Homes are a lot like belly buttons, it's seemingly impossible how much junk accumulates in them. And every decade or so, you should really clean them out. So my family (including my stinky navel) decided to do a purge of every CD, broken or neglected electronic device, outgrown and overstained baby contraption that was taking up space in our garage, attic, and minds. Fortunately, a local real estate agent organizes and sponsors a neighborhood garage sale every year where he advertises in the local paper on our behalf. We finally decided to participate this year since we finally ran out of room in garage to the point where we could not park our son's trike, let alone our sensible family SUV.
So here are my recommendations for a successful foray into the land of the bazaar:
1) Decide up front what the goal of the garage sale is. Is it to unload junk that you were otherwise going to throw away or donate? Or is it to make money? This way you can determine your negotiation range for your items considering whether you are looking for cash flow or fat margins. In general, you should be looking at ebay or more of niche community if you want top dollar.
2) Embrace "Coopetition," in terms of garage sales, this is where similar vendors will geographically aggregate in order to draw more buyers than they could alone. Overall, individual sellers will likely benefit with increased foot traffic despite greater competition, think of your local furniture district, art district, and even Vegas... I doubt I would fly out there if there was just a room with 1 cocktail waitress, a craps table and a poker table even though that's essentially my Vegas world. Actually, who am I kidding - I'd still go as long as there were still $2.99 lobster and prime rib somewhere in the aforementioned room. So although this was done for us, I would highly recommend getting into cahoots with your neighbors (this also goes a long way in "mentioning" the increased traffic during the day of your sale). Also, be sure to invite your friends to set up shop as well. When I don't know what I want to eat, I'm more likely to stop at a Jack n the Box because of the variety instead of a Taco Bell. I mean, where else can you get American, "Mexican," "Asian," and "Pre-diabetic" cuisine all under one roof? This applies to the garage sale as well. Potential buyers will only stop their car if they deem it worthwhile as they are rolling along at 5 mph. As much as you can, follow the age old retail adage: "Pile it high and let it fly!"
3) Showstoppers. You need quality, or clear showstoppers if you don't have the visible-from-the-street quantity of merchandise. About 50% more people stopped after I made a big sign declaring that we had a previous generation iPod nano and DVD player for sale. In addition, we also had our dining set set up as an exact replica of the Showcase showdown in the Price is Right.
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| "Mr Barker, congratulations on behalf of the PIR Berkeley Fan Club on winning the Daintiest Microphone of the year award!" |
I was thinking about going as far as wheeling out my 4 year old (and never used) mountain bike with a $50 price tag on it, with SOLD in 9 point font in order to get drivers to stop at our sale.
4) Scrub what you're selling. That goes for tables and chairs with caked on baby food, as well as old pictures from digital cameras. I'm not sure what a stranger would do with old, drunk photos of me with sharpie-drawn illustrations on my passed-out face, but I'd prefer not to find out, especially considering I'm in the highly venerable field of blogging now.
5) Know your customer. From a reseller at flea markets to a gadget macgyver who likes to tinker, we had every age and ethnicity come by. We also had a good number of families, so have something for everyone. Small baby toys for small babies and moms, DVDs for everyone, electronics for men, and candles for teens/gay couples.
6) Price everything high. Just like in Negotations 101, the price tag is only a starting point. It's just part of the territory. Your goal of the garage sale should dictate how much you want to negotiate, but truth be told, we were looking at the process like people paying us to haul stuff away for us that would have gone to Goodwill anyways. Our highest ticket item was a dining room set from IKEA for $40 that was taking up half of our garage for 4 months. If it hadn't sold by the end of the day, I was planning on making the dining room set a free bonus with the purchase of a DVD or a pair of baby socks. Remember - you can always go down but you can't go up.
7) Be up front. These people know where you live. I sold a 15 year old subwoofer that I was going to throw away for a couple of bucks with a sign that read "Infinity Subwoofer. Not sure if it works. $5" Ultimately, it's the same thing as choosing Door #3 in Let's Make a Deal. There's a sense of adventure you can't get trolling the aisles of Costco. Part of garage sales is gambling and evidentally, $5 was worth buying the scratch-off where the coin rubbing the latex ink was plugging the component in at home.
8) Bundling. Throwing in a free DVD of The Matrix Revolutions (the worst by far of the trilogy) has much more perceived value than the $2 I was planning on selling it to you for and made the DVD player seem like a much better deal. Why else do you think AquaFresh has distinct colors for the three benefits of their toothpaste. I'm not a toothpastologist, but I would pretty much guarantee that red, white, and aquamarine are not the intrinsic colors of the active ingredients for healthy gums, strong teeth, and fresh breath. But it sure visually indicates that you are getting 3 for 1 in your toothpaste purchase. What a value!
9) Sell drinks. Chances are, you'll have your garage sale on a nice day weather-wise. You can get soda for 25 cents a can and can sell them for at least 50 cents. Nearly every manufacturer on earth would sell their first and second-born for a 50% margin. And if you know of any other ones that have higher margins, please email me. I need to invest in my childrens' 529 college fund (stay tuned for another article to come later). In addition, people get thirsty, and the more they lollygag around your wares while sipping a refreshing beverage on a warm day, the more likely they see something they'll spend a few bucks on.
Overall, the garage sale was a resounding success where we met some of the neighbors, freed up space in our garage, and we made a couple hundred dollars that I could use to buy rubbing alcohol and Q-tips for my belly button.
and the subsequent one read: