Want to host a yard sale this summer? Here's what to know
Every summer, many people come to a realization: They have too much stuff. Dust collects, piles grow and usable space shrinks.
One of the best ways to get rid of extra stuff also comes with the promise of making some cash. Whether described by the word rummage, yard or garage, all signs point to a sale.
But where do you start? How do you price your items? And how can you make as much money as possible?
Here’s what Marquette University marketing professor Alex Milovic says are his top tips for hosting a successful yard sale this summer.
1. Set the right price
“Everyone thinks their stuff is worth more than it is,” Milovic says.
The best way to price correctly is to do some research, he says. Whether it’s checking out other sales, thrift stores or even Goodwill, looking around is the best way to find out how much your items are worth.
By taking the time to look at how other sales and stores price their products, it reduces the chance your prices will be inflated by bias — known as the endowment effect. But most importantly, Milovic said, your items just need a price tag.
“That’s always one of my biggest pet peeves,” Milovic says. “If I don’t see a price, I don’t want to buy.”
Of course, prices might need to be adjusted over the course of the sale. If you’re hosting one, constantly monitor foot traffic around the sale, and if any areas are being ignored, try to readjust.
Another consideration to make before the sale starts is to decide what payment you’ll accept. Will the sale be cash only or will you also take Venmo or other electronic payments?
Don't forget to price your items.
2. Put items in the right place
If you’re setting up your makeshift store, Milovic says, don’t put anything on the ground. It instantly lowers the perceived value of the item. Instead, set up as many tables as possible, even creating makeshift ones to bring the goods closer to eye level.
In terms of ordering the items for sale, there’s a delicate balance. If all of the cheap items are on the curb, passersby might assume that only cheap goods are available at your garage sale.
If only expensive items are at the onset, they might assume everything is too expensive. That’s why, for eye appeal, it’s key to have a mix of prices and products at the boundary of your garage sale.
When Better Homes and Gardens reported recently that catalog-perfect and cookie-cutter interiors are out, many homeowners breathed sighs of relief.
3. Get people to your sale
If you're putting out signs, Milovic says, try to place them blocks away from your home to draw in as many people as you can.
For online promotion, Facebook can localize content to users. That means people nearest to you will be the ones that find out about your sale when you advertise it.
However, a garage sale might also compete with online purchasing from Facebook Marketplace or eBay, where it might be easier for someone to find the specific thing they want with minimal effort. That’s where it’s up to you to stand out.
“If I'm doing a garage sale, why is it better than just going on Marketplace or just buying or shipping it through eBay?” Milovic says. “How do I make this inviting?”
One way to draw people in is by being part of a larger neighborhood sale. But then, he says, you should be ready to compete for business.
“The likelihood the people in your neighborhood have similar things to you is strong,” Milovic says. “We tend to live near people that are like us.”
He said it’s important to have a sale that builds a positive atmosphere — offering food and drinks might even be a way to stand out from the crowd.
4. Be ready for bargaining
A customer approaches you. Finally, there’s someone interested in that one item that just won’t sell. But there’s a catch: they lowball you. So begins a back-and-forth negotiation.
The biggest thing in bargaining is to be firm, Milovic says. Before going into a potential negotiation, consider the lowest possible amount of money you would accept for something and then stand firm on it.
If they won’t budge, you might have to negotiate with yourself: how badly do you want to get rid of it?
Another option for bargaining is to offer bundled goods. You can offer adjusted prices to customers interested in multiple items or even put out a table with bundled discounts, such as buying two items and getting the third for free.
The most important thing, Milovic says, is to be nice. If you’re friendly and get to know people, you have a better chance of getting a more desirable outcome.
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