Money matters: Earn extra cash online
By Patricia Lloyd
Redstone Federal Credit Union
With summer coming to an end and the kids heading back to school, you may be wondering what to do with all the stuff left behind. You can earn money from those too-small clothes, ignored toys and out of date electronics.
Instead of a garage sale, consider selling online. There is a plethora of established marketplaces with loyal shoppers, and you’ll reach more potential buyers.
Here are some options and tips for navigating them.
- Craigslist is ideal for a local audience. Think of it for selling appliances, cars, furniture, toys and household items. If you meet the buyer in person, be safe and bring a friend. Also, consider how you’re most comfortable communicating (text, email, call.)
- Facebook Marketplace also works well for local buyers, and you may choose to use a shipping option or a pick-up/drop-off service. Benefits include the ability to see reviews for buyers, look them up on Facebook, and communicate via Facebook Messenger.
- eBay is helpful for reaching a wider audience. It’s especially beneficial for selling collectible and vintage items or high-end designer brands. The site offers options to help with shipping and takes care of monetary transactions.
There are more sites, of course – like Mercari and Cash4Books – so do your research and figure out what’s best for your items.
Take your time and research the sites.
- Make sure the site is safe. You can search for the site’s name and “reviews” to see what others are saying. Also, google the phrase “common scams” to find out what to watch for.
- Get the guidelines. Find out how refunds, returns, deliveries, disputes, and fees are handled.
- Check on the payment system. If the site offers a method, stick with it. Requests for payment outside those parameters may be signs of a scam.
Do your due diligence when setting prices. You usually won’t get the original price for the item, even if the tags are still attached. Quickly check the cost of similar used items for sale on other sites.
You may get a higher price if the item is in high demand. Is it in like-new condition? (Be honest.) Is it in season? Does it have a designer label or provide a popular trend? If so, buyers may be willing to pay more. However, if you’re in a hurry, start at a lower price point.
Selling your stuff online may be a savvy money move for you. Decide if the time and effort is worth it.
