Depending on how much debt you need resolving, a garage sale can be a helpful way of earning some extra cash. There is a formula for throwing a successful garage sale and if you want to get the most out of your efforts, it’s best to stick by the formula.
So how do you throw a successful garage sale?
1. The early bird gets the worm.
The earlier you start your garage sale the better. Most sales start at 8:00am but many have started as early as 7:00am. There are people out there that are serious visitors to garage sales and they always arrive early to get first pick of your loot. Timing matters. As far as choosing a weekend for your sale, people used to avoid long weekends because those were the weekends people were away or already had plans. These days, any weekend seems to be fair game. I see more and more people hosting their sales over long weekends and receiving a fair number of potential buyers.
2. Make sure the price is right.
Make sure you are not charging the same price as a store would charge. It doesn’t matter if the item you’re selling is practically new or if you haven’t used it yet. Prices at garage/yard sales are typically quite low. People will come to your sale expecting cheap deals so keep that in mind. You should price your items between ¼ and 1/3 of what you paid for initially. Now if you have an item you haven’t used and is still in its original packaging you may try to sell it for more, but still half of what you paid for. If you want to sell any items for more than this, try using kijiji or eBay.
3. Display your merchandise effectively.
Granted your sale is not going to present itself the way a fancy home decor store would, but the more organized and alluring your display is the more attractive your sale will be to happy buyers. Make sure your items are clean and assembled properly to showcase at its best. Use price labels to mark your items. If you do not want to use a price label on each item, organize your items into groups by price. For example, one table can be “everything for $5.00” and another table can be a $10 table. It will be easier on you and clear to potential buyers. If everything is neatly organized and attractive, the perceived value is higher, and you will be more likely to get a better price.
4. Be Prepared to Haggle.
Be willing to compromise on the price. If you have a multiple of a certain item, like curtain rods, make an offer to throw in a fourth rod for free in order to secure the sale. As the day goes on you may have fewer customers and you’ll be more inclined to get rid of your items for less. Bargain hunters know this and will come prepared with counter offers. Use your judgement and ensure you have a visible sign stating all sales are final. No returns. This is usually understood by buyers, but it is better to be cautious.
5. Advertise, advertise, advertise
Many local newspapers have a Community Section where you can advertise your garage sale. Or you can take out an ad in the classified a week before your sale. Usually there is a headline for garage sale advertisements. Posters around your neighbourhood are a good and cheap way of getting the word out. Use social media by posting your sale details on Facebook, Twitter or even kijiji. Don’t spend too much on advertising; you want to keep the profits to yourself. After all, you’re using the funds made to help pay off your debt right?
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