Creating Consignment Cash
Updated: Dec 3, 2019
If you haven't already, try something new and sell other people's stuff. This is another opportunity for passive income.
If you do not want to be inundated with inventory or you have nothing to sell because you are happy with everything you own, your knowledge as an expert seller can help others. I've sold some pretty interesting items that were on consignment, like the vintage bag pictured above.
People interested in consigning with you?
Ask them to bring you the items they're interested in selling. Inspect each item carefully for selling potential and defects. Estimate how much you can sell it for by looking at recently sold listings. Depending on how many consignors you'd like to work with, determine how many items you can feasibly sell and which items are worth your time.
How much should you charge for your services?
You can charge a certain percentage of the selling price and the individuals who you’re consigning for can pay for the insertion fees, final value fees, and shipping fees. Make it easy by providing prices consistent with all clients. Or, you can negotiate terms and determine what would work the best for both parties.
Check out companies like Lyft, Air B&B, and Facebook. According to TechCrunch, these companies don’t hold inventory, but they offer a platform that connects customers with transportation, places to stay, and information. You can provide clients your services on the eBay platform when you sell their items. By doing this, you won't have to worry about storing inventory in your own home.
"Companies that control the interface between the consumer and the provider of the goods or services are in an incredibly valuable position. They carry none of the costs of providing the service but take a cut from the millions of consumers that buy from them. The interface is where the profit is." - The Independent