Do you want to make money buying and selling used furniture from home? If YES, here are 7 easy steps to buy and sell used furniture for profit (both office & home furniture)
Rather than keep your spare funds in the bank where they draw meager earnings of only 5% to 6% per year, you can choose to invest that same money in used furniture, and earn a return of 200% or even more on each sale. If this business idea is catching your interest already, then I advice you read on to learn all the basic things you need to know about it. Before you venture into the furniture recycling business, you need to bear the following in mind:
- This business isn’t a get-rich-quick venture. So, don’t be too desperate for overnight riches. Rather, start by making the venture pleasurable and educational. Though you will earn profits from the start, they will flow in endlessly with time.
- Just like any other business, this business involves some risk. So, don’t invest money that you cannot afford to lose. In other words, don’t buy furniture with funds that are meant for monthly bills. Though you are not likely to record loses on your sales, it may take longer than you expected before you sell a piece.
- Honesty is what makes business thrive. So, be honest with yourself and everyone you deal with. This business is so lucrative that you don’t have to deceive or bamboozle customers before you can make a fortune. (Of course, honesty here doesn’t mean you have to reveal all your trade secrets to every customer that comes your way. No. Just play by the dictates of common sense and your conscience).
With the above in mind, let’s now go into other important details about this business.
7 Easy Steps Make Money Buying and Selling Used Furniture for Profit
Where to source and buy good used furniture
Auctions are one of the best places where you can find antiques and used furniture. You can find auctions around you in your local paper’s classified section under the “antiques” or “household goods” section.
When you are choosing auctions to attend, stick to the ones located far from the nearest large city. These sales are usually attended by poor local people who cannot afford to pay the huge prices that are common at city auctions. Also, bad weather is your friend when finding auctions to buy from. Few people show up to buy at auctions during rains or snows; so there’s less competition and cheaper prices.
2. Estate sales
Estate sales are becoming more and more popular because many property owners; for reasons such as debt, divorce, etc sell some of their property that are not bolted down in their homes. Most of the time, property owners would have their wares valued by professional asset evaluators; and for this reason, goods sold at estate sales are often pricy. To get the best deals on estate sales, however, go for those little advertised offers available in small local towns.
What Type of Furniture is the Most Profitable to Sell?
When you are looking for used furniture to buy, stick with those made of hardwoods such as mahogany, oak, walnut, teak, maple, ash, etc. (If you can’t identify the type of wood from its texture, check the weight of the piece. Hardwood is usually heavy for its size).
Also, only buy constructed furniture. That is, pieces that are professionally glued or screwed together; not held together with just nails. Generally, pieces that feature pressed wood designs, turned or carved legs, or other fancy parts sell very well.
- Pricing your wares
After buying your pieces, find out their market prices to know how much to sell them. You can check the prices on websites of furniture makers and sellers. Estimate the used value of each piece, and set your selling price.
- Transporting your wares
You can use any kind of vehicle or truck but a pickup van is best. If you don’t have a vehicle, you can hire one whenever you need it. Whatever form of transportation you use, buy only as much goods as you can haul home in one trip. This is because goods bought at most auctions and estate sales must be removed immediately.
4 Tips on How to Sell your Furniture
There are a number of ways to sell your pieces of furniture:
- Offer your furniture to consignment shops that accept furniture in good shape. Some shops will pay you upfront, while others will not pay you until the item sells.
- Ask for offers from furniture dealers. A dealer who buys and sells high-end furniture may come to your home and make an offer if he or she wants to buy.
- Run adverts in your local newspaper. Most local newspapers have a classified section where you can advertise your furniture and get many offers for your desired price.
Sell your furniture online. You can place an ad on a classified ads website or use Google Adwords to market your pieces. Bear in mind, however, that you will be able to sell only to local buyers because transporting to long distance would incur huge costs.