One of the most tried-and-true strategies for starting a financial turnaround is the old “clean out your closet” method. Basically, you just go through the items in your closet, on your shelves and in other places where you’ve tucked things over the years and evaluate whether or not you want to hold onto them any longer. After all, if they’re tucked away like that, do you really need them?
If you take that process seriously, it’s likely you’ll wind up with a large pile of stuff to sell. The money you earn from that can make a real dent in your debt, help you to jump-start saving for a mortgage or provide a down payment on a car.
We all know the usual plan for selling online. Figure out a price, list it on eBay or Craiglist, and see what you can get. That’s a good way to translate those unwanted items into cash, but it’s not the best way to maximize your dollar. There are a few simple additional steps you can take to get a lot more out of your sales dollars.
Find your target audience. Who will buy this item you’re selling? Where does that person hang out online? Those are two questions you should ask yourself before you attempt to sell an item. Most of the time, your sale will go to someone who has a significant interest in the item you’re selling and may be part of an online community related to that item.
So, how do you find that buyer? You go to that community. Seek out online communities of people who might be interested in your item. Google can help you with that — just type in a word or two that generally describes your item and go hunting through the results. These communities can be a great resource that can help you to identify items, appropriately price them for sale and often buy them from you without even needing to use a listing service.
Use clear descriptions, and have someone else read them before you post. If you do decide to list your item with an online service such as eBay or Craigslist, the best thing you can do is write a clear description of your item so others can easily find it if they’re searching for something like your item. Stick with the important facts about the item — don’t derail the listing into a personal story. The buyer won’t care.
Once you’ve written a description that you think is pretty good, don’t list it yet. Share that description with a friend, and ask that friend if he or she can help you improve it. They’ll often see useful changes you can make, and after a few revisions, you’ll know how to write great listings yourself.
Look at the competition and try to one-up them. You’re not the only person in the world selling an item like this. Even if people aren’t selling the same item as you, they’re probably selling similar ones. Why would someone buy your item instead?
The easiest way is to undercut the competition in terms of price ever so slightly, even if just by a penny or two. Another way is to add something to the package — for example, if you’re selling a particular collectible, throw in something similar with lesser value for free. Include great photos of your item with the listing. Those little extras will cause people to buy your item first.
Be patient, and don’t rely on just one service. If you don’t sell your item on Craigslist, don’t give up and throw it back in your closet. Use another service like eBay or Amazon Marketplace. If it doesn’t sell there, again, don’t throw it back in your closet. List it again trying similar listings.
The first time you list an item might not result in a successful sale — and that’s OK. It just means you didn’t find the right buyer yet. Don’t be afraid to list it again, but change the description or photos a little.
Try offline avenues for selling the item. Some items, like antiques, sometimes don’t translate well to online sales. It’s hard to visually inspect an antique dresser on eBay, after all.
For items that don’t seem to fit the online mold well, look at a consignment service that can help you sell the item. It will likely charge a fee for being the “middleman,” but it’s also going to provide real eyeballs for your item without the need for you to be the salesperson. Some consignment services also sell online and understand the tricks for making online sales happen, so they may be able to help in that way, too.
A little work can go a long way when trying to make a few extra dollars from selling items online. Finding and attracting the right buyer takes a bit longer, but it can mean more cash in your pocket.
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5 Strategies to Make Money When Selling Stuff Online originally appeared on usnews.com
