How to make DOLLAR$ at the markets!
Updated: Jun 29, 2021
Ok strap in and buckle down ladies! We are about to get real! We are long time bargain hunters and with hard core honesty we are about to hit you with a guide on how to realistically price your items to SELL at Fab Finds Markets. This might be a real hard read, particularly if you have splashed a lot of cash on the pieces you are trying to sell. But we want you to have a #fabday, take home MORE CASH and LESS STUFF than you came with.
1. HOW much are items are worth
You are selling second-hand fashion items - worn or not, shoppers are still buying second-hand items - and this should be foremost in your mind when pricing your items. Shoppers are looking for a bargain! Fashion moves fast these days, new styles hit shop racks every day, gets marked down even quicker therefore items are 'out of fashion' quicker and lose value faster than ever before! Sellers don't care if you bought that dress in LA for $100, wore it once and had it in your closet for 3 years - that is not a value add, it just means you didn't make the most of it when you had it.
You must understand that there has to be a very real, very big price drop to move your second-hand clothing, shoes and accessories. Realise this and you will have a #fabday! But if you can't let go of wanting $80 for that 3-year-old LA dress you paid $100 for you are going to have a really bad day:(
Most of the items in your closet will fall into the 25% rule - it will be worth no more than 25% of what you purchased it for, drop 10% for each year of age and you will sell loads of stuff because the value of the second-hand item is reflected realistically.
There are exceptions to this rule...See point 2
2. WHAT brands are worth more than others?
Ahhhhhh...if only we had the answer to this million-dollar question! One gal will think that LA dress is totally worth $20 but I wouldn't pay more than $5 for it. Style is personal, so is a shopper's budget...But do you want to wait all day for that one person who wants to pay $20 or sell it to me for $5 and be rid of it? Sell for less and make more
If you are not sure what an item/brand is worth, check out Facebook Marketplace, Gumtree, eBay etc to get a feel for perceived values. Some high-end brands are more valuable than others eg: Camilla
At the end of the day it is up to you what you price items for - lots or less - but AT the end of the day do you really want to load your car up with lots or less?
One thing we know for sure: If you bought it for $20 or less brand new it probably doesn't have a huge resale value. Put all of your Cotton On, Kmart, Target, Best and Less, Ally, Supre, Big W, Tempt etc into your bargain bins for $1 and $2 at the front of your stall to tempt shoppers into your space and draw them in to find your higher-priced items.
Sell for less $ per item and make more $$$ in total!
3. WHY are you selling your items?
The eternal question of WHY...why are you doing this? Is it to make space in your closet? Is it to make money for a holiday? Is it to help the eco fashionista movement? Is it to make $$$ to buy new clothes?
If you are thinking you are going to sell your $100 RRP LA dress for $80, your Witchery $200 RRP jacket for $150 and your $129 RRP Lorna Jane tights for $60 etc then you are in the wrong place and you will NOT have a #fabday - quit your closet clearout now!
If you are trying to recoup the retail value of the items you are trying to sell you will NOT have a #fabday
If you are trying to sell dated second-hand fashion for current style prices you will NOT have a #fabday
If you are trying to sell 'fast fashion' brands for high-end prices you will NOT have a #fabday
If on the other hand, if you are thinking, "I want to make some/any cashback on these items of fashion that I no longer use need or want" then you will have a fab day AND make some cold hard cash! WINNING!
PERSONAL EXAMPLE FROM KATRINA: When I moved back from LA years ago, I had a tonne of designer stuff to sell, (cue 90s blingy gear) 1- 2 years old, so off to markets I went...instead of selling each piece for $50-100, I priced to sell between $10 - $30. I paid much more than that but at the end of the day I made over $850, significantly less than what I paid but I walked away with cash in my hand, and an empty closet waiting for me at home.
Your 'WHY' is your key to a good day!
4. WHO am I selling to?
You are selling to bargain hunters FULL STOP! If Susan can afford or is willing to pay full RRP for fashion, chances are she will not be shopping your second-hand fashion at the markets!
Shoppers who can't/don't pay full retail prices for the brands they covet. They probably already buy some/most of their clothing from discount fashion stores eg: Kmart and splurge occasionally on special outfits.
BUT they actively seek out and try to find those brands they covet at prices they can afford in op shops/markets/garage sales. They are savvy shoppers with a keen sense of value.
Keep your shoppers in mind when you sell, ask yourself - "Would I pay this much for it if I saw it second hand?
Price well and priced to sell and you will have a good day!
5. WHEN to mark down your items?
A: AT THE BEGINNING OF THE DAY!
Have you heard the saying - "Begin with the end in mind"
Have you ever been to a fruit market, and 20 mins before the closing time, the fruiterer starts shouting - "everything half price, everything's got to go, we can't take it home with us, grab a bargain" etc
Start your day at Fab Finds Markets thinking it is the end of the day - with your items priced low, low and ready to go!!! Shoppers will swarm and buy your wares. The biggest bargain hunters will be waiting for the doors to open and looking for the best buys.
Fingers crossed, you will be all but sold out by 11 am, with a pocketful of cash, a happy feeling in your heart and have had a #fabday!
Alternately you may realise at 11 am, with full racks, that you really don't want to take any of this stuff home, and start shouting desperately at shoppers in a final mad dash to the end! #notafabday
SELL 20 items for $5 apiece - make $100 or TAKE HOME 18 items you priced at $20 - make $40 - you decide!
6. WHERE to take your unsold items?
If you have priced to sell, been friendly and had a #fabday, you hopefully won't have too many leftovers to deal with!
The top 2 choices are these: 1. Take them home and keep them stashed for your next Fab Finds Markets stall or 2: donate to local charities/op shops.
Op shops divert 300,000 tonnes of fashion and textile waste from landfill every year!
We like to think that we all have a little bit of eco-warrior in us, so rather than just tossin' it in the nearest bin, give some thought to where it will end up and if anyone can benefit from it beyond you.
Stop 6000 kgs of fashion & textile waste being dumped into landfill every 10 minutes in Australia