Selling your used items that you don’t need anymore is a great way to earn some amount of money. But the real problem that comes with selling used items is to figure out how much amount of money should be charged for it: If you price the item too high, the item will never sell and if you ask too little, you will have to suffer from the loss.
Here are some tips for how to price your secondhand goods effectively:
1. Know the current retail price
The best possible way to find out your used stuff worth is to know its current retail price in the market.
While doing research, make sure that you’re looking at the right model for a more accurate result.
Now a days, products are getting constantly updated and the value of your pre-owned item could cost high if it had a limited release or is no longer in production.
2. Mark it down mentally
Most of the items like cars and electronics loses its value once it is no longer new. There are, of course, exceptions like designer goods, antique jewellery and vintage pieces, whose value tend to increase over time.
Experts suggest pricing old used items at 50-30-10 RULE:
Almost new items should be sold for 50% of their retail price; slightly used items should be sold at 25-30% of retail price; and well-worn items at 10% of retail price.
3. Check out your competition
It’s important to know that what are other people charging for the same product because this gives you an insight into what people are actually willing to pay.
Thinking that something is still worth a lot because you have paid a lot for it is worthless. The true value of product lies in what people are actually willing to pay for it.
4. Set your price but stay flexible
It’s always best to cost your product slightly higher than what you would actually want to receive. This way you can negotiate with you buyer to make the best offer, and still can earn a profit.
You can also offer incentives in this case like free shipping, or discounts for multiple items etc.