Craigslist flipping and pricing tips.

Ok….we talked about pricing in yesterday’s post. You can click “here” if you haven’t read it yet.

Shame on you.

Many of you thought I was under-pricing myself with a $75.00 price but when you look at the “comments”……

$75.00 put me in the “buyers” market. Not just the “If this table was my style, I would spend 150 on it market”……I want the buyers market.

I don’t want to have to sit there with the product.

If I had a showroom, storage unit….then waiting “for the perfect buyer” would be a better choice.

I do about five or six projects a week. Move some into consignment or sell on CL….

Then I start on the next batch.

So, at this stage, my intention is to maximize my profit and time and get the product moving in and out quickly.

But you guys are “the market”…..so your input is priceless and the help on these tutorial posts go both ways. I need your input! It keeps my pricing in “check”.

I am BAD about under-pricing and I am constantly learning the CL “ever-changing” market….to see what moves….what is “hot” and where I can get the most “profit.

So….anyways……back to pricing.

Some comments said…..”If I knew what you paid…it might be easier to guess what you listed it for”.

But…that would not have helped you.

BECAUSE

What I pay has nothing to do with how I base my price.

Why?

Because I will lose profit.

Back in the day……I used to run one of the largest builder developer sales team here in my region. I was responsible for all aspects of the sales, from building, pricing and marketing, to the running of a large sales team. (Don’t get too impressed, it gave me experience, but also the title of un-employed ; ) in this down market )

Our houses we built had a fixed number of cost. So I could say…….”If we put this $$$ on each house…then we cover what our expenses will be and should net this $$$$ consistently. It kept our profits at a great level and consistent.”

Why don’t I do the same with my furniture?

Wouldn’t it be smart to say……”If I want to always make a consistent profit, then always put a mark-up of $50.00 on a piece”….keep it consistent…… then I will know that I will consistently make $50.00 every time I sell a piece.

Here is how that would work.

I spent $7.00 on this table.

I would list it for $57.00 then?

What happens when the table cost me $20.00?

I list it for $70.00?

Couple of points.

I need my “market” to know my basic pricing for tables, chairs, benches etc.

Not have my prices bouncing all around.

Plus, I end up making more in the long run on pieces that I can put  a “large” mark-up on.

My product is not a fixed price when I buy it….so therefore my mark-up cannot be “fixed.

Clear as mud?

Here is another guessing game for you that will give you a good example.

Let me know what you think “you” would buy the following two benches for.

One sold and one didn’t.

The one that sold could have been priced for more.

The one that didn’t probably needed to be priced for less.

They were priced the same.

Crazy isn’t it?

What would you have spent?

Tomorrow will be a post on how to word your ad and what to leave OUT of your ad.
AND
Consignment vs CL
AND
A reveal of an upcoming project and your input of how I should price it.

Hope some of this stuff helps.

It bores me to death and I’m afraid your eyes are rolled back in your heads.

Don’t leave me people.

If you like this….share it……

One thing I have consistently found out. Don’t look at people , that are interested in re-selling, as your competition but your motivation. There are enough clients, followers out there for all of us. Share these tips and I promise…..your generosity comes back to you seventy times seven.

I will share what I have learned and I will learn from what you share.

Get it?

Have I created a muddled tutorial?

Call me “Confused-scious”.

Let me know your “bids” on the two benches.

Remember…….low or high…..it doesn’t matter.

No answer is wrong….

You will see how it all fits together!

Thanks for your input and can’t wait to see your comments.

Kurt, get your hand off the screen, we are skipping that portion on this tutorial.

Give me your bids, “Mini Flippers”!

Love,

Me

Find me here also...

             

Comments

  1. learningsister says:

    I would place 40 on the white bench and 65 on the other for craiglist

  2. Kurt Cuboid says:

    Its funny how the brain works.

    When you say “mini flippers”, I visualize us audience members as a large group of small penguins. I don’t know why…

    I am going to resist the urge to offer my brilliant insight.

    You know what you are talking about.

    and I know pricing can often be determined by a person’s motivation, which may or may not involve profit.

    so I will just read.

    and be quiet.

    starting now.

  3. mck341s says:

    I would pay 40 for the white and 60 for the gray.

  4. Brittney says:

    So when I started selling tole painted items years ago when tole painting was cool I was told the best way to price something like that is what you pay for all the items it takes to make including an estimate on the paint X 2 and that would be a good sellable price.  I believe it could work for this type of thing to.  I don’t think in any way that the 2 benches you have on here should have been listed at the same price.  There is so much differece in the 2 benches.  I’m no expert but that is my opinion. 
    I am LOving your blog and apprectiate all that you share!  Good luck with all your projects and getting them sold. 

  5. Katie @ Wildwood Creek says:

    There seems to be such a mystery about pricing, and not many people share the logistics behind it.  Therefore, I so appreciate your insight on pricing.  I totally agree with your statement that your prices can’t be bouncing all around.  My estimate for the first bench would be $75 and the second bench $95.  I place a lot of value on storage.

  6. Kathy says:

     Well, Loving this little series you have going on here…. both adorable benches & I would not pay for either, as I would think, “I will try & copy that myself”  : )
     But as I watch CL… I think white would go for $50 + Grey for $75 +….
     Thanks for all the tips you have been sharing…

  7. Heidi487 says:

    If I like something I will spend the money for it. I love the storage bench and would pay at least $100 and maybe a bit more depending on the day. The other bench I’d pay between $50 and $75. Hope that helps!

  8. Shondajudy says:

    i’m cheap and always looking for a bargin. $20 for the white. maybe $40 for the grey, because i love the hidden storage for gloves, scarves, etc…

  9. Redefined Goods says:

    You have brought a whole new resale realm to me. Really. I’ve just been doing shows! And dragging those pieces all across the country gets expensive and tiring (but fun). I think I am going to give flipping on CL a try. I won’t be able to ask as much, but I can unload some pieces!
    I would pay $25 for the white and $35 for the grey.

  10. Redefined Goods says:

    I also have a lot of questions for you… I didn’t see a way to email you. If you could email me at redefinedgoods @ hotmail.com I would love to pick your brain!

  11. Nikki says:

    I would pay between 50-60.00 for the white bench and 80-100.00 for the grey one.

  12. nelda says:

    I would sell the slat back bench for about $100 and the one with storage for about $150

  13. Francy says:

    As a buyer….I would pay no more than $25.00 for the white bench, and would pay $75.00 for the storage bench.

  14. Kat Griffin says:

    50 for the first one which is simpler in design and up to 100 for the one with the storage
    KAT
    Thanks for sharing all this info  very interesting

  15. apitcher says:

    These amounts are what I would pay to have in my house-
    White Bench, no more than $50
    Green Bench, $75-$100  (there is more wood & function w/seat bench as storage

    I love your posts, keep sharing

    Amy
    Thrifty Treasure Hunter

  16. Becca says:

    This is really helpful info. My friend buys stuff on CL all the time and I’d like to help her flip a few pieces that she doesn’t love as much as she thought she would.

  17. Andrea says:

    I won’t even dare to give you a price ’cause I’m cheap and limited on budget.  Just wanted to say I love the grey one because of the storage. That is all =)

  18. Imklvr says:

    Oh, girlfriend…you da bom….I’m loving this series!  My guess on the benches is that the one with the storage sold….prolly…..$80?   The other one….well, you said it didn’t sell, so nothing, right?!   But I’d pay….oh….$40.    Did I win valuable prizes????!!!!!  (hehe)

  19. Reese_1966 says:

    I love the white bench.  The pillow is what makes me love it.  I would have paid $60 each

  20. Reese_1966 says:

    Oh and love the info too.

  21. Laura says:

    I know I’m late to this fun game….but……$75 for the white one and $95 for the blue one.  Of course if they were less I’d love that, but those are the prices that I would pay if I wanted either in my home.  And I do.  I like them both!!!! :)

    I realize I’m in the “high” category.  And, I’m poor so go figure.  I do live in southern California if that helps explain??  Funny that when you think about it…..California seems intent on making everyone in the state poorer and poorer and we’ll all have to sell our furniture……

  22. Jillianleighwrites says:

    the first bench, $50 bucks.  is that a built in cushion on the 1st?  if it’s not a cushion, then $40. 

    the second bench with the storage, $80

    Jill from http://www.jillianleighwrites.blogspot.com

  23. I would buy the storage bench for $50 as I am a cheapie like you. :o ) They are both beautiful BTW.
    And I just realized that I am really late to this party. LOL

    ♥charlotte

  24. akatrix says:

    Funny that people noted the storage bench as being blue, green and grey! Does that tell you that monitors lie? I actually have had the storage bench for years…………wood stained, I’m painting it now. Blue? Green? Grey? Fun series!

Speak Your Mind

*