You've probably heard of people flipping houses before or even cars. What generally happens is that they take a run down property or vehicle that needs a little TLC. Then, they fix it up and sell it for a higher price than what they paid for along with how much they spent to fix it up in order to make a profit.
What you may or may not know is that you don't need to be on HGTV flipping homes to make a little profit from other people's used property. Instead, you can sell used items that you've ‘flipped' online.
When you need to make extra money fast, it helps to start selling unwanted items from your home. But that's only a quick fix. Once you've sold everything you have, your extra income will go away unless you make it consistent. Flipping used items you pick up or purchase can help provide you with consistent extra income or even turn into a thriving side business.
Here's how to get started.
Choose Which Items You Want to Sell
When you decide to flip anything for profit it's important to choose a product category that sells well. You'll also want to consider the initial value of the item and what your budget is to invest in inventory.
Are the items you want to sell cheap to purchase used? Can you find them for free on the side of the road? Are there any special places where you can score a discount whether it's a retail store that's closing, an online bargain boutique or a local thrift store?
It also helps to perform research online to see what items are selling best these days or you can check out popular websites like Amazon, eBay and Craigslist to see which items are being advertised most and the price sellers are listing them at.
For example, on eBay, you can check to see if a particular item you are interested in selling has been recently sold by someone else. This will help you get some insight on how popular the item is and how much it sells for so you can determine a realistic price point.
Some items that are best sellers online include:
- Clothes and shoes
- College Textbooks
- Video Games
- Sport-Related Items
- Action Figures
- Household Supplies
- Art and Crafts
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Use the Right Platform
There are certain online platforms that are best for selling specific items and this is important to keep in mind if you're trying to fix up and sell used items. For example, while eBay, Amazon, and Craigslist are great for selling a wide variety of items, if you want to sell clothing, you should consider listing some of your items on sites like Poshmark (best for trendy and designer women's clothing and accessories) or selling them to online consignment shops like ThredUp.
If you're selling a car, Craigslist or the Facebook marketplace may be a good place to create your listing. For used textbooks, sites like TextbookRush.com or BookFinder.com are great platforms to use to reach your target buyer.
Use Descriptive Keywords When Creating Your Listing
Keywords are very important especially if you will be selling items on Amazon or eBay. When listing an item for sale on either of these sites, it’s important to include a detailed description along with relevant keywords that will help your listing show up when shoppers are searching for something similar.
Great keywords include brand names, color, size and details about the condition. Make sure you don’t skip the description portion either. Adding a one to three sentence description for each listing may sound time-consuming, but it will be a way to fit more keywords into your listing and help improve your chances of selling your item(s) online sooner.
The more specific you are, the more potential buyers you will attract.
Make sure you always include a high-quality picture of the item in your listing. You don't need a fancy camera to take pictures when you can utilize natural lighting and the right angles.
When someone inquires about your item, be sure to respond promptly and honestly as this can accelerate the sale. Also, try your best to purchase shipping supplies ahead of time so they'll be ready to go when you get an order.
If you are using Amazon to sell items, you can sign up for Fulfillment by Amazon which is a service that allows you to send your items to an Amazon warehouse so they can be packaged and shipped out for you when you get orders.
Have you ever tried to sell items online before? What types of things would you be interested in flipping to make a profit?