Friday, December 11, 2015

Where to sell your luxury goods

Some of you have expressed an interest in knowing where to sell your designer goods in this post. Today, I wanted to touch base on a few key points. As a disclaimer (and I don't know why I always feel the need to throw one out there), I am not an expert. I am just simply sharing what I know through trials and errors. When it comes to reselling your designer goods, there are 2 options: sell the items yourself and consign your items. Like everything in life, each has its own pros and cons.

WhereToSellDesignerGoods_SydneysFashionDiary

Sell the items yourself:
 - Advantages: You figure out the best price for your items and more than likely, you'll make the most money by selling them yourself.

- Disadvantages: You do all the works including photograph/market the items, answering questions and shipping once your items have sold.

- Where to sell:
eBay: They are one of the most popular resell platforms and have a huge customer base. Your listings will be seen by million of potential buyers. Things to consider:
- Non-paying bidders: I have experienced this several times myself and it's really frustrating
- Fees: 10% final value fee + 2.9% Paypal processing fee
- It takes some time to build a large amount of positive customer feedback (assuming you're new to eBay). The larger number of positive feedback, the higher your stature in the marketplace.

Poshmark: Another popular buying and selling app. Things to consider:
- You'll get paid by Poshmark (no need to worry about non-paying buyers)
- The listing process is quite simply (you can list your items within minutes)
- The listing fee is very high at 20%

Consign your items:
- Advantages: Save you a lot of headache and your items will sell quicker

- Disadvantages: You'll get much less money than you would if you sell the items yourself.

- Where to sell: Fashionphile, Yoogi's Closet and Portero, These are consignment stores that I have personally worked with in the past. The process is super simple. All you have to do is fill out an online form, attach a few pictures and hit submit. They will get back with an offer. You can either accept or decline it. If you accept the offer, they will send you a free shipping label. You then ship your items and get paid in a few days. Things to consider:
-  Most consignment sites do offer 2 options: consign and buyout. No matter which option you choose, don't expect a high offer.
- If you decide to consign your items: they'll keep 25% - 30% on the portion of the sale (that is huge!).
- If you decide to take the money upfront, they'll subtract 35% - 40% from the estimated sale price. There were times when I felt like my designer bags were worth next to nothing because of their laughable offers.

Some of my friends have the same dilemma as they don't know where to resell their luxury goods. I started helping out and and have been enjoy doing it. If you have an item that you'd like me to sell, please send me an email and we can talk about it. I am very new to this and honestly, still trying to figure it all out. Hope this post answers some of your questions. If you have a handbag related topic that you'd like to discuss, feel free to leave me a comment below =)

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