How To "Flip" A Craigslist Find For A Profit- Part 4- Pricing

If you are still reading this series, thank you! And since this is the last installment let recap. We chose our table and chair for a great price, cleaned it up, painted it, and distressed. Now it's time to put it up for sale on craigslist. Our goal is a quick sale, right!



1) Know your market- I live in a college town and in spring time, when all of the co-eds leave town and sell all of their worldly belongings, I go hit craigslist hard. You will probably find your fair share of particle board desks and dressers, but mixed in you will also find some great priced solid wood pieces. 

I also know that spring is not the best time to sell. 1/4 of my town has just left and won't be back until fall. I will either price my pieces very low right now or wait until fall when they all come back. Then they will need some cute furniture!



2) Pictures- We bloggers LOVE taking great pictures of our work to show off to each other. Use those photos on craigslist! Don't go crazy just the facts here. One that shows of the whole item and maybe one or two to show off the detail.




3) What information to include- A brief description, dimensions, also write that you will only deal in person and with cash (this is actually very important in protecting yourself against scams.) Last but not least...

4) Price- In order to come to a fair price for your piece we need to take into account a few things.

How much did you buy it for?  $10
How much work did you put into it? I try to pay myself an hourly wage. $25 is my current rate x hours spent 3 = $75
Materials used= This is just an estimate since I already had all of these items on hand. $7

Total: $93 

Now we need to add in our negotiating cost. A lot of people on craigslist want a bargain, I know I do! So there is usually at-least one episode of bargaining. I generally build in about $20 to my price for this. 

Now we are looking at $113, round up for good measure to $120.


Tada! Thats it. 

I am sure all of you have some great tips I have missed. PLEASE leave them in the comments so everyone can read them. After all I am just getting started. 

Lastly, please be careful when inviting people to your home to look at furniture. Make sure you have someone else with you. I try to have the piece in the garage for them to look at. That way I am always outside and never in the house with a perfect stranger. Most people are very nice but you never know. 

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24 comments:

  1. gail@My Repurposed LifeMay 30, 2011 at 10:15 PM

    I've had my table and 4 chairs (from my kitchen) on CL for about a month for $100, no bites. Things must be tough around these parts. Things just aren't selling. The good news is, CL makes it so much easier (now) to relist. It used to be so much trouble.
    Good luck, I hope you flip it quick!
    gail

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  2. Jaime CostiglioMay 30, 2011 at 10:43 PM

    Sarah thanks for all the insight. I'm a nervous nellie about listing and seeling on CL but now you have me thinking twice. So kind of you to blog the entire process for folks to learn, that's what I love about blogland.

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  3. AprilMooreMay 30, 2011 at 11:12 PM

    I am so excited seeing your process! I am wishing you MUCH luck with the selling! :)

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  4. AnonymousMay 31, 2011 at 2:21 AM

    Great series. Love following along. Excellent job, and super cute.

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  5. Karen May 31, 2011 at 8:38 AM

    Thanks for the tips. I haven't sold anything on Craigslist yet, but have a rug I'd like to part with. Smart idea to keep the piece in the garage when someone comes to have a look.

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  6. Tammy@Beatrice BanksMay 31, 2011 at 9:02 AM

    Great tips! You are one smart cookie!

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  7. {northern cottage}May 31, 2011 at 11:28 AM

    mmmm gorgeous! I would come buy that table NOW! happy spring/summer!

    www.northerncottage.blogspot.com

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  8. tarynddavidsonMay 31, 2011 at 11:59 AM

    I love this piece, and as I told you my grandparents have this set (still in wood color)... Hmmmm... wondering if they will miss their kitchen table?

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  9. {northern cottage}May 31, 2011 at 12:15 PM

    so glad I found your blog...i'm your newest follower!

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  10. TabithaMay 31, 2011 at 2:30 PM

    I've never sold on Craigslist before. Thanks a bunch for the tips! :-)

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  11. Vivienne @ the V SpotMay 31, 2011 at 2:33 PM

    Great post! Really good tips about the pricing.

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  12. Tina SchieferMay 31, 2011 at 2:54 PM

    PLEASE! PLEASE! PLEASE! BE SAFE when inviting strangers to your home from an advertisement. I know first-hand of an incident of a car being "looked" at and the owner ending up deceased...I will spare you the gorrey details, but PLEASE do not have any one come to your home without someone else with you!!!

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  13. Gloria FoxMay 31, 2011 at 8:22 PM

    Thanks for this series, I just found it through TLC's link party. I just sold my first pieces on CL and now have a new customer that gave me a list of things she's looking for. Pricing was the hardest part for me to decide on. I now think that I sold too low, but at least it sold fast. Thanks again...new follower here.

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  14. The Vintique ObjectMay 31, 2011 at 8:41 PM

    I really like thre things about this post.

    1) How you styled your finish product! So pretty.

    2) The fact that you pay yourself $25 an hour. Great advice for flipping!

    3) That you should up the low price you are willing to accept to account for bargaining.

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  15. UnknownJune 1, 2011 at 9:26 PM

    Love your table. Great tips! One thing I have found is that people ask when you will be home to see it or pick something up. I will give them a day and time, but never will say that we work during the day, have to go to hockey, etc. While most people are really honest, I still try not to give my address until right before pick up (just the general intersection/town in the listing).
    I'm going to go read more of your posts now.

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  16. Denise @ nestandbloom.comJune 2, 2011 at 11:14 AM

    I love how the table and chairs turned out. You did a really great job!

    Good advice on selling it too! Thanks!

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  17. Hollie @ I'm Busy ProcrastinatingJune 3, 2011 at 2:12 PM

    Nice series. I have recently started purchasing furniture on CL to fix them up. Right now I'm working on my own home, but I'm hoping to redo items for sale in the future.

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  18. RandiJune 4, 2011 at 8:08 AM

    I agree with Tina's comment above. Be careful. Same thing happened near where I live. A guy put his motorcycle up for sale on Craig's List and someone came to look at it, shot him and took off on the motorcycle. Most people are good, but you never know.

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  19. AnonymousJune 5, 2011 at 1:35 AM

    Great tips. I have sold several pieces recently....a chandalier I got for $20 for 100...a dresser.
    Thanks for sharing.

    Benita

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  20. Sue@Uniquely ChicJune 5, 2011 at 10:17 PM

    Awesome insight and tips...I CL too and do Etsy. Your table and chairs are going to be snatched up in a heartbeat!!!

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  21. All That GlittersJune 12, 2011 at 8:05 PM

    Beautiful table and wonderful tips!

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  22. RuthJune 19, 2011 at 6:05 PM

    Great tips here. You have to be careful but itcertainly can be worth it. The table and chairs look good.

    Ruth

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  23. fran @ eleven-o-oneJune 19, 2011 at 9:50 PM

    Hi Sarah,
    I read this post a couple of weeks ago. Then Friday, I posted my first painted project. (I'd sold other things before but not my work). Anyway, it was great advice. I sold it Saturday morning! Thanks for sharing.

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  24. AnonymousJuly 9, 2011 at 1:16 AM

    Great post! Love the refinished table and chairs. Yes, be careful not only with selling on craigslist, but when you go to a home as a buyer. I let my daughter know the address of where I am going. I call her when I get there and call here when I leave. I would never go into a home if I had an uneasy feeling. I believe in tuition, and there is nothing so important to risk my safety.
    Something else I find very helpful in selling on CL is to mention "if you are viewing this ad, then it is still available".

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