You likely know the cycle: Discover a new hobby. Get excited about said hobby. Dive in deeply, buying all the gear required to partake in that new hobby.
But then, the passion slows. You shove the items in your closet. They sit there for months or years, amongst the dust. You notice the stuff occasionally and think, in passing, that you really should use it again … but then you just shrug and move on.
Here’s the truth: It’s unlikely you’ll ever return to that hobby. Here’s another truth: That gear sitting in your closet right now is worth some money, but the value of those items will likely depreciate over time, meaning the time is now to sell.
[See: A Guide to Launching Your Side Business.]
But how can you do this without getting ripped off? Before you proceed, here are a few things to think about.
Decide how much time you’re willing to invest to sell your items. In general, the more time you invest, the more money you’ll make, but it’s not a perfect relationship. Each additional hour generally nets less in return than the hour before it, so there comes a point where additional work isn’t really worth it.
[See: 11 Ways to Save Time and Money.]
Your gear is probably not worth as much as you think it is — or, at least, you’re not going to get that much for it. Keep in mind that selling used gear is a free market — you can only get what someone is willing to pay for it. The extra time invested is all about finding people who will pay you a little more, but it’s very difficult and time-consuming to find someone who will match what you paid or meet your asking price.
So here some strategies for maximizing the value of what you’re selling.
Use hobby websites and eBay to get price estimates, but remember you won’t necessarily get that much without a great reputation. People often don’t know how much to ask for their items and thus rely on eBay prices. However, eBay prices are often higher than typical because the sellers have a very strong reputation. You can use the prices as a starting point, but be sure to strongly consider lower offers.
If the items are small enough to reasonably ship, try to sell them first through websites that cater to your hobby, then use eBay if you don’t get the price you want. Most hobby websites and Facebook groups have mechanisms for facilitating sales of items, so start there. This gets your item in front of interested target buyers at very little cost to you.
If they’re too big to ship, try selling to a local group that’s interested in your old hobby. Look on Facebook and Meetup for local groups related to your hobby and target those groups. This strategy comes in handy for larger things like camping gear or exercise equipment. You can also advertise on bulletin boards and other such places. Be sure to include an OBO (“or best offer”) option to open the door to negotiation.
[See: 12 Ways to Be a More Mindful Spender.]
If neither of those options works, use Craigslist. If you have larger items that you don’t want to ship and you can’t find any local groups, then turn to Craigslist. You’ll typically get a poor return there, as Craigslist is usually full of discount hounds, but you can sometimes strike gold.
Determine the five or so individual items that have the most value on their own and sell those separately. Individual high-value items tend to sell well to other hobbyists, who are typically much more interested in specific items than they are in large quantities of miscellany.
If you can, put together a “beginner kit.” Such collections tend to sell well to newbies. These give burgeoning hobbyists everything they need to get going and might just be better quality than the commercially available beginner kits.
Sell your remaining items as a bulk package. If you still have remaining items, sell them as a lot, but don’t expect to get much. You can keep selling individual items from this lot for as long as you’d like, but doing so adds more time to the process with gradually diminishing returns. Usually, lots are purchased by people who want just some of the items and are considering the others to be a “throw in,” so you should never expect full value at that point.
Selling off old hobby gear is a great way to clear out your closet and get some extra cash in your pocket. Good luck!
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How to Make Money Selling Your Old Hobby Gear originally appeared on usnews.com
