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Make Extra Money with Yard Sales

09.19.2011 by Jon the Saver //

Having a yard sale is the perfect way to get rid of things you don’t use and turn them into cash. Although the prospect of conducting a yard sale may seem a little daunting, it’s actually easier than you might think. The first caveat of a good yard sale is to have good quality merchandise. The second is that it needs to be priced attractively, and the third is that the merchandise should be displayed in a neat and orderly fashion.

Pick your items carefully

Clean out your basement, attic, garage and closets; keep items that are gently used but still serviceable as sellable items. Take items you don’t think you can sell to Goodwill or simply turn them into rags, work clothes, etc. Remember, if you wouldn’t want to wear it, someone else won’t want to buy it. Similarly, if an electrical appliance is past its useful life, it probably won’t bring much money unless someone has the exact appliance and needs parts.

Common sense pricing

When pricing your items, keep in mind that people are looking for bargains at yard sales so they don’t want to pay store prices. A good guideline is to not price an item at more than 40% of retail price. Since anything that doesn’t sell will have to be stored again, you want to sell as much of it as possible, so use your prices as guidelines, not hard and fast rules. When negotiating a price, ask yourself whether you would rather have the cash or continue to store the unused item.

In addition, all merchandise for sale should be clearly marked with the price. Items can be priced individually or they can be grouped on a rack or table by price. Pricing items individually may take a little extra time but it prevents buyers from swapping items on adjacent tables or racks. Consider getting an old pricing gun to make this less time consuming… I would look on eBay, or go to my local grocery store and ask if I can buy one from them.

Clean and organized

Another consideration is that the merchandise should be neat and clean. Even though clothing may be out of style, people may still buy it as long as the item is clean and in reasonably good condition. A clean and unwrinkled shirt, for example, will bring a higher price than a similar shirt that is wadded up on a table and soiled. Additionally, tools that have been cleaned up and are not covered with dirt, oil and grease will be more likely to sell, as is furniture that has been dusted and polished.

Having a multi-family yard sale is an excellent way to attract more sales since prospective buyers will have more merchandise from which to select. Also, this reduces the advertising effort and expense because more families are sharing the work and the cost.

Advertising = cash

Advertise the yard sale on local street corners near the location of the sale and use heavy-duty, weatherproof poster board and waterproof, permanent marker. When making the signs, be sure to include the address, the date(s) and time, and that it is a multi-family sale. Use large, bold lettering to ensure that passers by can easily read the sign; stand thirty feet away from the finished sign and see if you can read it easily. If not, make another sign.

Posting on Craigslist and in the classified section of the local newspaper are excellent ways to attract more customers. Remember, the better your marketing efforts, the more people you’ll have to sell to.

Keep change on hand

Be sure to have plenty of cash on hand for making change. Dollar bills, quarters, nickels, dimes and pennies will be the method of exchange for your yard sale so make sure there are ample funds for making change. Some type of cash drawer will be necessary, whether it is a locking box or an old register, because you don’t want to see any of your hard-earned cash walking or blowing away.

Be patient

Be prepared for shoppers to arrive at least a couple of hours ahead of time for the day you have your yard sale. Many people make a day of yard-sale shopping and start very early in the morning; they may well arrive before the posted times.

Enjoy the interaction at your garage sale and look forward to the extra cash you’ll have in your wallet at the end of the day!

Categories // Earn Money Tags // extra cash, sales

I Sold My Motorcycle on Craigslist – Tips on Selling

03.17.2010 by Matt Jabs //

She was a good bike in her day, but she had to go.

Four years ago I purchased a 1983 Honda V45 Magna motorcycle for $1,800.  As a youngster I grew up riding around on my dad’s 1984 V65 Magna and had wanted my own for years.  After being wanton so long I was totally stoked to be buying this bike.  Looking back now it pains me to say this, but it was pretty much a big, fat, hairy disappointment – almost straight outta the gate.

The day I took ‘er home everything was kosher but shortly thereafter she started leaking oil, then developed a stripped 5th gear, then came down with wiring problems and rotted fuel lines, until finally… she blew a clutch while I was taking my wife for a drive – which was the last straw for both of us.  I really wanted to keep the bike, but she just never treated me well.

An attempted sale

In late autumn of 2009 I finally decide to post an ad on Craigslist for $600.  I know right… what better time to sell a motorcycle than right before winter in Michigan?  Don’t ask me what I was thinking… to be honest, I just wanted to get the bike out of my garage to make room for a new workbench.

I didn’t receive one phone call on the ad.

Lesson learned:  never try to sell a motorcycle before winter… you’ll be lucky to give it away.

The 2 hour start to finish sale

I didn’t get my workbench before winter.  Sure, I could have taken the bike to the junkyard for $50, but the Jabs in me wouldn’t let it happen.  I knew I could get at least $250 if I waited till spring.  So we waited out the cold Michigan winter with the hopes of selling for big money a few months down the road.

This past weekend spring sprung here in Michigan so I quickly threw up my ad on Craigslist and went about my business.  While upstairs with the better half I noticed my phone ringing, but thought nothing of it.  A few minutes later it rang a 2nd time, then a 3rd, and then a 4th before I irritably ran down to see which family member was trying to reach me by calling over and over again.  To my surprise the calls were not from family, but four separate and unrecognized numbers.  Then the light bulb went off, “Ohhhhh… the bike!  Wow, already?”

I was very surprised.  Within 15 minutes of publishing the ad my phone was blowing up.  As I began calling the buyers back, more calls were coming through on the other line – apparently I was asking a good price for the bike!

The 2nd caller on the list offered to pick up the bike for $250 right away.  I accepted – a rash decision that ended up costing me at least $250 more.

Within an hour the buyer showed up at my home, we exchanged title for money and he was on his way.  From start to finish the sale took less than two hours to complete… and I deleted my Craigslist ad accordingly.

Tips on selling

If I had it to do over again I would do several things differently.  As I mentioned above, accepting the first offer on the bike was a mistake that cost me at least $250.  I know this because the 4th guy I called (I returned the calls of all interested parties) was flabbergasted I was letting the bike go for $250 and offered to give me $500.  As badly as I wanted to accept the offer, I had already given the other guy my word and had to stick to it.

Next time I sell a decently priced item I will follow these guidelines:

  1. Low price or best offer. If you know you can sell the item for $500, publish the ad as “$300 or best offer.”  This will get the calls rolling in.
  2. Just take offers first. Give yourself a designated time frame or number of contacts before deciding to move on.  Do not make any commitments to sell at this point, just take offers.
  3. Play buyers against each other. Don’t lie, just play the actual offers against the others.  If one buyer offers $400, let the others know.  If they are truly interested in the purchase they will beat the offer.
  4. Make the sale. Once you secure the highest offer… make the sale.

I sold the bike for $250, but could have sold it for $500 or more by following these simple steps.  Lesson learned.

What about you?

Have you recently sold an item and learned a few lessons of your own?  Any tips on selling you want to share?

Categories // Earn Money, Tips Tags // sales, tips

After Christmas Sales Save You Money

12.28.2009 by Matt Jabs //

If you’re going to buy – go buy now

While I’m not a huge proponent of spending money on things you do not need, I am a big supporter of buying the things you plan to buy anyway when they are on sale.

This post is just a quick reminder to pay attention to the great sales that are going on this time of year.

If you were planning to buy more end of the year items, now is the best time to do it.  Many of us are still on Christmas break so we have all day to go do whatever we wish (God bless these times!)  So if you do need to pick up some items, especially if you were looking to purchase some additional Christmas decorations, go get them right  now.

If you don’t want to leave the comfort of your lazy boy, check out the year end deals at Amazon.com.

Why stores are having big sales

Christmas decorations will be your best bet to save, but remember that stores are looking to completely rid their stock of anything that screams 2009 so they can usher in the new stock for a fresh start with 2010.  What does that mean for the frugal shopper?  It means we should be able to take advantage of sales up to 90% off regularly priced items.

Don’t forget to haggle

Not only will you be able to take advantage of great sales, since the stores want desperately to get rid of their existing stock, why not try haggling to get an even better price?  This is probably the best time of year to haggle and one of the only times you might be able to have success doing it even at regular department stores.

What kind of deals did you get?

If you were able to take advantage of a sale, or haggle your way into a lower price… let us know about it here.  C’mon you know you want to brag about the incredible deal you got… and inquiring minds want to know!

Categories // Spending, Tips Tags // sales, Spending

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