Whether you are downsizing or just want new furniture, selling your existing furniture and accessories on consignment can be a good way to get rid of them and make some money at the same time. Some people enjoy the thrill of consignment selling so much that they turn it into a side business. Here’s how to sell your stuff and bank some cash.
How consignment stores work
If you have furniture, home accessories or other goods you no longer want, a consignment store may agree to display the items at a designated selling price for a given period of time. Once an item sells, you’ll receive around 50 to 60 percent of the sales price, and the store will keep the rest.
Because the staff at consignment stores is knowledgeable as to how much your pieces can sell for, they typically set the selling price. The store will periodically mark down the prices of merchandise that aren’t selling. If a piece doesn’t sell within a designated period, you may either retrieve it or relinquish it to the store.
If you’re interested in consigning, you can begin by showing the store staff photographs of the items you want to sell and providing them information such as the brand, how long you have owned the pieces and their condition. Consignment stores don’t want items that are broken or have missing parts. Some stores may have a truck and staff to come to pick up your pieces. Otherwise, it’s your job to get them there.
What can you consign?
Consignment stores typically sell a particular type of item, such as furniture and home accessories, artwork or clothes. Items that sell best are top-quality, to begin with, are in excellent condition and are in demand in your area.
Making a profit in consignment sales
You may be selling your furniture simply to recover a salvage value for it. But some people actually make a side income by buying used items at good prices and selling them on consignment. To be successful, you need good judgment about what will sell and for how much when you are searching for items to resell. Educate yourself about the best-quality brands and the goods on which you can make the most money. Auctions and estate sales can be particularly good sources for furniture and accessories. You must be able to buy goods at a price low enough that you will make a worthwhile profit on your portion of the consignment selling price.
Pros and con of consignment selling
Selling goods through consignment stores can be easy money. Your biggest challenge, besides getting the item repaired or touched up if it needs it, is delivery to the store. On the downside, consigning through a brick-and-mortar store limits your market to your local area and people who are familiar with the store where you consign.
There are online alternatives to selling on consignment. (These sites can also be a source for finding items to buy and then resell for a profit.) As long as you have a camera and an online account, you can sell your furniture and accessories from home.
EBay is a worldwide marketplace best used for goods you can easily ship. Craigslist and Facebook Marketplace offer the chance to sell in your local market. The latter site also lets you see your potential customer’s Facebook page to get more information about them.
Selling online can be risky. Because there are bad actors who may try to scam sellers, you must practice due diligence when selling online. Also, if you are selling furniture locally, you face the prospect of having strangers in your home to see your pieces. You can mitigate some of the risk by moving the items to your garage or outside for viewing. Local police departments may also offer safe spaces for transactions between online parties.