UNSELFISH!!!
The biggest problem with the reseller market is that people have become greedy… Yes, greedy!
“Is greed a good thing” -Gordon Gecko
So, this is what has been happening…
People are buying things cheap and selling them online on different platforms which is cool… Gary Vee got his start this way…It has been a bread a butter sitch for your boy for a hot minute. My uncle provided for his family doing the same… Few know but Kim K started the same way as well when she was only 16 years old. My homeboy even has 14 year old son getting in on it too… But back on point…
There is nothing wrong with this market. The flaw is in how people are handling it which has driven it to a challenging place. People get online and see these high prices when doing comps to validate the price they should mark their items at. These high prices are based on mostly nothing but random numbers people pull from their heads and GREED!
People see their awesome collectibles or read a random article that speaks to the value of something so people rush out to get their hands on it and then they aren’t satisfied with the high value it is already demanding and they try to pad their prices just a bit and so others pad theirs and so on… then you have random people working for Goodwill, thrift stores, Salvation Army Stores, etc…. that decide, “well, since these people are reselling their “donated” items, maybe they should ask for more…. which only drives the market to dictate the resellers to raise their prices if they wish to make a profit which inevitably causes the typical consumer to lose interest and then the items sit until everyone begins dropping prices to try and sell the inventory they have sitting around taking up space.
Key to being good at it when you do comps, don’t try to get the highest price. There is a reason there’s is still listed for sale. It’s listed for $225, list for $215 and then run a “SALE” in your store which will drop it just under $200… You will get slightly less but you will sell faster as everyone “LOVES” a sale….It’s psychologically gratifying if you believe you are getting a deal… It just is. From a financial advisor stand point, buying something just because it is on sale is stupid but they will never convince everyone and people love a sale and frequently refuse to resist.
Get inventory, list low enough to make profit but sell quickly and then get new inventory… Fast turn around is key…
Unselfish… Don’t be greedy or we all lose… Well….many do, but your boy always comes out on top… Get Cocky
beingcoreybayless 