I love consignment sales. I only learned about them after my first child was born and I kick myself for not taking advantage of these amazing deals!
I started selling at consignments back in 2010 as a way to clear out some of the toy clutter. Living in a high cost of living area – I was quick to learn that consignment sales here meant high-end merchandise at bargain basement prices. The number one item that I noticed is that ladies had no idea how to price items. They would price $300 portable cribs for $20. This can easily be fixed through a Google search. Check out the value of the item and determine your price based on age, condition, and demand.
I found that I made more money selling high-end items through consignment than I did selling on eBay. People stepping into consignment shops and sales know that items will be priced higher than your average thrift store or eBay site. This is because consignment events and stores are more selective of the items they sell. Many of these places often have a list of the items they will and will not accept. I still use eBay for my mass retailer clothing but prefer consignment for my higher end items.
It’s important to be selective of your consignment venues. Some consignment venues only pay back 50% of the sale price. That can be a lot of your profit. One of my favorite consignment sales – Just Between Friends – will pay you up to 70% back if you volunteer. Since the volunteering is always fun and a great way to see the merchandise before the sale – I love helping out.
Here is a list of some of my favorite places that have lower commissions and higher rates of return.
Mass Consignment Events: events like Just Between Friends are mass consignment events held in larger cities across the country. These events have big exposure and big return. In a few weeks, I will be selling in a consignment event that pays 70% of the items I submit.
Online Consignment: I have been having a great time selling my items on Poshmark. You make 80% of your sales and shipping labels are included in your sales so it is easy to use. I have made several hundred dollars in one month using this method. Check out my closet!