T&T Consignment Pricing Guide

I receive questions almost daily about how to price when reselling. I’ve spoken about this at length here, but, given that this is a frequently asked question, I wanted to isolate pricing specifically into one guide for quick reference. These strategies will work, regardless of what site you choose to sell on: Poshmark, Mercari, Ebay etc. For more shopping and consignment tips & tricks, be sure to subscribe to the Thrift & Tell Newsletter and follow @thriftandtell on Instagram.

Q: How do you know how to price things?

A: Pricing your used JBrand jeans is no different than pricing a house or a used car. If you were getting ready to sell your house you’d look in your neighborhood at comparable home sales. You would take note of the selling price of the houses that sold and the ones that were overpriced that sat on the market for weeks. Pricing your jeans is the the same.

Search for the item you’re selling on sites like Poshmark or The Real Real and see what they have sold for. “Sold” being the operative word here. There are countless people hoping and praying their beat up Louboutins from 2008 will sell for $800. Spoiler alert: they will not. Focus on what has sold in the same category at a similar condition to what you’re listing and start there. For example, search “Chanel espadrilles” and see what comes up under sold (most sites allow you to filter to only show sold items.) It doesn’t matter that there are espadrilles on there for $1000 if they haven’t sold. I think the hardest part of reselling is coming to terms with the fact that some of the items that you paid a lot of money for have a market value of 50% + less. It is sad, but you have to move on. In the future, you can shop the T&T way and buy low and sell high. Until then, just get rid of the stuff that is bogging you down and give yourself a break.

Q: What would you price shirts and blouses from Joie, Equipment? What would you price certain items such as Rag and Bone, Current Elliot, and Frame Jeans?

A: See above.

Q: How do I price items, especially brands like J.Crew or Old Navy, that are in good shape?

A: See above. I will say that for inexpensive brands like Old Navy, H&M, and Forever21, you can test reselling, but you may feel more satisfied donating to a women’s shelter or giving them to a girlfriend who is strapped for cash and needs clothing. You’re going to make maybe $5-15 per item, so with those items I typically give them away. If you’d rather sell, by all means do, because eventually it all adds up but just keep in mind the earnings per unit will be low. J.Crew is marginally better but again expect $10-40/item.

Q: Nothing is moving in my closet. I have so many pairs of designer jeans listed for $150 and nothing is selling. I am also selling my Manolo wedding shoes on there too but want to get close to what I paid. What am I doing wrong?

Unfortunately, it sounds like the closet is overpriced. This is a common mistake for first time sellers. Many people try, unsuccessfully, to sell used items for 10%-20% off the retail price*. Today’s buyers are savvy and know that they can go to a department store during a sale and buy the same item brand new. You have to be realistic. If your item is not moving after about three to six months, that means it is likely overpriced and it is time to adjust your price accordingly. *The only exception to this is hard to find, sold out items. Those pieces can sell for at retail or even higher. If you have an in-demand item that is hard to find, I encourage you to strike while the iron is hot and sell it!

Q: How long do you try to sell an item before accepting a price way below your original asking price?

A: Like many things in life: it depends. Are you desperate to declutter, moving, or have little patience? Then lower it. Or is it stowed away neatly in your basement and far too nice/unique to slash the price? Then keep it as is. You do not need to have majored in Economics to know that price is the driving factor in most things, so if you want to move items faster, lower the price. If the item has been sitting for months on end, it is probably a good indicator that you’ve priced too high. In all things consignment, I recommend you ask yourself, “would I buy this [insert item] used from a stranger at [insert your listing price]? If the answer is a resounding no, lower the damn price!

Q: I posted a few items on Mercari; almost all of them received counter offers for a lower price. Does this happen with all listings? Should I take that into account when pricing in the future? I looked at previously sold items too and they' were not very consistent, but I believe I priced everything pretty fairly (and included free shipping). What is your advice?

A: A couple things to consider here. If you just listed the item, priced appropriately, and are not in a huge rush to declutter, you can simply decline or counter offer. If you’d like to move items quickly, I would say counter or accept the price. I’ve declined offers in the past and later kicked myself for not striking while the iron was hot with an interested buyer. I would encourage you also to consider the offer. If someone is offering $200 on a $1,200 item, that would be a hard no from me. If someone is offering $20 on a $30 J.Crew skirt, I will make the sale and move on; the difference in earnings there is negligible. The more you sell, the more you’ll learn the right cadence for you.

Q: I keep getting “offers” on Poshmark. I have no idea what to accept and what not to accept. What is your strategy?

A: Poshmark allows buyers to negotiate price with the seller by submitting binding offers. It is a bit annoying, as the culture on Poshmark now seems to be that just purchasing at the listed price is somehow a failure on the buyer’s part. What that then means is that you will get a fair amount of low ball offers: think $100 on a Chanel wallet listed for $700. Everyone has their own approach but for me I basically entertain any respectable offer. Think $340 on an item listed at $400. If you declined offers on Poshmark, occasionally you’ll get an email from Poshmark discouraging you from declining. I ignore those. Sometimes you’ll also get someone who really is not getting the hint. You’ll decline their low ball offer, and they’ll come back with another low ball offer. Typically by the second decline they stop. Only once did I have to block someone who would not stop sending me absurdly low offers.

Q: Do you price your items differently if you are selling on Poshmark versus Mercari?

A: Mercari’s commission is slightly less than Poshmark, so I can price items on that site for a little less. Otherwise, I keep pricing consistent across sites.

And that is it! If you price appropriately I know that you will have success! If you have a question about pricing that was not covered, please feel free to email me and I’ll add it to the guide!