Maximizing Your Profits: Tips for Successful Consignment Sales with WOW Auction
When it comes to selling your items through consignment, maximizing your profits is the obvious ultimate goal. Partnering with a reputable consignment service like WOW Auction where your interests are aligned can help you achieve the results you desire. In this article, we’ll explore valuable tips and strategies to ensure successful consignment sales with WOW Auction, allowing you to maximize your profits and reach a broader audience.
- Select Marketable Items: To maximize your profits through consignment sales, carefully choose items that have a high market demand and appeal to a broad audience. Consider the current trends, popular collectibles, and sought-after items in the Southwest Florida region. Furniture, artwork, antiques, electronics, and unique collectibles often attract buyers. Look over WOW Auction’s Sell/Don’t Sell list for further reference. By selecting highly marketable items, you increase the likelihood of generating higher bids and maximizing your profits.
- Research Market Value: Before consigning your items, conduct thorough research to determine their market value. Utilize online resources, auction catalogs, eBay Sold Listings, and other price comparison websites to get a sense of what similar items are selling for. This important information will help you set realistic expectations. Remember that auctions are designed to generate sales quickly at the expense of the sale price while retail sales will likely take longer to sell but could generate a higher sale price. If you need help, WOW Auction’s team can provide guidance and insights into market trends and expected sale prices based on previous experience in the Southwest Florida market.
- Prepare and Present Items Effectively: Proper preparation and presentation play a vital role in attracting potential buyers and commanding higher prices. Clean and polish items to enhance their appeal. Make sure everything is working accordingly. Factory Reset any tech devices, clearing out all your personal information. If there’s any defects, be sure to make note and inform the staff.
- Leverage WOW Auction’s Drop-off Consignment Rates: By arranging to drop off your items at the WOW Auction Warehouse, you can benefit from WOW’s Sliding Scale Commission Rates. The more your Lot sells for, the lower WOW’s commission percentage will be. Simply set an appointment, drop off the items and the WOW Auction team will take care of the rest! The Lotters will take clear, high-quality photographs that will showcase the items from various angles. They’ll also create accurate and detailed descriptions in order to convey the item’s condition, dimensions, and any unique features. At this point, some Consignors may be tempted to create large bulk lots with a variety of items in order to increase sale price and reduce lot fees. This practice has actually proven to reduce average sale prices as the high quality items in a Lot get overshadowed by the lower quality items. Bidders view these “hodgepodge lots” as more of a burden than a deal so if an item isn’t worth listing by itself, then it’s not worth listing at all. Once the Consignors gets acclimated with how the WOW Auction works and think they can do an even better than the Pro’s, WOW Auction’s Self Lotting Program is available. This program allows you to take complete control of your Lot’s presentation by doing the work yourself, ensuring your items are showcased exactly the way you’d like.
- Promote Your Listings: While WOW Auction handles the marketing aspect for the entire auction, you can also take an active role in promoting your own listings. Share the auction links and tag WOW Auction on your Facebook & Twitter profiles as well as local community groups, or relevant online forums. Encourage friends and family to share the links as well! The more exposure your consignment items receive, the greater the chances of attracting interested bidders and driving up prices.
- Monitor Auction Progress: Stay engaged with the auction process to monitor the progress of your consignment items. You can create a HiBid account and put your items on a “Watchlist” so you can easily monitor all your listings on a single page. Don’t get discouraged if your Listings aren’t performing up to expectations early on in the auction week as most of the action happens when the auction is close to ending which creates an exciting online auction experience!
- Get Paid!: As a trusted consignment platform, WOW Auction brings extensive expertise in the Southwest Florida market. WOW’s thorough understanding of the dynamics of consignment sales through the online auction platform can help you gain a fair sale price quickly and easily. Once the auction has ended, Consignor’s will receive a check in the mail no later than 10 business days thereafter along with a detailed breakdown of the sale price, lot fees and commission amounts.
Maximizing your profits through consignment sales is easily achievable so long as you follow the steps above and partner with a reputable service like WOW Auction. By selecting marketable items, preparing them effectively, researching their market value, leveraging WOW Auction’s Drop-off Consignment Rates, promoting your consignment items, monitoring auction progress, and trusting the WOW Auction process, you can ensure successful consignment sales and maximize your profits in the Southwest Florida market.