Search Results for: travel-expenses-why-i-splurge/questions-from-a-reader/shaving-for-real/selling-your-home-for-sale-by-owner

Pre-sale preparation and marketing are important, but ultimately, the money comes from how you manage the sale.

How many people will you have staffing the sale?  There are a few considerations here.   How many people are involved in the sale?  How many people can take the time off?   It’s best to have three people at the sale at all times. Two people can manage the money while the third plays salesman and security.   Staffer #3 is in charge of watching for price-tag swaps or other theft, answering questions, and trying to upsell.    It also allows for breaks, which, if you’ve ever spent a day in a garage drinking coffee, is important.

When are you going to be open?  You don’t want to open so early you don’t have time to wake up and get ready for the sale, but you don’t want to open so late the professional garage-salers drive past and forget about you.   Plan to open sometime between 7 and 9. When will you close?   Staying open until 6 will catch most of the after-work crowd, but it makes for a long day, but closing at four cuts out a lot of the late-day shoppers.   Our hours were 8-5, which seemed to be a good compromise between a long day and the best sale.

[ad name=”inlineleft”]Don’t be afraid to shut down. The first day of our sale was cold, wet, and miserable.   We had to canopies in the driveway, but everything was getting wet, anyway.   Traffic was slow and we weren’t enjoying ourselves, so we shut down.  Lunch and a nap improved our outlook considerably.   At the end of the day, we start packing up, even if people were there.    We tried to only pack what they had looked at, and we didn’t try to rush the potential customers, but we did let them know that the sale was ending for the day.  The folks who came in half an hour after close on the last day seemed upset that we didn’t unpack everything for their amusement.

Our layout was designed to get everything easily visible while maximizing traffic.   The first day, we were confined to the garage and tents, so space was limited.   There were baskets under each of the tables.   That forced people to crouch and block each other.   The second day, we expanded to fill the driveway.   Our tables were organized in 3 rows–a “U” shape with a double-wide row of tables in the middle.   This allowed people to see everything in one pass.   The middle row had periodic breaks so we could move around to help the customers.    The pay table was in the middle of one of the outer rows, which let us monitor the entire sale.

Find someone to watch the kids and pets. If you have to keep an eye on your children, you aren’t watching the customers or giving them the attention they need.  Your dog–no matter how well-behaved–is a liability.   It will be stressed at the people.  Some customers will be allergic or afraid.  Just don’t do it.

Ideally, you will have someone who isn’t taking money, knows a little bit about most of the merchandise, and isn’t too shy to talk to strangers.   His job is to wander around, answer questions, and help people decide if they want an item.   He’s the sales-weasel. If he’s pushy, he’ll chase off the customers, but if he’s hiding, he isn’t making any money.   Unusual items should have a sign attached explaining why they are special, so the sales-weasel doesn’t have to explain it to everyone.

Every single item should be priced, but not everything needs to be priced individually.   We priced all of the movies in a group.  “VHS: $0.50 or 5 for $2, DVD $3 or 4 for $10”.   Nobody should have to ask what an item costs. If there are multiple people doing a sale together, make sure everyone is using colored price tags to identify who is selling what.

People come to garage sales expecting to find good deals.  If they don’t, they’ll leave. Our rule of thumb for pricing was about 25% of retail, with wiggle-room for the item’s condition. New-in-the-box sometimes made it up to 50% of retail.  Our goal was primarily to reduce clutter, so a lot of items were priced at 10%.    You have to keep in mind that, if you price things too low, people will assume there is something wrong with it and not assign a value in their own minds.    Price it at what you would be willing to pay in a garage sale, then mark it up–just a bit–to account for haggling.

People love to haggle at garage sales.  It gives them an opportunity  to brag about the great deal they fought for.   Try to accommodate them.   One of the people participating in our sale was selling antiques with a definite value.    She didn’t want to haggle on any prices, so we simply hung up a sign that read “All white-tagged prices are firm.”   Everyone else was willing to accept almost any reasonable offer.   Our most important rule for accepting a price?  If you pissed me off, I didn’t budge on price. Insult me, or offer 1/10 of the price, and my defenses go up, bringing your final price with it.   Talk nice and use some common sense while haggling, and you got what you asked for.

[ad name=”inlineright”]Could we have maximized the sale more?  Probably.   I had intended to hang up a sign that simply said “$100” to set a high anchor-price on everything, but I forgot.

Note: The entire series is contained in the Garage Sale Manual on the sidebar.

Update: This post has been included in the Carnival of Personal Finance.

We had a garage sale last week, as a wrap-up to the April 30 Day Project.  We got rained out halfway through the first day of our 3-day sale, but we still managed to clear $1500.  We held the sale in our neighbor’s garage because it had more space and better visibility.

Wednesday night, while carrying boxes over, I missed the step to their property from our driveway and crashed while carrying three boxes.   That’s a twisted ankle and a bleeding knee.  Naturally, while I’m hopping and swearing, everyone is concerned that I’m okay.   The worry-warts.   Anyway, it hurt, so we stopped setting up while we still had a few boxes left in the basement.

[ad name=”inlineleft”]Thursday morning, I decided to show them all.   At 5:30AM, before anybody else is strongly considering the possibility of maybe thinking about getting ready to hit the snooze button, I decided to get the rest of the boxes ready.   They’d all wake up, worried about how I’m feeling, asking if I’m to stiff to carry boxes.  The best way to show them they don’t need to worry would be to have all of the boxes dealt with before they woke up.   So I started.    Up and down the stairs, with a stiff, twisted ankle, gloating to myself about how tough I was…BOOM, down the stairs. I was on my back, sliding down the stairs.    I caught a stair-tread in the small of my back and another on the point of my tailbone.  Mommy?

After I stopped twitching on the floor at the base of the stairs, I managed to get the last of the boxes ready.   Instead of sympathy, I spent the rest of the weekend getting asked if I needed an inflatable doughnut to sit on.  There are places I’d prefer not to have bruised.

Unpacking the boxes made me glad that everything was priced.  We spent 6 weeks going through our entire house–every room, every dresser, every drawer–to eliminate the clutter.   As something went into a box, it got priced, so we didn’t have to do it all at the last minute.  That is the most important time-saving step for a garage sale.   Price it as you pack it. You don’t want to waste hours pricing stuff while tripping over potential customers.

Another preparation tip to do early:  Find tables!   Ask around. You’d be surprised at who has a dozen folding tables collecting dust in his basement.    It’s better to borrow that to rent.    The best price I found was $17.50 to rent an 8′ X 30″ table for a week.   We didn’t have to do that, but we thought we would have to.  I borrowed a few, found a few, and built a few out of sawhorses.

The week before the sale, we placed an ad in the paper. When I placed the ad, the paper called to suggest we change it from running the weekend before to running just the days of the sale.   I agreed, to a point, but their Sunday circulation is miles ahead of the weekday circulation, so why pay to run an ad nobody will see on Thursday?    I ran it Sunday through Tuesday, because I wanted the Sunday ad and we got 3 consecutive days in the price.   Did I actually know better than the paper’s sales-weasel?  Who knows?   I think I made the right decision.

The Sunday before the sale, I posted an ad on Craigslist. Interesting fact: little old ladies use Craiglist to plan their garage-sale adventures.

Two days before the sale, we made signs. Bright pink signs with brighter yellow starbursts. They were all simple. “Mega Sale! 8-5” followed by an arrow and our address. Simple, easy-to-read, and bright. The morning of the sale, after the ibuprofen kicked in, I put the signs up. When you make signs out of paper, always include a crossbar. It rained a lot the first day of the sale, so the signs wilted. The second morning, I went out with some duct tape and crossbars and fixed them all.

The day before the sale, we got cash and change. We had $50 in 1s and 5s and $25 in silver change. No pennies. Nothing was priced to make us need them.

The morning of the sale, we set up two canopy tents in the driveway and pulled the prepared-and-filled table out under them. We finished stacking as much as we could on the tables and called it “open”. There were a few boxes we couldn’t put out due to the rain. We simply ran our of room. At noon, $65 into the sale, we decided enough was enough and shut down–cold, wet, and miserable. Lunch and a nap made the day better.

Later, I’ll discuss the other parts of our successful sale.

Note: The entire series is contained in the Garage Sale Manual on the sidebar.

Update: This post has been included in the Money Hacks Carnival.