So You Wanna Have a Garage Sale . . .
First off - Do realize that Garage Sales are BUYERS markets, not SELLERS markets! (That's why I love them so much!) For the tradeoff of being willing to peruse only your items, rather than the endless variety that is available to buyers at a plethora of stores (including low-priced options like IKEA, Target and the unfortunate but all-too-popular Wal-Mart), you need to offer merchandise at DEEPLY discounted prices.
The first question to ask yourself: Are you sure you want to have a garage sale rather than simply donating to a charity and taking the tax write-off? As long as you document it well, I really recommend donating instead. Check out ItsDeductible.com to get the estimated values. I've found this to be a lot less hassle and the payback way better than a garage sale. (The higher the tax bracket you're in, the more this is true).
Note that there are some non-financial reasons to waste a Friday night setting up and a Saturday morning holding a garage sale, including the ability to teach your children about selling and business and to help motivate them to get rid of no-longer-needed stuff.
If you're still serious about holding a garage sale, here are my . . .
Top Ten Rules for Holding Your Own Garage Sale:
1) List it on Craigslist (I wouldn't even bother spending money on an ad in a newspaper anymore).
2) Start it no later than 9 am Saturday. You'll probably get early-birds as early as 6:30 am, especially if they can see you setting stuff up. You have two choices. You can hide it (e.g., in a garage) until you're "ready for business", or you can accept the early birds that show up.
3) Don't bother going past noon. 95% of the action is probably going to happen by 10:30 a.m.
4) Use consistent signage (e.g., same color - preferably something big and bright with large print and an arrow) at every decision point on the way to your place.
5) Put some big stuff out to draw attention (assuming of course that you're selling it! :) This is especially true if you have furniture to sell. You can leave some of inside if you really want to, but put out at least a couple of pieces in full view.
6) Put out tables to put stuff on. People don't like continually having to bend over to check stuff out.
7) If you have clothes to sell, it's best to hang them, even if its on the frame of an open garage door. Second choice would be folded on a table, but you'll need to keep refolding them to keep them from being a jumbled mess. (There's a reason Costco employs someone to stand in the clothes section and continually refold clothes). Piled on a blanket on your driveway is the worst option.
8) It's best to price things rather than leave it up to people to offer.
Pricing is usually around 30% of retail, if in good shape. Up to 75% off, otherwise. Hard cover books are usually $1, CDs are usually $1-$2 each, paperbooks are usually 50 cents each.
Set your prices in expectation of coming down by 1/4th to 1/3rd off your asking price, especially after the first hour or so.
9) Have change handy (especially lots of $1's), keep an eye on your cash box (or keep the money on you via a fanny pack).
10) Invite friends and neighbors to join with you; more stuff attracts more customers and you can divide up the work and have more fun. Put on some music, keep a light positive attitude and enjoy your interactions with people. If you're too focused on making money, customers will pick up on that and be turned off. Make it a fun, sociable event!
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Why Garage Sales, not Estate Sales?
I actually much prefer garage sales or yard sales in high-end neighborhoods to estate sales any day. First, I'm not into collectibles or antiques. If you are, you may well prefer estate sales. And, although, it's classier to be able to say "I got this at an estate sale" than "I got this at a garage sale", I find estate sales overpriced and depressing. They tend to be run by someone who is taking a large cut of the proceeds, which is bad for the seller and the buyers. The one good thing I have to say about them is that they're a good lesson to me about how fleeting our lives are and how the material things we place so much value on today, will tomorrow be worth next to nothing. BEST & WORST Items to get at Garage Sales Garage Saling Tips to make the most of your time and money
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