Consignment is definitely a route worthy of consideration if you have some valuable items to give away or sell without going through the hassles of a garage sale or selling it online. You can make money off your inventory with very little effort by giving a percentage of the sale to a retailer who will stock and sell your items.
When taking your items to a consignment store, keep in mind that there are certain rules and agreements that are in place. With that being said, there are important questions to ask before you enter into an agreement:
- What is the consignment fee and sales split: The fee comes out of your total sales. Don’t expect to receive much more than 40% of sales revenue.
- How and when will you get paid: Don’t be afraid to ask this question, it will save you a lot of time and anxiety.
- Do you need to hang around while they go through your merchandise: Some prefer you stay, others are fine with you dumping it off and leaving.
- How long will they keep your items
- Can you pick up items that were unsold and/or get a tax receipt for your merchandise
- What months do they receive clothing for specific items i.e. spring/summer clothing: Most shops accept clothing a month or two before the season starts and probably won’t accept clothing toward the end of the season.
- When is the best time to drop off merchandise
These questions should be answered by the resale shop and they should also provide information to help you prepare the items to sell:
- All items must be in new or like-new condition
- All items must be only a few years old or less
In most consignment stores, unsold merchandise is given to a charity if you do not wish to reclaim it.
One piece of advice: the person who never wants to see their items again and place their trust in the resale shop to get the best price possible is the consignor most likely to be satisfied with their consignment experience.
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