Whether you acquire items from storage auctions, yard sales, estate sales or a combination of all the above, you’ll need to sell them quickly to sustain a profitable business. The sooner you sell a product, the sooner you can move on to the next venture. So, what steps can you take to sell your items more quickly?
Create a Sense of Urgency
One effective tip to sell your items faster is to create a sense of urgency. Whether it’s a “1-Day Only Sale” or a seasonal promotion that lasts through summer, this strategy is guaranteed to increase your sales. When a customer believes that a sale is for a limited time, he or she will be more likely to take action now instead of waiting around until later.
If you’re still selling your products in a brick-and-mortar store, consider making the transition online. This doesn’t necessarily mean that you have to close down your existing retail shop. Rather, sell products both in person and online. E-commerce offers several key benefits, including a larger reach, reduced overhead, increased brand recognition and more. Failure to establish a presence on the Internet means your competitors will have the upper hand — and that’s never a good thing in the competitive world of retail sales.
Of course, you can sell your items more quickly by offering some type of discount. A simple “10% off discount” is often enough to make a prospective buyer take action. And if you are worried about the loss of revenue, simply price your items higher, before taking into account the discount.
When pricing your products to sell, be willing to negotiate with prospective buyers. If you have an item priced at $200 and a prospective buyer offers you $180, it’s probably a good idea to accept his or her offer. Sure, you’ll be taking $20 less than your target price, but the time it saves makes it well worth the difference in cost. Negotiations are a key component of any buy-sell business, so don’t use a strict pricing format; otherwise, you’ll have a difficult time turning your products.
Develop Professional Networks
Another tip to sell your items more quickly is to develop professional networks. In other words, if you attend storage auctions, meet and greet the other people who attend and bid on the storage units. You may come across someone with their own store who’s eager to buy your products.