How to Make $ with Consignment Sales
Consignment Sales are popping up everywhere. And I'm so glad because you can make money selling your stuff and save money buying stuff! What could be better? We have a Children & Maternity Consignment Sale here called Rhea Lana. Consigners make 70-80% of the price they sell their item for along with a $9 fee to participate. I've made several hundred dollars selling our toys, clothes, etc! Here are some of my tips for making money in consignment sales.
PREP ITEMS CORRECTLY
Follow the rules of the consignment franchise you are participating in. Hang your clothes correctly on hangers and tag your items correctly. Yes, it takes time to get ready-several hours. And many times a couple of hours for two or more days. If you have the luxury, it's easier to prepare while your kids are in school. Make sure the kids clothes you sell are securely attached to the clothes hanger. If clothes are loose, they often fall off and end up on the floor at the sale leading to no sale for you. Take the time to prepare now so you can reap the rewards later.
GO THE EXTRA MILE
If your items look good, they will sell faster and for a higher price. Make sure clothes are clean, stain-free, and loose threads are clipped. Make sure toys are clean and in working order. Put in new batteries so customers can make sure the toy works properly. I bought a used wood toy kitchen for my son for $15 from a garage sale. When I was ready to sell it, I cleaned it and fixed loose doors and resold it for $30. Taking the time to clean and fix items makes you more money. Make sure your items are tagged more than once in case one tag falls off.
DO NOT BULK CLOTHES TOGETHER THAT ARE NOT AN OUTFIT
Recently, I went to a Rhea Lana sale looking at clothes. I found a shirt I liked for my son, but noticed a second shirt was attached to it that I disliked. Because it was two shirts, it was priced higher. Because of the higher price, I chose not to buy it. I did not want to pay for a second shirt I disliked. Unless it's an outfit, don't bulk it together.
DO NOT PRICE TOO HIGH
If you price your items too high, they will not sell-even if it is a more expensive name brand item. I recently saw a beautiful Pottery Barn wood doll house with furniture included for $300. Every other doll house was gone. If you price too high, it probably will not sell.
DO NOT PRICE TOO LOW
Consignment sales are not garage sales. People will typically pay a couple dollars more for an item they need or want at consignment sales. With garage sales, kids clothes typically sell for $1 or less. With consignment sales, the same clothes will typically sell for $3-$6 each. And high end name brands often sell for more.
PUT ITEMS IN HALF PRICE SALE
When consigning with Rhea Lana, they give consigners the option of putting unsold items in the half price sale at the end. When I went to a half price consignment sale recently, I picked up some shoes for my son along with some other items. I waited in line and went to purchase when the sales lady informed me that the shoes were not in the half price sale. I then chose not to buy the shoes. The sales lady put the shoes in a pile of items customers had rejected because they were not half off. Most likely, the shoes remained in that pile until the night was over. And that means no sale for the consigner.
NEW ITEMS SELL WELL
If you or your kids get a gift you don't like or already have, then keep the tags on it and save it for the next consignment sale. (Unless you decide to regift it. Don't worry, I do that too.) Buyers like new and will usually pay a little more for it. And if you are a super shopper, sometimes you can find an awesome clearance sale where clothes are only $1 each! Buy extras and sell for more in a consignment sale later!
KEEP SEPARATE SUMMER & WINTER BINS
Rhea Lana has two sales per year-one for summer/spring items and one for fall/winter items. When your child grows out of his/her clothes, put it in your lidded plastic bin until the next consignment sale. Use one bin for summer/spring and one bin for fall/winter. Keep items you need for the sale there too such as tags, clips, safety pins, and clear packaging tape.
INVOLVE YOUR KIDS
I explained to my son that we had to sell some of his clothes and toys to make room for new toys and clothes for his birthday and Christmas. Eventually, he was on board with selling his toys to make room for new toys.
IF YOU CHEAT THE SYSTEM, YOU CHEAT YOURSELF
Trying to get broken toys in the consignment sale only makes buyers angry and less likely to come back for another consignment sale. How would you feel if you bought a broken toy? This means less buyers for you in the long run. So don't cheat the system or you'll end up cheating yourself.