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From Closet To Rack Making Money Consigning

Updated on January 29, 2008

From Closet to Rack

 

From CloSeT to rAcK

Did you know there could be $200 or more hidden in your closet? Many Americans take threads too seriously. Why do we hold onto clothes that just don't suit us anymore? It's true. Many of us find that parting with our favorite sweater from last year is an unbearable thought, and yet we have only worn that sweater twice. I had a sky blue designer suit that was worth $450. It still had the tags on it and I just never got around to wearing it. My hips became bigger than I'll admit and I could no longer fit into it. I justified that I would lose the weight, aferall $450 is a good reason to lose weight. However I failed to ever do so and there it sat in my closet in need of a body to borrow besides mine. I finally found the perfect timing to part with it, however it came with many groans I can say. I consigned it and made $100 from the sale because of the original tags and wonderful condition.

So hopefully this gave you a monetary incentive to rummage through your closets this Spring. You just might discover your next paycheck. I've included some handy advice to get the most for your money.

1. Make sure the garment is gently used and clean (free of spots, rips, tears or discoloration.)

2. The garment should be dated no later than 1 - 2 years, some shops will only accept the past two seasons.

3. Usually season consignment will apply which means summer clothes consignment opens usually around March - July and Winter consignment accepted around September - January. These months could vary depending upon consignment location.

4. Some consignment shops have a maximum limit of items they will accept from one consigner and a throw out rule if the item is not sold within a reasonable period of time. Any item not picked up if unsold will normally be donated to an organization like Goodwill. Every effort is made to sale the item such as placing on a clearance rack before it is donated if not picked up by consigner.

5. Make sure a two piece suit or three piece outfit has all of it's pieces together. Pricing on an item goes up on a complete set. Some consignment shops may not know that the two piece outfit you take in really has a third piece to it, but the price the consignment shop can justify will definately make it worth it by completing your set.

6. Resist the urge to shop at the consignment shop. This dips into the profit you haven't even made yet. The idea is to make money not spend it. So this is a "do not do" principle.

7. Keep your eye out for rare finds if you happen to be stop at a yard sale. This might mean the difference of paying $2.00 for an outfit and making a $17profit.

8. Let's do the math:

An outfit that you have is valued at $30 consigning

Your possible return is $12 - $15

You take in three outfits valued at the consigment for $30 each

You have potential of earning $36 (low end) to $45 high end for these three outfits.

9. Don't forget Shoes, Shoes, Shoes. Smaller women's shoes and larger women's shoes are very coveted. These sizes are often hard as there is great competition. A pair of shoes can bring in a nice price especially if they are designer shoes. And don't forget handbags either. Just make sure it's an authentic handbag. Most people can spot the difference if they purchase handbags. But then again if someone is that picky why would they shop at a consignment shop, right.

10. Once you establish yourself as a trusted consigner, and develop repore with the consignement shop owner it will be fairly easy to set up a meeting with him or her to check your goods and get true value for them each season.

11. If you are interested in tax deduction for your donations to organizations like Goodwill, pick up your items before they are donated so you can cash in on the donation and not the consignment shop.

Fine Designers/Good Money

Gucci, Prada, Chanel, Louis Vuitton, St. John, Roberto Cavalli, Christian Dior, Hermes, Fendi, Manolo Blahnik, Judith Leiber, Moschino, Dolce & Gabbana, Giorgio Armani, Sue Wong, Richard Tyler, Marc Jacobs, Chloe, Diane Von Furstenberg, Donna Karan, Ralph Lauren, GianFranco Ferre, Versace, Elie Tahari, Voyage, Costume National, Issey Miyake, Casadei, Emanuel Ungaro, Seven, Paper Denim & Cloth, Yves Saint Laurent, Karl Lagerfield, Vivienne Tam, Jill Sander, Valentino, Norma Kamali, Salvatore Ferragamo, Giuseppe Zanotti and other fine European Designers.

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