Research research research

[craiglstauction]

I've been doing storage lockers since June and still consider myself a noob.  There is just so much that I don't know.  A good example is a locker that had a ton of cloths in.  I've not even started to sort the 4 huge boxes and multiple bags of cloths that I have.  I did quickly pull out a bunch of silk ties to try and sale at the flea for $1 each.  I may could of made a huge mistake.  Today I did some research via google and ebay on a couple of the ties / name brand.  One is by a company called Next Exit.  The tie is currently sitting on ebay for $18.98.  I didn't think ties would sale but this seller has sold 1000s of them in pre-owned condition.  So if I can take the exact same tie and sell it for $10 I've already made $9 more then I was going to at the flea.

Name brands that I have in this box are: Rene Chagal, Eagovalle, Next Exit, and Aries.  There are more that I've not looked at yet.  Some of the ties are in bad shape with the stitching coming out with others still in great shape.

So word of advice to other noobs from an older noob.  Take the time to research each item that you find and don't know much about.  Even if you think it is only a $1 item you may be surprised.

[Millertime]

craig...I had the same issue with undervaluing items before I researched them. Now I always look it up before I even tell people what I found. Luckily I didn't burn myself, but it would be easy to do.

[Fayettenam Man]

So word of advice to other noobs from an older noob.  Take the time to research each item that you find and don't know much about.  Even if you think it is only a $1 item you may be surprised.

Clothes is the best example of this, great way to pull every last penny out of a locker.

[craiglstauction]

Ya I'm working on a crash course in cloths.  I have 3 huge boxes and about 8 trash bags I filled with cloths from 3 different lockers now.  Not counting stuff that I've already hung to look over or tried to sale.  Some names I know as my kids shop there or such.  Things like Dickies, Arizona, Old Navy, Tommy Hilfinger, etc.  There are many brands I just don't have a clue on.  Trying to make space so that I can start to sort by type, then brand and do some research.  As it is I have a test set of different types of jeans to take pictures of and post to ebay.  See if they sale or not.

[money4nothing]

Clothes is the best example of this, great way to pull every last penny out of a locker.

Yes I will agree every penny and a lot are in the clothes.

craiglstauction  I am with you on the knowledge of clothes. So much I don't know. Not into the fashion scene. My husband might now more than I do.. HAHAHAHA.
But yes research... We got two pair of Levis with our beanie babies.. Husband said there is $6.00 at the yard.. I laughed. He kept one pair other on Ebay..

[monkeybusiness]

Great advice!

[WARedBear]

My parents have attended auctions for years. They used to go to estate auctions where you buy a box filled with all kinds of odds and ends. People would always come up and want to buy an item out of his box. Dad sold a few things not knowing what they were or what they were worth. He stopped that practice after realizing later that he had sold an item way to cheap. After that his comment was NO!

Reid

[alloro]

Dad sold a few things not knowing what they were or what they were worth. He stopped that practice after realizing later that he had sold an item way to cheap. After that his comment was NO!

A better way to handle this kind of situation is to tell them you'll sell to them after you've had the chance to research the value of the item and that you'd be happy take their name and phone number. After all, why turn away a potential buyer.

[kennyk]

Great advice. It's always tempting to just give away the clothes when you can find some real gems.

[craiglstauction]

I give plenty of stuff away.  The stained, ripped items go to the lady that cleans my house.  She uses the buttons, zippers, and such.

Stuff that doesn't sale in 2 trips to the flea goes in my Goodwill pile.  I then inventory the brand, size, and type (jeans, pants, shirt, polo, etc.).  I even take pictures of what I box up for Goodwill.  Do this as I'm turning in a ton of stuff to Goodwill and will use the credit on taxes.  Just in case I ever get audited I want to show what I turned in.  Since the people at Goodwill never write anything down.

Other stuff that is worth $4-5 bucks I'm going to try and put in lots up on ebay and see if they sale that way.  Not tried it before but one of friends I've made on the auction circuit said he has had some luck doing it.

[mrsmith]

Craigslstauction,  what you talk about is an excellent example of what I call the filtering process. Start from the top and work your way down. Each item should have the best chance to sell for the highest value. I see way too many people sitting on items and not understanding that they have to turn and burn to make a profit. 

Research is experience's substitute, do it!

[acman]

Craigslstauction,  what you talk about is an excellent example of what I call the filtering process. Start from the top and work your way down. Each item should have the best chance to sell for the highest value. I see way too many people sitting on items and not understanding that they have to turn and burn to make a profit. 

Research is experience's substitute, do it!

Thats the thing I started learning about a month ago.  I was sitting on items hoping someone would give me full price, and it almost never happened.  Know if say I have something listed for say 90 on CL and someone offers 50, I haggle with them to hit mid point.  I already know they want the item so I'm not going to get taken for dirt cheap, but it is clear that full price many times just ain't happening.

BTW, a android or iPhone is almost necessary for this business.

[rockin the retro]

I danged near sold a painting for $20 at a yard sale before researching and finding it's an original worth a ton more!  Now.....I look it all up.  My husband will grab a tool and say $20......I ask exactly what it is and research it.....80% of the time he's on the money......I hate that!

The two most important things aside from common sense, after cleaning out a unit are research and connections~with all of the above......you should be ok~

[craiglstauction]

The one thing I really like about doing this is finding those items that you think are only worth a little and turn to be worth more.  Purchased a large 20x40 unit Saturday that looked great from the door and turned out to be a $875 bust after getting in.  Did find a Harrington lever chain winch that I figured was worth a $100 or so.  Looked it up online and it sells new for $750 - $800+.  Wish I could sell it for that much but am trying to get $350-400 out of it.

Found a large ornate spoon in another locker that turned out to be solid silver.  At first I figured it was just plated.  But it passed the magnet test and polished right up.  Need to get it tested further but I really expect it to be mostly silver and worth more then the price of the unit.