Do you know about the 80/20 rule as it applies to your clothes closet?
The surprising fact is that we wear 20% of our clothes 80% of the time. This also means that the other 80% of our clothing is taking up valuable space in our closets! Much of that 80% may reflect past sizes, past self- images or past life roles. Recognize them for what they are. If you want to move forward, release the past, beginning with your closet.
It's a new year. And spring is on its way. This is a good time to purge
your closet of those clothes and accessories that you will never wear and make some money on it at the same time.
Take each item and ask yourself:
Do you love it?
Does it look great on you?
Does it make you feel fabulous?
Does it fit purr-fectly?
Is it in excellent condition?
Is it in style?
Is it age appropriate?
If you cannot answer “yes” to all of the above, then it’s time to purge that item from your closet. If the item is good enough to sell, rather than physically taking it to a store, undergoing a sometimes humiliating review by store personnel, and then taking it home again if rejected, you can do all of this from the comfort of your home.
Here are some easy ways to sell your high end clothing, shoes and bags (plus jewelry, fine art, antiques and collectibles.)
I have compiled a list of online websites that will sell your brand new or secondhand items (men and women’s clothing, shoes, handbags) on consignment, or buy them outright from you.
Make sure to check the sites for the brand names that they accept!
Commissions vary depending on the extent of services provided. Shipping is most often free. Some provide pre-paid shipping bags/labels. A couple of them will pick up free in selected cities.
I have also included two marketplaces that buy middle market valuables (fine art, antiques, collectibles) and diamonds, jewelry and watches.
Lastly, if you decide to DYI and post on eBay, I have included some selling tips.
Note: I have no personal experience with any of these online companies and therefore cannot vouch for the quality of their operations. Please do not consider these listings an endorsement.
Cash in the Closet
Cash in the Closet claims to be the leading "boutique liquidator" on California’s Central Coast. They have been selling on eBay for 8+ years and have a customer base of thousands. You benefit from their popularity and receive higher prices than you would from selling for the first time on eBay.
They accept all new, unwashed, unworn clothing and accessories. All items must be clean, pressed and free of major flaws. Email them and include your name, phone number and a detailed list of items, including brand name and retail value. If approved, they will send you a prepaid UPS label to mail them.
They take full responsibility for photographing, listing, receiving payment, shipping and sending you a check. They will email you a link to your auctions once they are listed so you can watch your items get bid on. After your item sells and feedback is received, you'll receive your check (sent at the end of each month).
Their commission is 35% of the sale plus deductions for fees, eBay final value fee (if it sells on ebay) and PayPal. They currently sell all their items on eBay, Bonanza, and cashinthecloset.com. http://www.cashinthecloset.com/
This (very awkwardly named!) site allows you to upload pictures of diamonds, jewelry, watches and accessories right from your home. You can either list an item or have I Do Now I Dont make you an offer on the spot. Typically sellers receive between 50-75% of the retail price for their item. http://www.idonowidont.com/
Twice is an online marketplace that buys and sells second hand women's clothing upfront. There is no consignment option. Twice is focused on mainstream, mass-market appeal. They are competitive with eBay and Poshmark and less so with The Real Real, which is high-end.
If you're just trying to clean out your closet and earn a little bit of money for the clothing you no longer wear, they are a good option. They will provide a free prepaid bag holding up to 30 items, and a free prepaid mailing label.
Any items unsuitable for resale will be recycled. Rejected offers can be returned to you for just $4.95 shipping. https://www.liketwice.com/
This consignment store on eBay claims to be the leader in luxury consignment. They make $25M a year on buying and selling used and new goods. For most items, you'll make 62% off of the selling price and more for higher priced items.
The company will pick up your items for free, research and set a price and post on eBay. You do not have to pay for any fees associated with the sale (eBay fee, PayPal fee or shipping). http://www.shoplindasstuff.com/
Lofty is a marketplace for selling (and buying) middle market valuables (fine art, antiques and collectibles) valued between $500 and $50K. It aims to fill the gap between eBay (<$500) and auction houses (>$50K).
Lofty provides free no-cost no-obligation virtual appraisals by highly qualified, professional appraisers, dealers and former specialists with experience at institutions including Sotheby’s, Christie’s, Phillips and the Antiques Roadshow.
Lofty offers free white glove pickup and packing after your item sells. They charge a 25% seller's fee for selling.
I heard the CEO/Founder speak at a recent Apartment Therapy Design Evening. I was impressed with the easy process -- all done online. http://www.lofty.com/
The Real Real
This consignment store claims to be the world’s premier online luxury consignment store. They accept women's and men's luxury fashion, fine jewelry and watches, and fine art. Receive up to 70% of each item’s sale price.
They offer private, full-service consignment with free shipping and pick up service in selected cities (including NYC). Most items sell within 3 days to their millions of members. You earn up to 70% of the selling price when you consign. https://www.therealreal.com/
This online retailer pays you upfront for the items you want to sell. Once you sign up, they will send you a clean-out bag for your clothes. All you do is fill the bag with the things you no longer want (must be in good/great condition!), send it back, and they do all the work!
On average, you earn about 40% of the selling price and up to 80% for designer items. http://www.thredup.com/
Tradesy charges the lowest commission of any online retailer – as low as 9%. Clothing must be in great condition.
Just take a few photos and they will suggest pricing and enhance the image. Ship without leaving your home with a prepaid shipping kit. They will send cash to your bank account, debit card or PayPal for a 2.9% transfer fee. There is no cost to list your items and shipping is free for the seller. https://www.tradesy.com/
All you need to sell items on this site is your mobile phone. Just upload pictures of your items, write a quick description, and in less than 60 seconds, your item is up for sale to millions of shoppers. Poshmark takes 20% of sales that are $15+ and a $2.95 commission for anything under $15.
The 20% fee covers shipping, payment processing, customer service and any other back end details, so all you have to focus on is selling! https://poshmark.com/
Tips for selling on eBay:
Good photos are important: 5-6 photos per item are a good idea. Think like customers. They are relying on you to show them the product, from the entire item, to the label, to defects, to anything you would want to see in the store.
Accurate descriptions are key: Honesty and accuracy equal happy customers. The buyer relies on your words. The title is the first place to start. Definitely include designer name, item name and anything that helps people search.
Shipping fast and cheap is paramount: Keep shipping costs low or free and be prepared to ship immediately after someone buys it so that they get it while there is still excitement.
It's in the bag: Handbags are the items most sought after in the resale business. They always do well and are usually a quick sell if they are in great condition. Plus, they are one-size-fits-all.