Disclosure: This post may have affiliate links and we may earn compensation when you click on the links at no additional cost to you.
Clear your clutter and cash in with consignment shops
If you’re 50-plus, you may be among the many empty nesters who are thinking of down-sizing. Or you want to refresh and update your space. You probably have accumulated a variety of mementos, decorative and seasonal items. And, maybe you have a collection of some kind.
You may want to try to cash in before donating or disposing of your unwanted items. Consignment is an option if you don’t want to have a yard sale, or have people come to your home, or sell them one at a time online or through Craig’s List or similar platforms.
What is selling on consignment?
Essentially a person or shop sells goods on a commission basis. They evaluate, price, and sell your items for an agreed upon percentage of the selling price. You are getting their expertise and a selling venue and access to buyers that you may not find on your own.
How does consignment work?
Usually the owner of the goods brings them to the shop. If there’s a large quantity and/or larger desirable items, arrangements may be made for pickup. That’s not common, in my experience.
The shops’ personnel will go over the consignment policy and rules, list and price each article that is accepted. Items are usually kept 60-90 days. They may make periodic markdowns. You are expected to pick up any unsold items by a determined deadline. If you don’t, per their rules, they may donate or otherwise dispose of them.
Once you drop off your items and do the paperwork you do nothing except collect a check or pick up leftovers.
NOTE: ALWAYS call first to find out what and when consignments are accepted. Many shops are by appointment only and don’t accept certain items. Don’t go to the bother of loading up your car only to get turned away.
My favorite consignment shop, Classic Consignments in Sudbury, Mass., accepts consignments by appointment only. The exception is furniture, but they still ask you to send an email with photos. If they approve your furniture, you can bring it when they are open, no appointment necessary.
Click here to see the consignment policies for Classic Consignments, which are pretty standard in my experience.
Cash in on your clutter with a Tag Sale by Consignment or Commission
Another method is to hire someone to run a tag sale for you, on a commission basis. Some people are in business to do just that. They keep mailing lists to notify their following and use their expertise to set prices that will sell the goods in your home without undervaluing them. They do all the tagging, set-up, advertising, and selling for you.
What happens if things don’t sell?
You can pick them up and move them to another shop, donate them or let the shop dispose of them. For best results, deal with several shops. Some stores do better with certain items, others have better commission rates. If an item doesn’t sell at one, it may, and for more at another.
For example, a vintage Christmas book of mine priced $10 didn’t sell at one shop, but sold at another for $100.
Tips to cash in with consignment shops
- Always read the shop’s rules or consignment policy carefully. People who have had a bad experience with consignment often didn’t understand the procedures.
- Check the length of the consignment period, the payment schedule and commission, fees, who sets prices, and any automatic discounts. In some cases, you may be able to set a firm price. Each item you consign should be listed and you should receive a copy of the list.
- Note how and when you will be paid. While some shops mail out payments, others require you to come in for pick up. Unclaimed property may be considered abandoned and ownership may revert to the shop. The shop owners may have this in the rules so they can be free to dispose of the merchandise. Unsold pieces take up valuable space and are effectively worthless because the shop’s clientele just isn’t interested in them. I’ve seen funky, but originally expensive dining sets marked down to $100 just to move them out.
The two sides to a consignment agreement
There are two sides to a consignment agreement. The consignor is responsible for checking in at the end of the consignment period for payment and for retrieving unsold merchandise promptly.
On the other side, the shop owner is responsible for keeping accurate records of consignors’ goods. He or she should take responsible care of the goods, pay promptly and honestly, and rearrange and turn over stock regularly.
The best shops adhere to their rules, allowing for some flexibility. They may give extensions to consignors who just can’t make it in when their time is up. The worst keep minimal records and open ended time periods. A good rule of thumb is that the majority of items that are going to sell, sell within the first 30 days. If they hang around too long they may get buried, lost, or shopworn.
Setting prices and making money with consignment shops
Many shop owners reserve the right to set the prices. Others discuss them and come to an agreement with the consignor. Still others may ask what the consignor wants to get for an item, then add onto that amount. Some will list, price, and tag an item as it’s brought in. Some will ask you to call or come back for the listing, or to look it up via a password on their website.
If you have a collection of items in a certain niche, like sports memorabilia, pottery, dolls, etc., you may have more of an idea of pricing. But if you haven’t been keeping up, collecting tastes and values change. Take Beanie Babies, for example.
If you don’t agree with a shop owner’s price, remember these two things: First, the owner knows the clientele. Second, an item isn’t worth anything until you sell it. Also, you may make less on one item, yet make it up on another.
Each shop has its own audience and way of displaying stock. It pays to understand what kinds of things go well in one shop and not another.
To summarize: selling on consignment can be fun and profitable. As you drop things off, you may spy something that you can use in your de-cluttered, or revamped home. You usually can have a say in a selling price and little overhead or investment beyond your time. Best of all, while you are de-cluttering, you are recycling and being rewarded by cashing in with consignment shops.
Have you sold things through consignment? Do you have some tips? Please comment below.
Also visit my other blog posts about collectibles and consignment shops:
7 Reasons why I love consignments shops and not just for saving money
The British Royal Family: Memorabilia feeds collectibles mania
Check out our Etsy shop, GrandmotherstrunkUS
Want to learn how to start a blog?
Here’s some courses to get you started: Start A Travel Blog
Want or need help with your blog or website? I’ve found inexpensive help on Fiverr.
