Garage sales are a great way to clear out clutter and make a little extra money during the process. For shoppers, finding great bargains and haggling can make for an exciting weekend morning.
Garage sales held in the spring and summer months tend to do very well and with all of the free advertising options available, it’s easier than ever to have a successful garage sale. However, getting customers to your sale is only half the battle, you’ll also need to know how to price your items.
Read on for 5 great tips to help you price your items correctly and have a successful garage sale.
The 1/3rd Rule
Price excellent condition items at 1/3 of their retail value. High-value or big-ticket items in excellent condition can successfully sell at 1/3 of their retail value. That means if you have a stroller that you paid $300 for and barely used, you can probably sell it for around $100 at your garage sale. Understand that garage sale shoppers are usually bargain hunters, so don’t be surprised if the first few people that look aren’t interested.
Mark Your Prices Clearly
Casual garage sale shoppers hate asking a price on an item, so it’s important to have prices clearly marked. Marking prices on items will result in more sales than relying on customers to make an offer or ask a price. If you don’t want to price each item individually, make a sign that says all like items are a certain price or all items on a certain table area another price. This may require some work on your part to keep track of where the items came from or how much each group of items costs.
Offer Bulk Deals
Offer bulk pricing on like items or lots of items. True bargain hunters can’t resist bulk pricing. If you have a bunch of CD’s or books, consider pricing them as a lot. Offer individual items for one price or the entire lot of the items at a discounted rate. If the shopper is a true bargain hunter, they’ll likely pick up the lot for the discounted price, which means you’ll sell more of your items and clear your house out that much faster.
Drop Your Prices
Drop prices as the day wears on. If getting rid of clutter is your primary motivation for holding the garage sale rather than getting rich, be prepared to offer discounts as the day goes on to get the last of your items cleared out. Dropping prices will bring in a few extra dollars and save you a trip to the donation bin at the end of the day.
Team up with neighbors to have multiple sales on the same day. Garage sale die-hards love neighborhood or multi-family sales. It means more items to choose from and more bargains in less time. Consider teaming up with your neighbors to have a sale at the same time to draw in even more customers. You’ll all wind up selling more items in the end, so it’s worth the effort to find a weekend that works for everyone.