon as you drive it off the lot, most household items also lose value when they are no longer new, though many household items hold their value better than cars. Let someone else take the loss associated with buying new. You will save (and earn!) so much by being willing to buy used instead of new.
We all have our own personal preferences about things we won’t buy used and that’s fine. As an example, I’m a little squeamish about used mattresses. Other than those preferences, most of your other home furnishings can be purchased used. You may have to wait a little longer to find exactly what you’re looking for, but it will be worth it. Some of the best interior designers I know follow this rule and maintain a unique and classy look and feel to their homes.
Don’t base your resale price on the price you paid
Many people think that when you resell items that you have used you should sell them for less than you bought them. That is generally true when you’re talking about things that you bought new and then want to resell after you’ve used them. That rule of thumb does not carry over to items you bought used, then want to resell.
Base your price should on the market value of the item, not what you paid (whether it was a lot or a little). In order to know the market, you’ll have to do some research before you list your stuff for sale.
The profit comes at the purchase, not the sale
I love hunting for a good bargain, especially at yard sales, estate sales, and thrift stores. When I’m looking for something specific, I scour Craigslist and local buy-sell-trade groups on Facebook in addition to looking at thrift stores and yard sales, until I find the best deal.
My rule for buying used is to only buy things that I know I can resell for a profit. That means I have to know that what I’m buying is a great price and know the potential mark-up either now or in the future.
Getting Started Selling Your Stuff
Are you ready to start buying used with the intent to eventually (or immediately) resell? Whether you’re going to sell online or sell locally, here are some tips for beginners:
Focus on only a few niches
You can’t be an expert in every area. Start with things you are interested in and already know about. Maybe that’s tools, electronics, furniture, or kids stuff. Gradually build your expertise as the need arises or interest piques.
My expertise grew as our needs and wants grew. I started with furniture and specific household items. Then naturally added in kids stuff. When we started cloth diapering, I became an expert in cloth diapers. Did you know there is a resale market for cloth diapers?
Know price ranges for your niches
Learn what prices are a steal and will sell fast. This is when you want to buy. Learn what a fair price is that will sell to an interested buyer. This is the price range you will sell your item at. It may take a week or two to sell, but that’s okay.
When we needed a table, I learned about the market for tables. In fact, I found several great tables that were priced really low and bought them all! For a while we had several kitchen tables in our garage. I was fine with that because I knew that I could easily resell each one for more than I bought it for. We picked the one we liked best and sold the others for a profit, more than paying for the one we kept, because I had learned what price the market would sustain when it came to used dining tables.
Know brands
In many niches, knowing brands is essential. What gives the item value is the reputation of the brand. If people are hesitant to buy used, having a name brand often assures them that they are purchasing quality and not getting scammed.
When we were shopping for a jogging strollers, I learned all about them and learned that the name brand strollers held their value better. I waited until I found a name brand jogging stroller for a good price on Craigslist. Two years later, when I needed to upgrade to a double jogger, I sold the single jogger for twice what I paid for it.
Inspect items carefully
Inspect potential purchases well before buying so that when you are ready to resell you know that the items are in great condition. Any decent seller gives a full disclosure about the items they sell. There’s nothing more disappointing that realizing that your “great find” is somehow terribly flawed and not really worth anything.
We had so much success selling our used items, that I started buying things that I didn’t need myself, but that I knew I could sell for a profit. There are people who have entire businesses based on that concept (think ebay sellers).
What about you?
- Have you sold used things for profit? What tips do you have? If not, why not?
- Do you look specifically for items to resell when you are shopping at thrift stores or garage sales?
- What was your best find?
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I am starting second hand all item business so please motivate me about the business. and what is future of this business.
I like that you mentioned to base your resale price on the market value, not what you paid. That way, if you are selling something older or more used, you can still find a buyer who will pay for it. I am trying to sell some of my old video games, so I am looking for any tips I can find. I will definitely give these things a try and see if they help me turn a profit on my used items, thanks for sharing!
i do sell used watches and broken phones. in both products i have freinds who keep replacement parts .
so i would go on dubizzle ( local listing here in uae ) . ask them whats problem do some research and buy. get it repaired and sell. sometimes its a loss as you end up buying dead phone or watch that cannot be fixed. but overall its profitable. 🙂
thumb rules : dont get greedy
buy small at a time .
Stephanie,
I lost my job exactly 1 year ago. I was not having any luck finding a job when I saw an article on Facebook about a local consignment shop that was growing by leaps and bounds. I had a large inventory on hand from raising my kids plus now growing grandkids. I signed up with them and figured I would give it a chance. Something at this point was better than nothing. My first sale I made $3500.00. After that I was hooked. I started studying the best clothing brands for infants, toddlers, kids and teens. I learned when my thrift shops where having their sale days and have grown from there. I am now the highest seller in less than 6 months and my consigned thanks me. She tells me that I made her other clients really step up their game because they saw my items where selling before their’s. I’m now going to start teaching others how to achieve what I have.
Hi, I’m a stay at home wife, and I would like to earn extra money for my husband and I to travel. Recently, I became a grandmother and began the search for gently used baby items and discovered at times they were hard to come by. So, I started thinking about buying and selling these items. Do you recommend selling on Craigslist, eBay, having a yard sale by-weekly or some other avenue? Thanks, Mary
When we found out that we were expecting twins, we bought a lot of the baby gear that we needed at resales and on Craigslist. After we were done with the baby stuff, I was able to sell it again, sometimes making a profit! By planning ahead and buying used, we saved a ton of money on baby equipment!
That’s great Kate! I’m sure you saved lots, especially with twins, where the cost is often doubled! That’s great that you were able to resell and sometimes make a profit! 🙂
Great tips Stephanie! Especially about inspecting items carefully. I’ve been reselling on ebay for 10 years and every now and then I will come home with an item that is flawed that I didn’t see when I bought it. I usually blame it on bad lighting. When my hubby shops with me, I have him give things the once over just to double check.
That’s great to have a second set of eyes to check things out! I’d blame it on lighting too. Thrift stores usually have terrible lighting!
These are some awesome tips!
Thanks Jessica! They’ve worked well for us!
Great article! Where do you resell your items at? Ebay? Local classifieds?
Hi Evelyn! If the item is easily and inexpensively shipped, I will sell on ebay, but often I make more money selling on Craigslist or local facebook buy-sell-trade groups. You have to take into consideration that ebay takes 10%. At the same time, ebay has a much wider audience, so that can make a big difference. I always do a little research on both before listing.
Stephanie – Sounds like you have quite the knack at this! While I like buying things used, I’m just starting to dabble in trying to make money by selling some of them.
In my area it seems like everyone is wanting to make money on flipping stuff like this so it’s hard to buy stuff for cheap or you have to be really on the ball (e.g., showing up to a garage before the scheduled start time) if there is stuff for a good price. This does remind me though that there have been a few things I’ve picked up for good deals that I’ve wanted to try re-selling (found several nice Ann Taylor suits at a garage sale)- so I just need to get in gear and try listing them!
When I’m looking for something specific, I watch Craigslist closely. When people move, they often sell furniture in a hurry and for cheap. I find the best deals when I’m looking vigilantly. If you only look occasionally, you won’t see as many good deals because the best deals go fast. For yard sales, the best times to go are at the beginning (best selection) or end (best prices). Best of luck Kathryn!
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