Hosting a garage sale takes some pre-planning and effort. If you price the items correctly and know how to negotiate, this activity will be worth the hassle. Otherwise, you’ll only be moving stuff around and wasting time entertaining the prospective buyers. Therefore, I’ve listed some quick tips on garage sale pricing to make it a hit for you!
Because, how do you price garage sale items so they give you some profit? And do you demand half their original price or put a $1 tag on everything because it’s a garage sale? If you’re wondering about this, this article is for you!
6 Tips For Effective Garage Sale Pricing
Follow these easy garage sale tips to price garage sale items and declutter your home in a day, and cash some extra money on the side.
1. Do a Quick Price Research For Most Sale Items
Unless you’re selling something that’s been used for over ten years, don’t price it without researching. Go online, explore eBay, check Craigslist, and take a look at your local reselling websites to estimate an item’s price.
If a used item is available on multiple platforms, check their prices and find a middle ground. Don’t price your items higher than the already sold products because the shoppers also conduct their research before hitting a sale. Keep some profit margin for yourself, but quote a price that garage sale shoppers would be willing to pay.
2. Follow The 5%-10% Price Rule
This is a rule of thumb – garage sale items should cost 5-10% of an item’s retail price. Anything above it should go to the flea market or online selling places.
Let’s say you’ve purchased a coffee table for $50 some three years back. If it’s in good condition with no major scratches or dents, quote $12 for it and don’t go below $9 if a buyer negotiates. But, if the same table comes a bit crooked or looks dated, don’t quote more than $6 for it.
3. Keep Room For Negotiation
As I said earlier, quote an item slightly higher than your final demand to keep some room for negotiation. Since buyers look for the least expensive stuff on garage sales, they’re likely to bargain a lot, so be prepared.
If you think an item can absolutely not go below $8, quote $11 as an initial price for it to do some bargaining with that savvy shopper who won’t budge. However, don’t keep this margin too high as it can repel the potential buyers.
4. Group Small Items and Offer Deals
Deals sell better than individual items because they’re more cost-effective for the buyers. If you have too many things to sell, don’t price them individually to avoid the extra workload.
Instead, group similar items together and charge a fair price for them. This way, you can roll out more items without spending or losing extra dollars.
5. Price Sale Items According To Their Demand
If you’re simply decluttering your garage or home and the sale doesn’t stick to a particular category, you cannot quote high prices. But, when you sell in-demand and high-quality things, buyers tend to pay better. Therefore, price your garage sale items according to their demand and seasonality.
For instance, if you want to sell warm winter clothes, it’s best to do so right before or just after the cold weather sets in. If you sell those when it’s almost spring, you won’t make as much.
6. The More The Quality Proofs, the better the Deal
If an item has its original tags on, or you can provide warranty documents (for electronics, etc.), you deserve to earn some profit off the deal. Collect quality proofs for your valuable items or receipts to build their rapport and make extra money on the sale.
Essential Items Needed For A Successful Garage Sale
Now that you have some know-how of garage sale prices, let’s proceed and do it. Decide what you need to remove from your garage shelves, kitchen cabinets, and closets to host a garage sale right away.
Once you declutter your home and bring everything down to the garage, here are a few things you’ll need to prepare for the sale.
Sale Signs And Ads
Advertisement is an important step for your garage sales’ success. When you advertise correctly, more prospective buyers will visit your garage sale, and that’s what you want.
A week before your garage sale, run an ad in your local newspaper or place sale signboards to grab the onlookers’ attention. This JekStar garage sale signboard is ideal for crowded places where smaller fonts and dull colors don’t work. This bright red signboard will quickly inform onlookers about your event and trigger their interest. Also, since this sale signboard comes with ten sheets of pricing labels, it’s very suitable for your garage sale.
Price Tags
You need sturdy price tags for garage sale items that are also easy to peel off (but not too easy, you don’t want buyers switching price tags).
Pick stick-on price tags like these Mobiusea stickers or make your own tags with the low-stick tape to mark all sale items. Since these Mobiusea stickers are already cut and ready to go on any surface, including clothes, they’re more practical.
A Fanny Pack
Ditch the heavy cash box and keep your money safe and nearbt by wearing a fanny pack during your garage sale. Since garage sale items are priced very low, and there’s a lot of buying going on, you cannot maintain a cash register or digital transactions for it.
A resistant fanny pack like this Waterfly one will keep your cash safe and keep your hands free so that you can deal with your customers better.
Markers and Tie-On Tags
Keep a good-quality permanent marker handy while categorizing different items. Since these Sharpie permanent markers are suitable for fabric, plastic, metal, glass, and other fragile items, they’re best for mass sales.
Whether you make price tags from plain paper or use readily-available, catchy price stickers, keep a Sharpie marker handy.
A Calculator And An Inventory Sheet
If you’re hosting a big garage sale, don’t do guesswork. Enter everything you put on sale in a spreadsheet, write its price, and track your progress from it later.
You also need a handheld calculator to bill customers that purchase more than one thing. A small calculator is ideal in this situation because it fits into your fanny pack and you don’t have to move back and forth between your central desk to assist buyers.
Also, ask for some assistance or the help of a friend if you plan a big garage sale. This way, you will be able to haggle with customers while someone else will keep an eye on the rest of your things.
FAQs about Garage Sales And Garage Sale Pricing
How much should you price clothes at a garage sale?
You can quote anywhere between $0.25-$2 for clothes depending upon their condition. People don’t visit garage sales for higher-priced items, they expect a pocket-friendly deal.
What sells at a garage sale?
Electronics, furniture, baby clothes, bakeware, and crockery sell the best at garage sales.
What is the best time to start a garage sale?
The first weekend of any month is a good time for hosting a garage sale. That’s when people are willing to do a splurge or avail a deal. Because at the end of the month, their budget is tighter.
How can I get the most money for my garage sale?
Advertise your garage sale on different (social) media and get as much attention as you can. Don’t price the items too high, and carefully categorize them to make the most out of this day.
How much petty cash should be on hand at a yard sale?
You should keep two rolls of quarters, a stack of 50 $1 bills, and some $5 and $10 bills to facilitate garage sale buyers.
Wrap Up
Garage sales are best for decluttering your home and selling stuff from the comfort of your home. Not everyone is interested in online selling places, and some people like to keep it simple.
If you’re thinking of hosting a garage sale, conduct a quick price analysis at other selling places before pricing your items. Advertise your sale across town, facilitate the buyers by keeping the sale organized, and get ready to close multiple deals in a day. Good luck!
MORE ABOUT DECLUTTERING:
- How To Declutter Fast With The Shock Treatment Declutter Method
- 10 Questions To Ask When Decluttering That Aren’t “Does It Spark Joy?”
- 10 Yard Sale Tips That’ll Clear Your Clutter Fast
- 5 Genious Attic Storage Ideas
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I’m not understanding your logic on #2. You say no more than 5-10% of what u paid for the item (retail) however $12 is more than 20% of $50. Please enlighten us on your math… thank you!