The Money Skinny™ wants to be that voice of encouragement for you to have a garage sale.  I know, I know.  They can be a lot of work.  Sometimes brutal with patrons that haggle over a quarter.   Suck it up, Buttercup!  Be strong!  Maybe you’ve already sold items with The Money Skinny’s help using Craigslist Selling in 5 Easy Steps.  A garage sale moves volume.  Things to sell are sports equipment, books, clothing, furniture and crazy stuff.  It’s hard to guess what will sell.  Let’s review reasons to have a garage sale, five tips for success and how to make it fun.

Reasons to have a Garage Sale

Converting unused, unvalued items into cash is great.  Decluttering can be its own reward.  However, a primary reason for a garage sale is to choke the consumer goods pipeline.  Resale value may be as low as ten percent of the original purchase price.  It quenches the thirst for new consumer goods.  The very last thing a person fresh from having a garage sale wants to do is go on a hunt-and-gather at the mall.

5 Tips for a Successful Garage Sale

1. Advertise.  Use free advertising like Craigslist.  The gsalr.com website offers free advertising and printable signs.
2. Set-up. The easier and more attractive the selling area, the better the sales. Minimize items on the ground. Use a pole between two ladders to hang clothing. Give highest priced items the most prominent selling area.
3. Pricing.  Group like items together with a generic sign to save time.  For example, Tops & Shorts $4, Pants $6, etc.  There’s less regret if sales are slow.  Keep high ticket items near the transaction table.
4. Cash only.  No personal checks or large bills.  Don’t make the buyer’s problem your problem.  Put the item on hold while the buyer resolves a cash issue.
5. All Sales Final.  Provide the opportunity to test electrical items.  Once an item leaves the property the transaction is over.  Do not accept returns.  You’re not Walmart.

Make It Fun

Give children an incentive to sell by letting them keep the proceeds from their items.  A kid-run lemonade stand is another earning opportunity.  Whenever someone I know has a garage sale I always ask about his/her proudest moment. What item caused the most rejoicing when it walked down the driveway? It’s fun to relive and savor that victory.

Calling All Hagglers

Garage sales bring out the hagglers.  It is important to have a haggler response ready.  Dismiss the outrageous low baller with “Sorry, no” or  “Maybe tomorrow”.  It’s not personal.  Buyers are trying to get the most for their money.

Bullied for a Buck

Here’s an example of garage sale quicksand.  A woman wanted to purchase three shirts, one short sleeve ($4) and two long sleeve ($6). The following conversation occurred:

Her:   Reading sign that says $4 short sleeve, $6 long sleeve.  So the shirts are $4 each.”

Me:    “Short sleeve shirts are $4. Long sleeve shirts are $6.”

Her:    “So the shirts are $4 each.”

Me:      “Ok. I will go down to $4 each for the two long sleeve shirts.”

Her:     “How much for all three shirts?”

Me:      “That makes three shirts for $12.”

Her:     Holding up a long sleeve shirt.  “$3 for this one?”

Me:      “That BCBG shirt retails for $60. So No.”

Her:     Holding up a different shirt in the trio.  “$3 for this one?”

I did not see the rope-a-dope coming.  Micro-aggression for a dollar.  Really?  That’s on Her.  In summary, a five-year healing period is needed between having garage sales.

• A garage sale is a great way to get rid a lot of unused, unvalued items.
• An organized approach can turn clutter to cash.
• A primary reason to have a garage sale is to choke the consumer goods pipeline. Low resale value can quench the thirst for new consumer goods.