Author Topic: Would you sell at a huge loss, just to get it sold ASAP?  (Read 5572 times)

lifejoy

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Would you sell at a huge loss, just to get it sold ASAP?
« on: May 30, 2015, 12:34:00 PM »
Money spent is a sunk cost.
Items in my house mean less money in the bank.

I will be selling jewellery, furniture, musical instruments, and other odds and ends. I have posted them on Craigslist for the prices I would like to get - but I, now tempted to post them at much lower prices just to get them SOLD.

I'm in debt NOW. I want money sooner than later. Is it better to have $1000 in a week, or $3000 in 6 months? What do you think?

MDM

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #1 on: May 30, 2015, 01:40:53 PM »
Is it better to have $1000 in a week, or $3000 in 6 months? What do you think?
Depends.  Do you
a) owe $1000 to a loan shark who will otherwise fit you with a pair of cement overshoes in a week, or
b) are you paying 12% interest with a $100/mo payment?

If "a" then $1000 in a week.  If "b" then $3000 in 6 months.

kpd905

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #2 on: May 30, 2015, 01:44:20 PM »
I would definitely rather have $3000 in 6 months.  As long as the interest rate on your debt is under 300% or so.

Bicycle_B

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #3 on: May 30, 2015, 02:09:00 PM »
Is it better to have $1000 in a week, or $3000 in 6 months? What do you think?
Depends.  Do you
a) owe $1000 to a loan shark who will otherwise fit you with a pair of cement overshoes in a week, or
b) are you paying 12% interest with a $100/mo payment?

If "a" then $1000 in a week.  If "b" then $3000 in 6 months.

Great way of putting it!!

Of course, 300% return in 6 months is compelling, too.

iris lily

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #4 on: May 30, 2015, 02:12:31 PM »
Are you realistically pricing your items now? People think that that stuff is worth a whole lot more than it is.

I seldom see "deals" in jewelry on Craigslist--most all of it is old stuff (Marquis cuts in yellow gold, etc.) or else it is priced ridiculously high.

I would sit up and take notice at your jewelry, which I assume is still fashionable, if it were priced half at what retail is. And from there I might negotiate with you, if is were something I liked. I think you have an advantage on Craigslist if you really have jewelry that is on trend, most are not.

Bicycle_B

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #5 on: May 30, 2015, 02:15:13 PM »
Lifejoy,

For what it's worth, I've read comments from experienced online sellers that in most cases, the simplest way to move goods without undue loss of time and loss of money is to price "fairly".  In other words, prices above the normal rate sell very slowly or not at all, barring special marketing.  Prices lower than normal cut your profit while sometimes not speeding up sales very much.

Just a thought.  Good luck regardless of the strategy you choose.

PS.  Oh, just saw what iris lily posted.  Well, I support what she said!   :)

ender

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #6 on: May 30, 2015, 02:17:37 PM »
Money spent is a sunk cost.
Items in my house mean less money in the bank.

I will be selling jewellery, furniture, musical instruments, and other odds and ends. I have posted them on Craigslist for the prices I would like to get - but I, now tempted to post them at much lower prices just to get them SOLD.

I'm in debt NOW. I want money sooner than later. Is it better to have $1000 in a week, or $3000 in 6 months? What do you think?

Is your goal to get money, or to get rid of the items?

In some cases those are both conflicting. But often people are very heavily focused on one or the other, which can nearly exactly answer your question.

Garage sales are great examples here, oftentimes people just want to unload a ton of stuff and the money is an added benefit. I get the feeling for you are not in this situation, though, so I think the answer is also obvious - if your goal selling the items is to pay off debt better, pick the option which helps you do that better. It is almost assuredly the $3k later route.

KungfuRabbit

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #7 on: May 30, 2015, 05:36:19 PM »
$2000 in 1 month.

forummm

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #8 on: May 30, 2015, 05:57:32 PM »
If you have enough people looking at wherever you are posting (like craiglist or ebay), the best price you can get in a short period of time (like a couple weeks) is likely to be around the best price you're going to get, unless you find a big sucker who will overpay. No matter what you feel it's worth, it's actually only worth whatever someone else will pay you. Lots of items--jewelry especially--are not worth anything near what you pay for them retail. It's unfortunate for the reseller. But fortunate for people who are willing to buy used originally.

lifejoy

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #9 on: May 30, 2015, 06:24:53 PM »
Money spent is a sunk cost.
Items in my house mean less money in the bank.

I will be selling jewellery, furniture, musical instruments, and other odds and ends. I have posted them on Craigslist for the prices I would like to get - but I, now tempted to post them at much lower prices just to get them SOLD.

I'm in debt NOW. I want money sooner than later. Is it better to have $1000 in a week, or $3000 in 6 months? What do you think?

Is your goal to get money, or to get rid of the items?

In some cases those are both conflicting. But often people are very heavily focused on one or the other, which can nearly exactly answer your question.

Garage sales are great examples here, oftentimes people just want to unload a ton of stuff and the money is an added benefit. I get the feeling for you are not in this situation, though, so I think the answer is also obvious - if your goal selling the items is to pay off debt better, pick the option which helps you do that better. It is almost assuredly the $3k later route.

I think that's what I'm struggling with. I can't decide if I just want to get rid of the darn things, or if I actually want to get a good price for 'em. Hmm. Thanks for highlighting my sticking point! :)

lifejoy

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #10 on: May 30, 2015, 06:25:08 PM »
I think I need to do lower prices. Yep.

lhamo

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #11 on: May 30, 2015, 06:32:29 PM »
Jewelry:  Small, portable, and much higher value-to-weight/size ratio.  If you are moving to a bigger/wealthier city, the market for your jewelry pieces might be better as well.  I would hang onto these unless you can get the prices you are asking for now.

Other items, especially big/bulky things that will be a PITA to move: Sell now at whatever price you can get.  Seriously.  Try to keep the amount of stuff you are moving to a minimum.  Jewelry is the one exception, see discussion above.

If you have a few things that are questionable like designer clothing/accessories, I might lump those in with jewelry along similar principals, provided that your destination city generally will provide a better market for such items.

Oh, and one thing I am doing when evaluating how to price things is to look at what it will likely cost me to replace the items via used sourcing once I am back in the US.  I am trying to sell off most of my cookbooks, for example, and pricing them at what the equivalent would be to buy similar condition items on amazon used (including shipping cost).  I have already sold about $50 worth of books that way.  Less for me to worry about and I may not even need to replace them (since I will be back in the land of abundant public library resources again).  I'm doing similar things with kitchen supplies, etc.  For most common consumer items, a quick browse on craigslist will give you a sense of the range for used pricing, and you can list at the lower end of that, sell in your current market, and then rebuy in your new location.  Just be prepared to sleep on air mattresses, sit on large floor pillows, and eat off of the moving boxes for awhile!  It will take awhile to rebuild a house of furniture from craigslist/freecycle, but if you are patient you can do so very cheaply.
« Last Edit: May 30, 2015, 06:36:55 PM by lhamo »

Dee18

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #12 on: May 31, 2015, 07:34:34 AM »
For small, easy to mail items you might consider ebay.

soccerluvof4

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #13 on: May 31, 2015, 07:48:23 AM »
who's to say you would get the 3k in 6 months. Price fairly in the first place and drop price in increments. When your at the right price it will sell.

Rubic

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #14 on: May 31, 2015, 09:53:41 AM »
I love selling on ebay because the market can decide what my stuff worth, and I've often been surprised by how much an item has been bid up, e.g. $136 for a used leather bicycle saddle? seriously?

In a single week I made over $1000 selling mostly used bicycle parts.  That was picking the low hanging fruit, but this past week I made another $100 on a few items that were just taking up shelf space for the past several years.

Start slowly and don't be afraid to low-ball your prices to get people interested.  If it's qualify merchandise, you shouldn't have a problem selling.  Unless you're trying to sell items that are a hassle to ship (e.g. furniture, automobiles), ebay beats the pants off craiglist.

BlueMR2

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #15 on: June 01, 2015, 06:15:30 AM »
I've come to accept selling at a huge loss these days.  Back in the day it wasn't hard to get a realistic value out of things I was selling online, but nowadays it takes near giveaway prices to get rid of stuff.  The market is just so flooded with used items.  I'll take the lowball offer now vs. getting stuck with the stuff for years and ultimately throwing it away at a total loss.

rubybeth

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #16 on: June 01, 2015, 06:40:06 AM »
I wouldn't sell the jewelry on Craigslist, I'd go with Diamond Bistro or Loupe Troop (LT is free). ;)

lifejoy

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #17 on: June 01, 2015, 07:08:55 AM »
My plan is to price the big stuff to sell. Jewellery I can take my time and try to get a good price. It is small!

Rubybeth, good suggestions on DB and LT. Ever hear of any difficulties about payment? If I use PayPal, does that protect me and the buyer?

rubybeth

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #18 on: June 01, 2015, 07:48:03 AM »
My plan is to price the big stuff to sell. Jewellery I can take my time and try to get a good price. It is small!

Rubybeth, good suggestions on DB and LT. Ever hear of any difficulties about payment? If I use PayPal, does that protect me and the buyer?

Yes, I've only had good experiences with these places. PayPal protects both buyer and seller.

Rubic

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #19 on: June 01, 2015, 09:08:20 AM »
If I use PayPal, does that protect me and the buyer?

Yes, you are both protected.  Note however as a consequence of that protection your Paypal money will be in "pending" status for several weeks to give the buyer a chance to dispute the sale, return the goods, etc.


lifejoy

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Re: Would you sell at a huge loss, just to get it sold ASAP?
« Reply #20 on: June 01, 2015, 09:18:09 AM »
Ok, good to know. That will be what I do then :)