In order to tag items at a consignment sale, you will need to purchase supplies such as tags, hangers, and possibly a pricing gun. You will then need to price each item individually, taking into account the condition of the item and its market value. Once all of the items are tagged, you will need to set up a display area where shoppers can browse through the items.
Consignment Sale Tips and Limits
Most consignment sales limit you to a certain number of items. The sale I participate in allows you to sell 250 items. If you have a lot to get rid of, bundling like items is a great way to make the most of your allotment.
Financial Aspects of Consignment
After paying a small entry fee ($10-$20), you can typically make 40-60% back from all of your items at a consignment sale. All you have to do is drop off your items in accordance to the sale’s online description.
Although consignment sales have a faster return rate than consignment shops, there is also much more competition.
Why YES, that is a cashmere Crewcuts sweater that retails for about $99 if I’d bought it new… practically stolen for $10 at a consignment sale last fall. Noodle loves it, she calls it her “picture sweater.”
DO price items higher if they are new with tags. But not so high they won’t sell.
The consignment shop also has expenses and costs associated with selling your products for you, which is why they deserve a decent chunk of the money received from the sale of your products.
Tagging Your Items
How do you tag items for consignment?
Place items and price tag inside a clear plastic bag. Secure with either a safety pin, ribbon or string. Metal hanger should look like a question mark. Fill out the information and log in.
The goal of a consignment relationship is for all parties to make money from their hard work. Pricing arrangements vary from store to store. Payment methods are determined by each store.
Selling goods on consignment means that you give your products to the consignment shop owner. If an item sells, you will be paid. If an item doesn’t sell, it will be given back to you. When you enter into a consignment deal with a shop, you should both agree upon set terms and sign the agreement.
It’s hard to turn a profit with five smaller items and a $10 entry fee.
Depending on item being sold, seller may concede 25% to 60% of the sales price in consignment fees. Consignment arrangements typically are in effect for a set period of time.
The basic rule of thumb in consignment is to price item 25% – 40% of original price you paid. Price your items as if you were the buyer.
Consignment models differ but generally, reseller takes possession of client’s items and agrees to sell them. Client and reseller agree on how profit from sale will be divided and paid out.