Choosing the right selling price for furniture may not be something easy. Several factors influence the selling price of furniture.
If you know the right price, you can maximize your profits. Of course, furniture owners must understand what factors determine the rise and fall of prices, especially when second-hand items are sold.
Another thing you should not forget is where you will sell your furniture. In the digital era, some online platforms provide useful services for those who want to sell furniture and give pricing considerations.
Organizing your furniture sales
You need to polish, clean, and wash furniture to boost sales. After cleaning, the furniture can be sold easily, and the price is affordable.
On worn furniture, remove any stains, straighten the edges, and then paint. A fresh layer of paint can make an outdated table look like a new item if done right.
Make minor repairs as soon as possible. If you expect the buyer to do the reparation, the selling price will be much lower. Search for prices of similar items online. Take a look at the latest trends.
See what eBay, Etsy, and Craigslist vendors are asking for their items. They are useful as references for the first-time seller. Most furniture owners rely on the internet to obtain real-time prices.
Pricing approach for furniture sales
You choose between 70% and 80% of the original price. The easiest method to determine the price is by subtracting 20% of your purchase cost.
It is recognized as an industry standard and acceptable for second-hand furniture. It is just a general guideline that doesn’t have fixed rules.
You should sell the furniture for 20% less than what you bought it for if the item is almost in new condition. If there are dings, holes, scratches, or other issues, the price is 30% less and even reaches 50% if the condition is bad.
In general, things lose their value over time. Deduct 5% for every one or two years when you have older furniture. For example, a table used for ten years can only sell for half the price of what you bought it for.
Furniture loses its value over time, just like houses and vehicles. Unless it’s an antique or a unique design, the price will go up with every additional year you have.
Additional factors that affect furniture prices
Material, design, functionality, and construction deserve attention closely. You don’t have to be a carpenter to appreciate excellence.
Sturdy furniture can bear weight, does not wobble, and has tight joints. You can feel it after touch it. Otherwise, be prepared to pay less than you did when you first bought it.
If the product has excellent built, you may be able to recoup some of your investment. Get an expert valuation for your antique items and furniture. Often, the value of antiques increases from when they were first acquired.
Unless you are a professional or willing to do significant research into related items, you should ask an expert.
Stores usually have qualified appraisers on staff who can give you an immediate assessment of the potential selling price.
How to create a quote for furniture
Rarely do you have the opportunity to haggle over the price? If this situation happens, make some decisions before negotiations.
You prepare the strategy to bargain before starting the process so that you feel much easier. Price it as cheaply as you can.
Pricing also includes the intention you have to decide whether to let the furniture go or not. From this point, you calculate the starting price.
It may be lower to catch the attention of people who want to buy badly. This buyer is easy to negotiate, and lowering the price will give the next opportunity just in case you have another product to sell.
One thing you cannot forget is the cost of transporting or moving the product. The deal will enlist the cost related to shipping and installation, including insurance.
Few potential buyers retreat after knowing the shipping cost exceeds the product’s price.
Choosing the right price for second-hand furniture
Before creating an offer, check for similar furniture. It is best not to purchase valuing at least five items unless you have an experience or expertise in this field. Monitor price fluctuations and ask the seller about any discrepancies.
If you intend to buy specific furniture, find out how much it costs. Ask about the history and age. You enquire further about improvements that have been made or will be made.
Sellers usually avoid admitting that their products have some flaws, but by investigating, you can get an idea of the cost. Check the quality of the design and structure. You want stiff joints and no mobility.
Avoid investing more money into anything if it is not properly made. Instead, follow your instincts. If there are dents or scratches, you can try to make a lower offer than what the seller is asking for.
What you’re prepared to spend on furniture
Before visiting the merchant, you decide early how much you can pay. If you want the item and have researched to find a fair price, make an offer.
It’s necessary if you also include an offer with a few solid references of comparable prices.
Determine the maximum price you can afford. Decide on this matter immediately so you can depart if prices rise excessively. Make your preferred price clear.
You need to be sincere and to the point when negotiating to get the right price you desire. If the price is fixed and there is no chance to lower, you must leave and not negotiate.
How much did the old furniture cost?
An old item with antiquity does not decrease its value. If treated properly, it can improve over time. There is no easy way to value antiques unless you are a professional appraiser.
You have two approaches when having a valuable item. Firstly, you rely on the third part, an expert, to do the appraisal. Secondly, you decide to do your work to value after extensive research.
Both have pros and cons that make the pricing quite complicated.
You do not forget that the buyer is also a critical factor. He or she makes an offer on how much to spend on such furniture. As people say, the price for anything is often negotiable.