How to Price Second-Hand Items to Save Money Ahead of Christmas
Resellers are being offered tips on how to price their second-hand items online and get the most from their listings.
Second-hand fashion experts at Messina Hembry share six of the most important things to consider when pricing items to help resellers make their sale.
Those looking to sell pre-loved items should consider the original RRP (recommended retail price) and the condition of their item before deciding on a price.
The original RRP can reveal a lot about the quality and desirability of the item, and its condition will further influence how much it’s worth.
Resellers should also ensure that the price they list isn’t their final goal, as listings can often be negotiated or reduced by platform fees depending on where they’re listed.
It’s important to calculate what percentage of an item’s value is likely to be lost through deals or fees, then add this to the listing price to achieve the desired payment.
Another clever hack is to list higher-priced items close to payday weekend when buyers are more likely to browse online and treat themselves.
Taking the time to price items accurately can help resellers stand out online and secure quicker sales.
Josh Hembry, COO of vintage fashion retailer Messina Hembry said: “Reselling old items is a great way to make some extra cash, provided the items are desirable and in a resellable condition. It can be frustrating when you list things and they sit waiting to be rehomed for months, but there are a few little tricks that can help speed things up.
“Carefully pricing items and making sure you’re not overpricing pieces that aren’t particularly desirable, or that buyers can find in better condition elsewhere is key. Sometimes reducing the price slightly can make all the difference, especially if you’d rather make the sale than have it sitting in a bag collecting dust.”
How to price second-hand items:
Compare against sold items
It’s worth taking a look on resale sites to see how much similar items have sold for recently, as this can give you a good indication of the market value, depending on what your item is and its quality. Looking at items that are listed but haven’t yet sold won’t necessarily help you determine their real value to buyers.
Consider your item’s original value
If you’re unsure, checking the original RRP can help you to decide what value to place on your second-hand item, especially if it is a newer item where this information is available.
Check what materials garments are made from
The materials used in clothing can play a big part in resale value. More luxurious fabrics such as silk, cashmere and wool tend to have a higher price point, and brands that use these premium materials also generally produce higher-quality garments. It’s also important to consider the percentage of premium fibres in a garment, as this can further affect its value.
Assess the condition
Depending on whether your item is brand new with labels or well-worn with some repairs, the price point can vary. Some items may have had better quality to begin with, while pieces that were originally inexpensive are less likely to sell, as buyers can often pick them up brand new for a similar price.
Leave room for negotiation
Most buyers on resale sites are looking for a bargain, so pricing items slightly higher to allow for deals and discounts can help ensure you still receive a decent payout. It’s also worth considering the fees of the platform you’re using and adjusting your items accordingly.
List premium items closer to payday weekend
Higher-priced premium items are more likely to sell when people are browsing online for a payday treat. One simple tip to help sell these items faster is to list them around payday weekend, when buyers are more likely to make a purchase.