The 3Ps of Reselling
When it comes to reselling, there is a lot of noise with long lists of “do this” and “don’t do that”. All the tips and tricks can make reselling seem daunting and frankly not worth it. However, I am here to tell you that you can make hundreds, if not thousands, of dollars with a small amount of effort. It really comes down to The T&T 3Ps: Patience, Price, and Photos. If you follow these three things, you will be successful. Not having success? Adjust one or all of the 3Ps and you will see a change. I promise!
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PATIENCE
This is possibly the biggest culprit for resale frustration. We all love instant gratification and would like everything we list on Poshmark to sell immediately. That would be wonderful, but it is extremely rare. If you want to get top dollar for your closet, you’re going to need to be patient. If you want to sell through items in a matter of days, you’re going to need to sell your items well below market value. I’ve had items sell more than a year after posting. List your items and put them in one place (ideally somewhere you won’t see them: basement, attic, under your bed etc.) Forget they exist and wait for the joy when an item sells.
p.s. If you don’t want to be bothered or just want rid of things immediately, my recommendation would be to sell through a local consignment store, The RealReal or Fashionphile. You may not get as much as selling yourself, but you’'ll be done. Alternatively, you can donate the clothes to a local charity. All great options if you don’t want to do it yourself.
PRICE
Overpricing is a common mistake. Many people try, unsuccessfully, to sell used items for 10%-20% off the retail price*. Today’s buyers are savvy and know that they can go to a department store during a sale and buy the same item brand new. You have to be realistic. Look and see what the same item has sold for on Poshmark and use that as your marker. If your item is not moving after about three to six months, that means it is likely overpriced and it is time to adjust your price accordingly.
*The only exception to this is sold out, hard to find items. Those pieces can sell for at retail or even higher. If you have an in-demand item that is hard to find, I encourage you to strike while the iron is hot and sell it!
PHOTOS
Would you want to buy a used, crumpled shirt in a dimly lit basement? I wouldn’t either. Take the extra five seconds to make your listing look nice. You don’t have to get any fancy lighting equipment or an expensive camera. Just lay your piece on the ground and take the picture on a nice, plain background (you could even use a bed sheet). I take my photos by a window in the morning when the light is best. Don’t aim for perfection; just try to make your items look clean and crisp.
That is it. Truly. Be patient, price fairly, and take decent photos. If you follow these steps, I can assure you that you will make money. There is a buyer for everything. Happy Selling! Please contact me with your success stories. I love hearing from you.
