The following steps will guide you through the process of pricing your used furniture:
1) Identifying your furniture
Does your furniture come with a brand name and a model number? If so, are you able to find it still on sale in the market? How much does a new piece currently sell for? Reference its price, and use that as a starting point.
There are many furnitures that don’t bear any branding or model numbers, for these items, you’ll need to cross-reference them with similar furniture. Note the following things about your furniture – type of furniture, type of material, any distinctive features, country of origin, and other descriptions that will help you refine down the search. Do a search online, you can also look to the catalogues for references.
If your item has been lying around for quite some time, you’d want to be certain whether the used furniture might actually be an antique. According to the US customs office, items that are 100 years or older is considered as an antique. Vintage furniture, on the other hand, are items made in the last 99 years. A proper assessment of your old item will involve consultations with antique dealers.
2) Evaluate its condition
When you’ve referenced exact or similar models of furniture for a starting price to work down from, you can then begin to factor in the condition of your used furniture into the price. Identify the damages on your furniture, which one of them are aesthetic, which one of them affects the functionality of the furniture.
Furniture that are made for display will depreciate a lot more from aesthetic damage, on the other hand, furniture of a more functional nature , for example, a mattress, will depreciate a lot more from things working less effectively than they used to, for example the springs in the mattress.
There is no set amount of deduction for each kind of wear and tear, but one thing to bear in mind is – if the furniture is no longer able to fulfil its main functions satisfactorily, it might be better to give it away or discard it.
3) Pricing the furniture
Armed with all the information of your used furniture, use it to create 3 prices – 1) your desired price, 2) your haggle price (higher than your desired price), 3) your minimum price (the lowest you’re willing to go).
4) Selling Online and Re-Pricing
You’ll want to offer your furniture at your haggle price first, it’ll give you more room to decrease the price if necessary (it usually is). Put that price up on different places, the first place you should try is online – on forums, classifieds, social networks, etc. Depending on how much time you’re willing to spend in selling your furniture, the reductions that you make to your haggle price (if nobody takes you up on your offer) can be gradual, or you can lower the price significantly each time, to speed up the selling process.
During your selling process, it would be helpful to illustrate (through your ad post) the original price of the furniture, your proposed price, and the savings the buyer is making; this makes the buyer feel that they’re able to make a more educated purchase decision.
When someone eventually makes an offer to buy your used furniture, expect some haggling. Again, depending on the time and effort you’re willing to invest in the sale, you might choose to wait for a more desirable offer, or make further concessions to your price.
5) Selling to the Dealers
We advise that you start online first, because your used furniture will sell for less to a dealer or consignment store. These businesses make a commission by reselling your item, so be prepared to take a little less money for your good. On the other hand, you might want to consider this option if time a constraint for you, and you’re looking to sell the furniture as quickly as possible.