Reselling and flipping secondhand goods is steadily growing as a hobby and extra income stream for many individuals and families. The challenge now is, with so many people in the game, it can be harder to source the hidden gems that will turnover the most profit for you.
It certainly isn’t impossible though. Here are five tips you should apply if you want to boost your income from flipping thrift store finds:
1. Know Value When You See It
While the phrase ‘One person’s trash, is another person’s
treasure,’ holds some truth, it is not applicable in all thrifting situations.
You need to be selective with what you choose to resell, otherwise, you risk
losing your money and having unwanted junk in your possession.
A good find means, no second-guesses. You need to obtain these
items on the spot before somebody else does. If it is a bit pricier but
severely undervalued, you may want to consider a safe financing option like fast cash
loans to make
that initial investment, as opposed to a
credit card with a high-interest rate as selling to the right buyer can
take time. Always do your research on quality materials, how limited products
can be and brand histories and then only choose items you know are valuable and in demand.
2. Diversify Your Sources
This may seem like common sense but it is actually a very common
mistake made by many in their early days of thrifting. Do not source all your
sale items from the same places. This applies to thrift shops, markets
websites, dumps, and neighborhoods. Although it may seem like a particular used
goods site has a great variety – you are always going to limit your finds by
not expanding where you get your supplies.
Try to visit at least one new store or supplier every time you
stock up on products. Look online for new second-hand goods stores or pawn
shops in different suburbs, look out for markets and if something on a sidewalk
catches your eye while traveling in a new area – always stop to take a look.
3. Sell Across Different Online Platforms
When it comes to diversification, it should not stop with your
supplies. To get the best chances of a good sale, you need to diversify where
you list your items. Unless you prefer your profits to be in cash, if you hold
garage sales or sell at markets, make sure you also have online listings for
your goods. This means resell sites as well as local groups and
marketplace options on social media. This will significantly increase your
chances of a sale and expand your range of potential customers who may be
willing to pay more, or better still, start a bidding war.
4. If It Can’t Be Done In A Day, Avoid Restoration
If you’re a DIY enthusiast (or a dreamer) the lure of a beautiful
restoration that turns a product into a real money-maker can be strong. Be
careful not to let it cloud your judgment. A lot of the time, people who buy
used goods are wanting a cheap deal and may actually be expecting to restore an
item themselves if it means paying less. Unless it’s vintage, have a serious
think before you perform any serious repairs other than a good clean and
polish. If it takes a lot longer than a day and involves buying tools, it’s
probably safe to give the repairs a miss.
Now you’re familiar with these top tips, it’s time to get to work on your next listing!
