If you’ve got some stuff that you think is too valuable to give away but don’t want to go through the effort of a garage sale or selling it online, consignment is a route worth considering. By giving a cut of your sales to a retailer who stocks and sells your items, you can make money off your inventory with little effort.
Claiming to be a “sort of expert” at consignment, the Minting Nickels author shares her secrets. Here are some questions to ask retailers before you enter into an agreement:
* What is the consignment fee and sales split? The fee comes off your total sales, and the split is how much of the price you’ll receive. Don’t expect to receive much more than 40 percent of your sales revenue.
* Do you need me to hang around? Some managers want to sort through your stuff with you, while others are fine with you just dumping things off and leaving.
* How and when will you pay me? Ask how long it takes to convert a sale into a check, and what time of the month they mail them out. Confusion about these logistical aspects can spoil your relationship with the store.
In Which I Become an Expert Consignor [Minting Nickels]