Tuesday, September 27, 2011

Inside Look at How I Price…

For the most part, I like to price similar to THIS pricing guide.  I tweak my method a little bit and price higher than she does on some clothing items.  For anything non-clothing I really just stick to the 1/3 – 1/2 new “retail” price.  When I say retail, I mean what normal people pay for things new.  If something is almost always on “sale” then I consider the sale price, not the inflated retail price that nobody ever pays anyways.

  If it is a large, popular yet hard to find item in excellent condition I will price 1/2 of retail.  Otherwise I price 1/3.  So if I’m selling THIS at a sale (working and complete with all parts) I will just type it onto the computer, research the retail price and then price it at $7.00 which is 1/3 of the new price.

I also 99% of the time discount my items.  If it’s clean, complete, and not outdated it will sell at the sale.  If it meets those three criteria and is not selling it is because you have priced the item too high.  Things are only worth what someone is willing to pay for them so 1/2 price day is humbling maybe but it’s reality and I accept that the items left for that day were overpriced and make a note of that for next sale.

The trick is to price high enough to make it worth all your hard work and effort but low enough to still be a good deal for the buyer and to be very competitive with other consignors pricing.

I just took some screen shots of my sales report so you can actually see exactly how I price:

price1

 price2

 price3

price4

 price5

 price6

6 comments:

katherine said...

This is so helpful. Thanks for sharing.

Amanda said...

Thanks so much. I'm getting ready for my first consignment sale next weekend so this post is super helpful. Also, I found the dancing Brobee at a thrift store today for 90 cents. I grabbed him right away because of your last post. :)

The Thrifty Momma Says said...

Thank you :)

Lindsay said...

Hey I can't find an email address or contact button on your blog.... But I have a question! I found a Little Tikes football toy chest and I am trying to figure out how to estimate the shipping. Thought you might have sold one before. You can email me at lebenhack@yahoo.com Thanks!

J to the Nessa said...

Hi Lindsay - I actually have not sold my football chest yet... I'm so much better at buying things than I am at selling them?! Ha! Anyways, when I do sell it, I plan on shipping via UPS ground (I'm pretty sure that would be the cheapest). So if I were you, I'd get a box big enough and weigh it and then do the calculating on the ups website.

Stefanie said...

What software are you using? or is that a spreadsheet you've created?