Welcome back for Day 2 of the Find Money In Your Closet challenge.
Yesterday, you learned how to research “comps” (as resellers say): the current listing price and the sold price for the same or a similar item.
Knowing how to look up prices is crucial to reseller success, but you also don’t want to spend all of your time looking up every single item. Honestly, almost everything is worth something, but not everything is going to be worth your time and effort to list and resell.
So how do you know what’s got a good chance of being worth something?
This is what so many new resellers get stuck on. They aren’t sure how to find the items worth selling. Walking into a giant thrift store (like the ones we have here in Nashville) can be overwhelming if you don’t know what you’re looking for.
So I’m going to teach you some strategies that I personally use to get a good idea if something is worth checking the price.
To learn, we are going to look at the 3 areas of your closet that probably have the most valuable items.
We’re going to start by learning about jeans/pants.
General Criteria I Use to Evaluate Jeans/Pants for Reselling:
Material: What something is made of can be a good indication of value. Higher-end materials like linen, silk, and wool can be good. For jeans, 100% cotton is a good sign. Avoid polyester and synthetic fabrics.
Condition: The item should be free of any holes, stains, rips or piling (little fuzzy fabric balls where it’s worn). The exception here is if it came like that from the factory. If an item still has the tags on it, then you can expect around 50% of that value (most of the time).
Vintage: Anything over 10 years old counts as vintage, but really think early 2000s and before. There are exceptions to this of course, but a lot of the vintage styles are back, so having something that’s truly vintage can bring decent value.
Original price: If you know that the item was worth quite a bit retail, then it might indicate that it’ll be worth a good bit when resold. This isn’t always the case though so you’ll still need to check.
Brand: For brands, a general rule of thumb is to avoid common brands (like Merona or St. Johns Bay), lower-end department store brands (like Wrangler), and mall brands (like American Eagle and Gap).
Notice that I didn’t include specific brands here. That’s because it’s really hard to give a brand list since things change so much with the supply and demand online.
With these things, you can evaluate if something likely has value or not. Of course there are exceptions to the rules and really understanding how they all play together takes practice, but in general, these guidelines can really help as you’re getting started.
As a reseller, mastering this can save you so much time because you will only spend your time looking up items that are worth it.
I’ve created a free cheat sheet of these so you can save it to your phone.
Day 2 Assignment
Pick 2-3 pair of jeans/pants from your closet (at least 1), and research how much they’re selling for and their sold value. (Note: make sure you filter by the condition of your items (used vs new) because that can make a big difference in pricing.)
I think you’ll be pleasantly surprised by what you find.
I’d love to see what your stuff is worth!
Want some feedback or just want to share what you’re learning? Hop on over to the Facebook group and use #resellerchallenge on your posts and I’ll chime in there.