Garage Sales MRR Ebook

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How do you know if you did well at your garage sale? Good records are a sure bet to value your efforts. Simply listing inventory, expenses and revenue will paint a picture of your financial success. This would also be critical if you are selling other people’s merchandise in addition to your own. You’ll have to track it separately. Label the price tags with different colors or other codes like prefixes (N- 25 cents) to properly identify the articles that belong to the various sellers.

Keeping separate envelopes at your cashier’s stand can help you organize the goods as they are sold. If you have a couple of friends or relatives selling items, too, simply pull off the tag at sale-time and place the coded label in the appropriate envelope. For example, if you have codes N, S and T to indicate pieces being sold on behalf of three separate parties, all the N tags removed would go in the N envelope all the S tags in the S envelope and all the T tags in the T envelope. You can note each item on the outside of the envelope as it is inserted and the tag placed in the envelope. Noting as “candlestick - $2.00” will be a second way to check the inside coded tags against the running totals on the outside.

Maintaining a separate inventory list for each seller is important, too. As time permits, you can cross off items sold as you compare it to your specific envelope. What’s not crossed off by the end of the day should still be out on display. This way you can check it easily.

If you have to depend on memory, your relationship with a friend or relative could be on shaky ground. Better to have detailed, organized records, especially if you intend for this to be a career for you. Specializing in garage sales may mean your selling a lot of items from other people on consignment. It’s best to get your system down early on, and it will create trust in the minds of your seller-clients.

Make sure you have plenty of change for your cash box. Dimes and quarters should abound as well as one dollar bills. Get fifty dollars in various quantities of these three and keep a record of how much you initially place in the cash box and of what denomination.

Should you take a check? That’s up to you, but it is recommended that, without a driver’s license to record information from on the back of the check, you shouldn’t take it. Most of the time, a check will be for a higher priced item(s) anyway and the person should have plenty of identification for you to copy on the back of the check. If you choose not to deal in checks, you could accept a deposit to hold an item for a set time limit (three hours), giving the person time to acquire the necessary cash to complete the transaction.

There might be some people who offer you a figure you believe to be too low for one of your higher priced items. Don’t completely rule it out! See if the individual will leave a name and phone number to contact in the event you are not able to unload it for your price. That party may still be interested at the end of the weekend and it’s better to get something for your article as opposed to keeping or otherwise disposing of it for nothing.

The art of negotiation is one best practiced. There are people who are really good at it and others that detest the entire process. This is the way goods have been bought and sold in this country for much of our early history and there is still some of that old “ horse-trading ” going on today. While you wouldn’t be able to do this at your grocery store check-out counter, it’s a perfectly acceptable procedure in a garage sale.

People are out for bargains. Part of the fun is to see if they can get you down from the price you’ve listed on your items. Expect it! Don’t be insulted! Get into the game yourself! An item priced at $8.00 may bring an offer of $6.00. Counteroffer with $7.00 and settle for $6.50. Make the sale! People enjoy the bargaining process and so should you if you want to specialize in garage sales. When you go around to buy items that you can sell at a profit later, negotiate. The lower the price you can get, the better the chance to sell it at a good price during your subsequent garage sale.

There are professionals out there to watch. These are the folks who will make you an offer for the entire inventory you have displayed. Or for a collection of something. Or for all your glassware. Or for your hard cover books. Be careful! You can often make far more by holding out and continuing your garage sale rather than settle for an offer to move the entire lot off your property. If you are selling goods for others, you should discuss this with them in advance. They may want you to take a one-time offer for their articles. If so, it’s good to know that in case the “pro” happens by. Make money and move your inventory! That’s the objective, no matter how it is accomplished. Keeping that in mind will help you get through the negotiating that will be a part of garage sale day.

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