This weekend I decided to get new furniture and to sell my current bed. I also had some concert tickets that I couldn’t use. I was able to sell all of this stuff in two days and make $600! Do you have stuff lying around your home that you don’t use and could you use some extra cash? Why not sell your stuff, make some money and clean out the garage!
Items that are great for KSL are gently used, new, or antique. It is free to post a basic ad on KSL. If there is a category for it, try and sell it. If you don’t think your item is worth money but don’t want to take the time and effort to dispose of the item, consider posting on KSL’s “Free” or “For Trade” sections. The following categories are considered “hot” and items in these categories sell really well:
-Certain clothing items
-Certain furniture items
And I even rent out my basement using KSL!
When selling on KSL, price your item fairly. A good rule of thumb is to price items about 10%-25% of what the item would cost new. Some items sell really well and have a higher resale like newer electronics, computers and cell phones, for example. If you are unsure how to price your item, search the classifieds for what other people are selling the item for and price competitively. The more competitively you price your item, the faster it will sell. You may be priced too low if you get a lot of calls, texts, emails, and ad views right away. If you place an ad and no one makes an offer after a few days, you are priced too high and you will have to be willing to take less for your item. Consider starting high and deleting and reposting your ad every few days with a lower price until the item sells.
Post good ads. This includes adding a photograph. In this case, a picture is worth a thousand words. Make sure your photo is taken in a well lit room and your item is displayed well. Consider adding multiple photos from multiple angles and be sure to photograph and describe any damage. Try to keep your ad to a couple of paragraphs or shorter but include as much identifying information as possible. At the end, be sure to include who to contact, contact information and what city the item will be picked up in.
Learn the art of bargaining. Most customers who shop KSL will try to negotiate on the price. The trick is to price your item at least $5 and even $25 more on expensive items than the lowest price you would accept. For example, let’s say you will list an item for $50. They may offer you $25. If you would be willing to take $25 then you have priced your item perfectly. Try to negotiate with them further by saying “I would take $35” and they may come back with “I wouldn’t go more than $30”. Try to avoid bargaining until they come to see the item because once they drive to your home, they have more invested and are more likely to buy the item. Another reason you should avoid bargaining over the phone is you may agree on a price and then when they come it, they will see something else wrong and offer you even less than you originally agreed on. This takes practice but it will help you get the price you want and help you avoid feeling pressured into taking less than you want.
Broken Item? You may still be able to sell it. You will have to price your item accordingly but maybe someone out there would be willing to purchase and fix it if you offer enough of a discount. You may be lucky to get anything at all but it is worth trying. I recently sold a broken 46” flat screen that I was going to just throw away. I purchased the TV for $500 and sold it for $20 without a stand or a remote. Also consider repairing the item yourself if the resale value would be high enough to cover the cost of the repair and still make money.
Post a new ad often. Thousands of ads are added to KSL every day. Most people search only the first few pages of a category on KSL. Pages are automatically sorted by newest ad in each category. If you want your item to be seen, delete your ad and repost it every two to three days. Make sure to follow KSL’s policies on posting ads because they can pull your ad (like for posting the same ad multiple times without deleting past ads). There is an option to renew your ad after it expires (ads expire after 30 days), but renewing your ad will not bump it to the front page so it is better to delete it and repost.
When selling your car, first check Kelly Blue Book for what your car is worth. This gives you a good basis for what someone might pay you for your car. You can even look up how much more you will get if you sell your car yourself (private party value) versus trading your car in to a dealer. If you decide to sell your car, you will need your title or if you still have a loan on your vehicle, have the buyer meet you at your bank where they can release the title after the loan is paid off. The photographs are especially important when you sell your car. Photograph the interior including the dash and any special features your car has. Also photograph the exterior from every side. And when you do sell your car, be sure take your license plate off (they can obtain a temporary sticker from the DMV). Only take cash or a cashier’s check from a local bank.
Always be safe. If you don’t feel comfortable having people come to your home, meet in a public place and take someone with you. Never take checks, even for small amounts and always have enough money to make change (try to keep negotiations in increments of $5 to keep things simple). Never let the customer take the item without first having the cash in hand. If you are purchasing from a seller on KSL, make sure the item works before you buy it. If anything about the situation seems off, don’t meet up with them and use your best judgment in every situation. I have sold dozens of items on KSL and I only meet someone when I can find a guy to go with me, even if they stay in the house or sit in the car.
By following these principles, you can learn to effectively sell your stuff, reduce the clutter in your home and make some cash. Now go out and make some money!
Do you have any other tips for selling on KSL? Share with us on our blog or on Facebook.