If you need some cash on a hurry, an option is to sell something of value. You can sell items at the local pawnshop, by auction
house, to a friend, by advertising or on-line through internet auction sites such as eBay.
It’s important to realise though that:
To sell something gives a one off cash injection to your finances – once you’ve
sold it, you can’t sell it again! But selling items that are no longer of use to you is a good way to de-clutter your
life and make a little extra cash along the way – but use this opportunity wisely!
- Pick the right selling price - research the price of similar items on the current market and the cost of similar second hand items noting condition and
age. You may be able to make a quick sale if you have a bargain price, but if you can wait then keep your price in line with
similar goods on the market.
- The price you get for the item is subject to supply and demand – if
it is in demand, you’ll get more money for it than if there is an over-supply of the particular item. You may need to
lower the price of an item to sell it if there is an oversupply.
- You may not get what you think the item
is worth – second hand goods are not worth as much as when they were brand new, and people who buy second hand goods
are usually looking for a bargain.
- You can’t put a dollar value on sentimental value – you
may be disappointed selling your grandmother’s jewellery – buyers don’t have the sentimental value that
you do and certainly won’t pay for it.
- Carefully research prices for large and more valuable items
such as vehicles and good furniture. You don’t want to sell yourself short and miss out on a cash opportunity.
- Chose the best method for selling your goods. Large or valuable goods are often best sold through auction houses
(or eBay) or advertising. If you DO decide on auction (eBay or other) then make sure you set a reasonable reserve (the minimum
price you want for the item) so you don’t get sold short. If you have many smaller items, then something like a garage sale is probably a good option.
- Be ethical – as a seller of goods, you have an obligation to do the
right thing by the purchaser. Be honest about the condition and age of the item, and don’t promise anything you can’t
Of course, some people
have a knack of picking up bargains from garage sales and then selling them on eBay for a profit. You need to be very good
with knowing the value of items to be able to do this, but it can be a profitable way of making some money on the side.
You may also be able to make a modest income from selling crafts and produce at a local market - but you need to be well organised and prepared to embark on a venture like this.