Savvy Sellers and Bargain Hunters Basic Guide to Yard Sales and Consignment Shops
Yard Sales Hosting a yard sale is a great way to eliminate unused items from your household while earning extra cash Yard sale shopping is a great way to find items you need at bargain prices
Considerations for Hosting a Yard Sale Plan in advance Sort items into similar groups Consider your location Price all items before the sale Check with your local government about possible ordinances Carefully consider the time of day, week and month Advertise Enlist help on the day of the sale from family or friends Designate a cash box and never leave it unattended
Considerations for Attending a Yard Sale Start early! Other shoppers will be out early looking for great deals Plan your day Take a list of the items that you are hoping to buy Negotiate Be careful of what you are buying (no return policy) Carry cash, preferably smaller bills Ask a friend or family member to join you while shopping
Consignment, Thrift and Resale Shops Instead of packing your old clothes in the attic and heading to the mall to buy new, consider selling your unwanted items and dressing up your wardrobe at a local consignment shop
Becoming a Consigner Know the difference between resale and consignment shops. Resale shops buy your clothes up front Consignment shops pay you a percentage of the selling price of your item after it has sold Visit local resale and consignment shops to find stores with items similar to what you want to sell
Becoming a Consigner Find out the consigner policies Ask key questions: How can I access my account? When and how do I get paid? What happens if my clothing does not sell? When do you mark items down? Prepare items prior to taking them to the store (ironing, mending, cleaning)
Become a Bargain Hunter Explore the secondhand shops in your area to find the stores that fit your tastes and needs Be a picky shopper Thrift stores generally accept items in any condition Know the store s return policy Check the brands of clothing to ensure the highest quality merchandise and best savings
Online Buying and Selling E Commerce (Electronic Commerce) Most well known and used websites Quality items Examples include: Amazon, Ebay Online Yard Sales All quality Examples: Buy, Sell, Trade Pages
Online Buying and Selling (cont.) Online Classifieds Any quality items Local, often meeting to complete transaction Online Consignment Higher quality used items, high end and no sign of wear Examples: ThredUp, Swap, Poshmark Social Media Marketplace Growing in popularity Mainly furniture and housewares Often meet in person to complete transaction
Buying Online Pros Convenience Accessible Price, product, and seller comparison (consumer reviews) Online coupons Cons Credit Card fraud No seeing, touching, feeling, and trying on Shipping cost
Selling Online Pros Less cost (no middle man) Larger virtual market Convenience Less time and handling Cons Competition, lower price Fees and cost
Cautions and Considerations Protect your bank account information. Research websites Secure passwords Use credit card, not debit card Seller s reviews For local person to person transactions, meet in safe, public location.
Cautions and Considerations (cont.) Only use secure websites, look for lock symbol or secure word. Up to date, well known sites. After purchasing do not reply or click links in emails asking for follow up financial info. Watch for unauthorized purchases on credit card statement. Keep passwords updated and secure. Use credit card over debit. For social media /online classified use cash or money order instead of check. Keep virus software up to date.
Jennifer Hunter, PhD Extension Specialist for Family Finance October 2015 Copyright 2015 for materials developed by University of Kentucky Cooperative Extension. This publication may be reproduced in portions or its entirety for educational or nonprofit purposes only. Permitted users shall give credit to the author(s) and include this copyright notice. Educational programs of the Kentucky Cooperative Extension serve all people regardless of race, color, age, sex, religion, disability, or national origin.