Determining value of the items you wish to sell
This is the second in our how-to series of making money from home during the Coronavirus Pandemic and beyond. If you’re not sure about online selling just yet, see our first post here.
Price Comparison
So, you’ve made the smart decision to clear your clutter and sell some of your, what we will call, “worldly treasures” for some extra cash, and now you have a nice array of items to start listing. How do you know how much to ask for your stuff? I get this question a lot when people find out I sell online.
So often when browsing items at estate sales, the seller will comment, “it’s going for big dollars on eBay!” or “I’m selling it at 10% less than prices on eBay.” They might even have a printout directly from an eBay listing showing the same item as theirs, but at a higher price, So of course they think they are competitive.
But the “it sells for $___ on eBay” is not quite accurate - how I wish that were the case! What they really mean is, “People are asking that price on eBay.” That in no way means that’s what the item will actually sell for.
The best way to find out how much you are realistically able to get for your items is by checking on a vital checkbox - sold items. One of the most useful eBay features is they show you what has sold recently, and includes the price. You will have to scroll down a bit, but eventually on the left you will find it under the “Show only” heading.
You see people place unrealistic, sky-high prices on items all the time. Though I have yet to discover why, because I “watch” these overpriced items and they invariably never end up selling, and the seller finally just ends the item as unsold. It certainly can get your hopes up to see those initial prices, so be prepared to see lower numbers when clicking sold. Make sure that they just haven’t completed and gone unsold, but that you actually see the sold banner on the item.
But don’t get discouraged from a quick cursory glance at the sold listings, there are a lot of factors at play here. When pricing your item, make sure you look at what you are comparing it to thoroughly.
Things to Consider
Is shipping included?
If the listing shows the seller offered free shipping, and it’s a heavy vintage typewriter, their for-sale price is likely higher than average, as they are adding shipment into their total price. On the other hand, if it’s a small Montblanc pen and they charged more than $3.50 shipping, they may have lowered their price slightly to seem more competitive, but made the difference up in shipping fees.
Variations:
Model numbers: When looking at appliances, are they the same model number as yours? Newer and older models can vary in price considerably. Even a single letter can make a difference from an older model to a newer one, and can just about look the same.
Is it the same size? A 5” bread plate can look as big as a dinner plate in photos, but the price may be $5 or $25. Don’t sell your dinner plate for $5!
Some pottery and vintage art glass often has rarer colors that fetch a higher price. And oftentimes clear glass doesn’t get the high price (or interest) that colorful glass gets.
Amount: is the listing for one item, or for a set of six? They don’t always say up front.
Condition:
Is the item damaged? If it has a nick on the rim or a crack in the case the price can drop dramatically. Sellers also offer repaired, refurbished, and mint-condition items, which all come with different price points.
Silver - if you have sterling flatware, there is the intrinsic price of melt weight vs selling it for the pieces. If it is a popular or rare pattern, that’s great! If a fork has hit the garbage disposal, well, you might go for the melt weight.
For parts or repair: Is a lamp working, or is it listed for parts? Don’t short change yourself by comparing your beautiful illuminating lamp with a busted one.
The $0.99 Conundrum
If an item sold by auction, the seller may have started the price too low, and the listing didn’t get traffic, so it sold low. Don’t fall into the $0.99-auction-start trap unless you are prepared to sell it for $0.99. You can place a reserve price so that if it doesn’t bid up to a certain minimum price you’d like, it won’t sell. This feature costs extra for the seller, and in my experience, I think it aggravates buyers who keep bidding and are repeatedly hit with the “Reserve Not Met” message.
The Yard Sale Price
Disregard the crazy low prices some things sell for. I have seen people sell an entire set of china for $10. Don’t add that into your equation. People that do that tell me, “I just wanted to get rid of it and get a little something.” That mentality hurts us all because it devalues our comparable items. If you want to do that, I say: have a yard sale!
Additional Resources for Pricing
For china, crystal, flatware, collectibles and some other categories, replacements.com is a resource we often use. They don’t show their sold prices, but you can see at what price they are offering their items, and they probably do get those prices. Unfortunately, you can count on your similar items selling at about 30% less than what theirs are listed for. It’s unfair, I know, but they have the biggest market share in their category, a massive warehouse, and a huge customer base. Oftentimes they only have one photo and it’s not even the actual piece, along with a vague description of condition. It has irked me since I started!
For antiques of all types, Kovels.com will give you some basic info if you sign up for their free membership. For more in-depth information, they do charge an upgrade fee.
Worthpoint is another website which offers a free trial, and then charges a fee for their sold price info. Many times their information comes from eBay’s sold prices, so it’s not always a sure bet on how much extra insight they will provide.
Check with experts! There are plenty of websites for info on just about anything. There’s the more expansive antiques.com, which has different forums within it to ask collectors, to hyper niche websites for more specific items - like art glass from Murano, Italy, or vintage costume jewelry - you name it, it’s out there.
Terapeak Research: Built into eBay, it searches sold prices from up to a year prior. You have to have a Basic, Premium, Anchor or Enterprise Store to use Terapeak free-of-charge. For other users it’s $12 a month with a yearly plan, or $19 a month without at the time of this writing.
Facebook: There are plenty of Facebook groups, and you’re almost guaranteed to find one in your niche for help in determining values. Everything from Tiffany Glass, to Hull Pottery, to Mid-Century Modern pieces, to a niche as small as Vaseline Glass, they are out there for you to post your questions.
Finally, when determining your price, don’t forget to listen to your gut. If you find there’s nothing quite like yours, and you think it’s rare, don’t price it too low! You can always reduce the price, but once it’s sold, it’s sold. You want to feel excited you sold it, without any twinge of regret over wishing you kept it or asked a higher price.
Caveat Vendor
Watch out for some opinions. Anyone can give their opinion without the facts to back it up. Sometimes you will see arguments break out in threads if someone gives the wrong advice. Also keep in mind, not everyone is out there to help you. If someone is in a group about your item’s genre, they likely have a passion for it, and may want to advise you on a lower price, with a quick offer: “I’ll buy It from you.” There are groups that ban buying and selling, but they may just send you a private message. With that said, seller beware!
Auction Vs. Fixed Price
Now that you have your tidy list of items and prices, you need to decide if you want to list them as a flat “fixed” price, or as an auction on a platform such as eBay.
There are various schools of thought, as some people think buyers don’t like waiting until an auction ends - they want the item ASAP. There is something to be said for immediate gratification. There are other buyers who like the game and think they might be getting a bargain if no one else bids in time.
Generally, if it’s something you could buy at a big box store, like general home decor, appliances, clothes, and the like, there’s pretty much a standard price to be sold as “fixed”. However, if you have an antique or vintage item, or an item in short supply and high demand; even if you are unsure of the price even after research, give buyers the opportunity to bid and fight it out in an auction. Let the bidders determine the worth; then, let the games begin!.
- -
Coming up in the 3rd of our 4-part online selling series, we’ll be demonstrating how to create a great listing with nothing but your Smartphone!