When you cut down on clutter around your house & you’ve unwanted items lying around, you might want to get rid of them as you no longer can put them to use. There are loads of options for giving your things a second chance like giving them to your friends, family, or colleagues who might be able to put them to better use. Well, selling them for some cash is also a good idea. You could always aim for a reasonable price to sell your belongings.
The wear & tear of products and extent of usage plays a considerable role in determining the value of the items. But the challenge that comes with selling used items is, you ask too much price, the item will never sell & you ask too little price, people perceive that it is not of good quality.
There are a few things you need to consider when selling your belongings to determine the value of the product to sell on any online platform. So how do you make sure that your secondhand items are priced correctly?
Here are some tips for how to price used items to sell :
- Test the item to make sure it’s in working condition: When you decide to sell second-hand items e.g. second-hand books, second-hand phones, second-hand computers, it’s essential to test the item to understand whether the item is in the best condition or has some flaws. Plugin for electronic items such as old Laptop, TV, Computer, Mobile Phones, DVD player, etc. List down how well the item works or if there are any issues. Decide the price as per your observation.
- Look out for scratches, marks, or dents if any: Usually, in the used items the condition of the product may differ, so you should check the scratches, marks, dents, or any other appearance defect on the items and list them down as you’ll have to mention them while you decide how to price used items to sell. You can categorize the items according to their condition from best to poor.
- Check for the current market price of the item you’re willing to sell: When you decide to sell used items, you need to check the current market price of your item. Make sure you’re looking at the right model & design. As you know every year there are newly updated products launched in the market, so considering that you may decide how to price used items accordingly. If your items are rare, limited release, or products with distinctive features, you may be able to price used items at a higher rate as they may have more value in the market.
- Set the price of the item based on your research: When you’re done exploring the market for the current status of the product pricing, it’ll help you to determine the value for your used item. Set the price based on your research. Generally, depreciation is used to determine how much less the price can be compared to the new product. There are also certain exceptions to the case, where vintage items, designer goods, or antique jewelry tend to increase in value over time, so consider the nature/category of your second-hand item before determining the price tag.
- You could advertise your used item around 5-10% higher for buyers to negotiate with you: Whether you buy a new product or try purchasing from the thrift store or online platforms, there’s always room for negotiation to get the items at the best price possible. You can advertise your used item at a little higher price for the buyers to negotiate so that you can get your desired profit. Considering the condition of the product & lifespan of the item, you can decide the value of the secondhand product at which you can place the offer & close the deal.
- Ideally, you can price the product for 30-50% of its MV depending on how old the item is: There are two types of categories to be considered while pricing the items, primarily being used items which you’ve used over a period of time and now you’re selling because you no longer require & secondly unused items which were cluttered in your home for years but you might not have used them, they also could be in their original packaging or with the price tag. Those might have a higher value than the used items. According to the lifespan of your belongings, you can determine the price of used items to sell. If the items are 1 year old, you can place them at 50-60% of the MV & if the products are older than 4-5 years, then you can price them around 30-40% of the MV, so on and so forth.
- You may be having an emotional attachment to your belongings, so you tend to give them a higher value: The value of used items inevitably increases when they have a fun or emotional story attached to them. A pre-owned object with a memorable or endearing story is likely to be attractive to larger groups of people, so generally, you might want to sell them at a higher value. Preloved items always have a certain sentimental value to them that adds up to your nostalgia.
There are many online classifieds platforms to buy and sell used items. One such platform is POOLit. You can list your used items & preloved items on POOLit Classifieds App. POOLit is a community of verified working professionals & students. You can enter your product’s price or give it away for free by adding items pictures and giving detailed descriptions so that you can attract potential buyers.