We’ve reached it. The final installment in the storage auction resale trilogy. We’re going to talk about the final blows you are going to make to the inventory you won a three weeks ago inside two types of units: a cheaper, promising unit, and a monstrously packed, sure-shot unit. By the end of this process, you will only have a few pieces remaining, selling themselves on Craig’s List and eBay.
As you go forward, realize that this is a blueprint for conducting a multi-faceted resale strategy, and not every question will be answered. For instance, even though it is not explicitly mentioned here, you should be checking your email and responding to your online inquiries daily. That said, here’s the last few remaining, major steps to tripling your investment.
Be Mobile: “On the Fly” Sales
With your merchandise all over the internet it will be a simple as a few clicks to pull them up on a smart phone. Keep an ear out for pedestrians, people at restaurants, co-workers, or friends of friends talking about things they need. If they mention needing an end table and you have one, by all means, jump on the opportunity and show them the EBay posting on your smart phone. Even if you have something comparable, like a coffee table, it never hurts to promote your products in an easy going and relaxed manner.
Many sales have been made this way, especially if you live in a major metropolitan area.
Turn and Burn at the Swap Meet
It’s not smart to throw things away or give to Goodwill without trying to liquidate them at the swap meet first. You have purposefully held off on selling a lot of your cheaper items. If you haven’t yet, it’s time to “burn and turn” those off at the swap meet (or flea market). I just recently wrote a swap meet strategy blog, which you can access by clicking on that link. I really recommend reading this guide in order to give you the best chance possible to make a couple hundred dollars or more on your “smalls” (bulk unit items). That couple of hundred dollars is a key factor in pushing you towards tripling your investment.
A good many storage hunters sell exclusively at swap meets and make consistent monthly profits, so don’t write it off as a cheap gimmick. Rent table space just for the weekend so you can get your feet wet and learn a little bit through trial and error.
An important thing to keep in mind is that the swap meet can just as easily be a selling venue for your midscale items. As we have mentioned before, electronics, power tools, jewelry/ jewelry boxes, and smaller piece furniture sell well at these local markets.
Remember that sometimes an offer is an offer, and you may not see it again for the rest of the day. Let the hagglers have their way on the trivial stuff, but be firm on your prices and don’t go any lower than 15% off on midscale items until the end of the day.
Resale Your Resale in the After, After-Market
At the end of your flea outing (which can last a solid 6-8 hours), after you have put as big a dent as possible in your small inventory, see if you can pawn the rest of your smalls off onto other flea market sellers. Find the ones that are there every weekend and get rid of them at the best price they will offer you. Try to stay around 30 to 40 cents an item, extrapolated out to final bulk price. Being that the flea market is pretty much the one and only venue to significantly unload smalls, it doesn’t make sense to keep toting them around when you have sat there for a full day and they won’t even move at fifty cents each.
Drop Prices on Listed Items
Now’s the time to re-price Craig’s List items that sparked good interest but have consistently turned away customers (especially even after those items remained stagnant at your sidewalk sale, too). This typically should indicate that your prices, while fair, are just not low enough for the average Craig’s List buyer. On the other hand, eBay is such a praised resource in this business because your market is expanded nationwide, therefore opening you up to enough comfortably wealthy buyers. I wouldn’t be surprised if you have had much more success on eBay at this point, roughly three weeks to month after you purchased your little and big units.
In this blog, we have talked about the importance of refreshing Craig’s List posts no matter what the case. Dropping your prices a bit is a good opportunity to get them back on top.
Important: Hopefully, you were signed in to your personal Craig’s List account when you posted the items initially. This makes reposting infinitely easier. You can simply log into your account, go to your list of inventory, and pick the item for which to drop the price. Change the price field, hit “continue,” and you will be prompted to verify this in your e-mail. Do so, then return to the main page for your hometown. Go back into your account, return to the item, and hit “Repost this Posting.” With the new price intact, this simple process sends the item right back to the top where a new flock of buyers can consider it at an even better price.
Click here to see the other, more Neanderthal way of reposting Craig’sList ads.
A Few Key Price Drop Pointers
With your item now appearing at the top for at least a few days, it’s time to strike on a price drop and move that puppy fast. As usual, instead of making arbitrary price cuts to all of your items, you should still price it competitively in the current market/listings for the same item. Consider all of the prices and conditions of the same item on the first page. For visual appeal, you want your prices to beat the four surrounding items, as long as they are in the as good or better condition and brand as your own.
Don’t stoop to the lowest price on the first page just to get a sell. This will get you nowhere near your 300% R.O.I. Instead, not only should you make them beat surrounding prices, but another good strategy is to take be just slightly lower than the Mode Price on the first page. That is, the value that repeats the most often. When shoppers see the same value over and over, they assume that is the going rate on something. Being a five dollars lower than the first page Mode (again, assuming the items in that Mode are in the same condition) will seriously entice buyers to your item without sacrificing your overall ROI too much.
Are you drawing dangerously close to selling all of those treasures? Are these resale calisthenics helping you realize what excellence takes? Is this guide helping you? Feel free to comment below. Next week: The Prologue to the Trilogy “Guide to Tripling Your Storage Auction Investment.” We’ll have closing thoughts and troubleshoot various reasons you may not be quite at 300% Return on Investment.
Closing Thoughts: Approaching the Tripled
Have these resale calisthenics helping you realize what excellence takes? If all of your storage items once fit into a voluminous corner of your garage, then take a step back and congratulate yourself on your hard work and how much the load has shrunk. By now, the remainder of your business should be spent interacting with buyers via the online markets, which should come as an enormous relief after all of your seller’s outings. Being that your inventory has not yet been completely converted to cash, you can make an educated calculation on whether or not you have met your goal: a tripled investment.
Simple add your current profits to a reasonable average of what you stand to make on the remaining inventory in circulation and compare it to that golden number that you came up with on your spreadsheet. Are you dangerously close? Have you already exceeded it and are grinning despite yourself? Because you are new at this strenuous projected sales goal, have you at least doubled your investment thus far? Any one of these outcomes is excellent news.
There are always few adjustments that can be made to make life easier on you, like the amount of inventory you apply this model to. However, the bottom line is, in this business, there are always going to be a few factors that are out of your control, namely the quality of your discovered inventory. Following this guide will get you as close as possible to reaching the ultimate goal. I sincerely hope this series has been effective in helping you juggle all of the necessary balls simultaneously to really be an ace storage unit flipper.
Feel free to comment with insight into your own 1 month full-scale routine!