By Shari Weiss
Most garage
sales have two purposes: get rid of unwanted items and make a profit
while you're at it. But neither of those are possible without
reasonable prices. The trick is to price so customers will want to buy
your items but not leave you shortchanged. Here's a simple guide to
pricing everything from DVDs to sofas.
Most items should be priced based on a percentage of their original cost.
For
instance, you can offer a picture frame for 10 percent of its
original price (something $10 when bought becomes a $1 item). Another
common pricing system is to sell everything for one-third of its
original cost. But, in certain cases, a generic rule of thumb won't
work. Items with missing or broken parts should be offered for less. To
avoid negotiations with the buyer, mark items "as is."
For larger items, such as furniture, price them marginally higher
than what you expect someone to actually pay. If you mark a love seat
at $100 knowing it's only worth about $85, you won't feel bad when the
buyer "convinces you" to go lower. Consider offering package rates for
bundles and sets: 3 DVDs for $5, tennis racket and balls for $4.
Make sure to use price tags on all items, so you don't have to worry
about remembering each price or keeping track of a master list. If
you're short on time but will be organizing your display into item
groupings (books are here, clothes are over there, etc.), you can put
up signs such as "All Books $1." Additionally, have a free-for-all
section with items that are too small, worn out or just plain
ridiculous to price.
One last tip, even though you
may specify that your sale will only be, let's say,
from 10am-5pm, there are the occasional "early birds" and late-comers.
If your primary goal is to make money, consider increasing the prices
for
purchases made outside the preferred hours. Conversely, if your
primary goal is to rid yourself of every item that's for sale, offer
discounts to those who come early or slash prices for the late-comers.
This post was authored by Shari Weiss, Social Media intern for ChicagoNow.
Filed under: Pricing guide
