Okay so you’ve edited your closet and now have bags of items you no longer wear. Some items still have tags on them, some are just too nice to donate. Now it’s time to turn those items you no longer wear into cash by consigning them, here’s how:
Google local consignment shops and make a list of shops nearby. Check to see if they have a website, it may save you a trip.
Visit the store and check out what kind of merchandise they currently have on the floor. Would your items fit in to their current selection?
Check out their price-point. How is their merchandise priced, high or low? Some stores price items aggressively – or cheaper – so they can sell items quicker.
Find out what items they are currently accepting. This depends on the season. Some stores will not take winter pieces in the spring or summer season.
Drop-off schedule. Learn what days and times they accept consignment. The last thing you want to do is drive to a store with your car full of bags, only to find you missed their window.
Learn about the store’s consignment policy. What’s the store/consignor split. This is the percentage of money split between you and the store once the item is sold and varies from store to store. Some stores do 40/60, some do 50/50. Others do 60/40 on clothing and 50/50 on handbags.
Length of time items are kept on the floor. Most stores keep items for 90 days, some longer.
Find out what happens after the 90 days. Are the items donated? Do they reduce the price of the item?
Find out when they issue payment. You get paid once your pieces have already sold. Some stores issue checks monthly, some bi-weekly. Ask if you can use your funds as store credit.
Make sure you get a detailed list of items you consigned and a copy of their consignment policy.
Can’t find a local consignment shop you like, consign with an online consignment shop. Most of them require you to contact them via email and send images of items you are looking to sell. You can find their consignment policy on their website. I personally recommend If Pockets Talked, they are great to work with. There are plenty of other great online shops out there, but I have only worked with IPT as a consignor.
If you are still unsure if consigning is right for you, try it with one or two pieces. As with everything else in life, be patient. Just because your items are not selling right away, it does not mean you or the store are doing something wrong. Just means your item hasn’t found the right home.