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Posted: Tuesday, 07 July 2009 10:03AM
How to price and promote your garage sale
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From the city to the suburbs, the number of homeowners getting permits for garage sales has doubled, and in some communities tripled. It's all about raising money.
Today's garage sales are not just about cleaning out your closets. College student Ashley Stice really needs cash.
"I'm hoping that it will get me some money," Stice said. "Very much needed college funds. It's really expensive and I can't afford it."
Whatever the reason, more people are having garage sales. On Craigslist, ads are up 50 percent. To maximize your profits, Estate Sale Expert Diane Hudec says do your homework.
"What I would suggest is do your online research," Hudec said. "Price it a little under what they are selling for online."
That goes for almost everything: coffee makers, toasters, rugs, toys. For example, with a little research, you'll learn that Legos never lose their value, or the family treasure you're willing to sell, like an antique typewriter, is worth more than you thought.
"Wow, look at that. We've got an antique Underwood #5 typewriter that sold for $305," Hudec said.
You can also charge a little more if you clean your goods and replace the batteries. Anything that still has tags should fetch a higher price.
"I wouldn't hesitate to price them at 60 to 70 percent of their original price," Hudec said.
Once you've figured out the pricing, veteran sellers say promotion is next.
"You want to advertise in as many vehicles as you can," Hudec said.
You'll pay an average of $30 to advertise in Chicago newspapers, but there are numerous free Internet sites. To make your ad stand out, include pictures and details.
"With the video games, I would be more specific. Tell them what game system," Hudec said.
To make sure your garage sign doesn't get lost among the masses, Estate Sale Expert Nancy Kirby says add a little color, and maybe even some balloons.
"And on that sign, you might want to say some of the things that you're having; some great electronics or something to bring them," Kirby said.
And advice from shoppers: make some flyers and put them everywhere.
But remember: taping a poster on a city light pole is against the law. According to a city ordinance, you can't put posters on city property. You can put posters on community bulletin boards at your local supermarket or on private property with permission.
You'll learn all the rules when you apply for a garage sale permit, which you need in the city and most suburbs.
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Copyright MMIX, CBS Broadcasting, Inc. All Rights Reserved.
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