I think the hardest part of selling something, is figuring out what price to put on it.
So…You have old antiques that you want to sell.
You look up a similar item on the Internet; note the price the seller has on the item and set your price in a similar range.
What if you are selling that item at a garage sale? Or at a local flea/farmers market? Or to your neighbor who wants the item so badly? Then there is the Antique Mall price – the Antique Store Price – the Antique Gallery price – the Antique dealer price – and the Collector price!
In my opinion, this conjures up 3 different prices, if not 8!
You have old furniture that you MUST get rid of because a new living room set is being delivered tomorrow.
You could leave the furniture on the curb just to get rid of it, or you could try to sell it on craigslist. If time is not an issue, you could list it on a furniture swipswap site and be willing to negotiate the price. You could sell it at a Gently Used shop or a Specialty Reused/Recycled/Repurposed Store. Perhaps a friend or family member would be interested.
Or again, you could have a garage sale!
One more time, I see 3 different prices or 5!!
You bought an item at a national department store.
It doesn’t work in your décor, so, instead of returning it to that department store, you decide to sell it. What price do you put on the item? Do you sell it for what you paid at the store? Do you reduce the price so that it may sell faster and just take the loss? Do you list it on craigslist? Sell it on swipswap? Or, have a garage sale?
Several different prices are peeking through!!!
Then we enter the wonderful world of Handmade.
A local artist lovingly crafted a piece of jewelry. The artist figures out how much they invested in the piece with material costs. . Next, they figure out the amount of time that it took to put the piece together. But, do they include the time it took to come up with the idea of the piece, the design process, the hours it took to purchase the materials for the jewelry, the gas it took to go to the store to buy the supplies? All logical thinking, but, what does it do to the price of the jewelry.
This past weekend, I went to a Flea Market and I had a long conversation about pricing with a dealer. He and his wife specialize in buying estate sale left overs. He said his secret to setting a price is to simply recover his investment. Since he has been in the business for over 30 years, he has a sixth sense on the value of an item and he relies heavily on that sense. He will start with the top value on his pricing and then lower it as either the day wears on or he likes someone or something simply tells him to let it go. Bill, from Bachman’s Antiques told me the same thing! He is happy to get his investment back and then maybe a little something more!
“There ain’t no rich here!!” The dealer laughed after explaining it all to me!
When my husband and I owned restaurants, there was a set business formula for setting the price of a meal. There was also the formula of “Double plus 2” for a bottle of wine (double the wholesale price and add $2).
In retail, there is the process of “Keystoning” which, according to Ask.com – “A pricing method of marking merchandise for resell to an amount that is double the wholesale price.”
I have yet to figure out how they set the price on cars and trucks and homes, well, that is basically set with the local market and how much someone is willing to pay!!
So, my question to You, storageunitauctionlist.com followers….How do YOU set the price for the items you sell? And where do you sell? And is there a Big difference between prices based upon the location? Not only am I curious, but I’m sure others are too!!! So, if you don’t mind….Give us a couple of your secrets on how to successfully set prices and where are the best places to sell these items and we will include these suggestions and lessons learned from experts in up coming Blogs!!!
Thank You so Very Very Much!!!
But, before I go…an artist friend of mine sent me this little story and it has been floating around on facebook for months. I thought this was good enough for a chuckle!!!
Until next Time!!!!
citation: “Setting a Customer Straight …” – Zibbet’s Community. N.p., n.d. Web. 14 Apr. 2014. <http://community.zibbet.com/forum/topics/setting-a-customer-straight>.