Interested in learning how to sell consignment?
It’s quick, easy, and requires little effort on your part. When you sell things to a consignment store, you are directly contributing to a thrift store. They will buy secondhand items from you–all you have to do is show up, present your wares, and see how much they’re accepted for.
There are benefits and drawbacks to selling consignment, however, especially because you rarely make back the money that you spent on your toys or clothes to begin with.
Using Consignment
A good mindset to set yourself up with is that you’re probably not going to break even when selling consignment. For example, say you remember very vividly the amount you paid for your designer jeans originally. If you go into a consignment store expecting them to even come close to honoring that original price, you’re going to be sorely disappointed.
Instead, consignment is a good option for toys or clothes you were probably going to donate anyway. Any money you’re offered is a bonus considering the price you were willing to give them up for previously, free.
Upfront Payments
Most consignment stores are run this way. You meet with a sales associate who specializes in the things you’re selling and can offer to pay you immediately based on what he or she might establish is fair for your used items. Upfront payments are convenient because you leave with a nice check and are done with the entire affair in time to plan the rest of the details concerning your move. However, in exchange for the ease and expediency of it all, you will be given less money than you will probably expect. Of course, consignment is run differently depending on the store, but you can expect slightly upwards of two dollars per shirt.
Profit Sharing
You might be able to make more money this way, but profit sharing is not as quick as a single upfront payment. The consignment store will offer you an account number, and every time an item of yours sells, the price is recorded in the account. At the end of a length of time, your percentage of the earnings is given to you, and the things that didn’t sell are returned to you. In the grand scheme of things, you will probably earn more money this way, but it takes so long that the benefits are nearly erased. You have no guarantee that certain items will even sell within the allotted time frame.
The Big Picture
If you go into consignment after donating toys and clothes for most of your life, you will be pleased with its rewards no matter what. Think carefully about upfront payments and profit sharing and decide which option might be best for you. Remember that consignment stores can be surprisingly picky. In addition to your things being in good condition, some stores will also not accept things that are out of style, particularly when it comes to clothes. Go into it with an open mind, and you might be pleased with its results.
Learn more about difficult things to move.