You can make passive income on Craigslist or other peer-to-peer classified platforms like Facebook Marketplace and area thrift stores.
Not to oversell the concept, but there are actually people who earn all their living by flipping items on Craigslist! You can also purchase items on Craigslist and resell them on other platforms like eBay. The best part is that you don’t have to turn this into a full-time gig in order to make some cash. By flipping a couple of items every week, you can actually make a few hundred dollars regularly. We share the secrets to making this work for you in this post.
Although flipping items is a pretty straightforward venture, you should make sure you know as much about the business as you possibly can, with a special focus on Craigslist, or any other platform.
Choose High Demand Products That Sell Fast
There are things that will sell well on Craigslist, like air conditioners, washing machines, cell phones, computers, and others that will not. Tip: Look in the “Wanted” section to see if there are people searching for what you are selling in your area and reach out to them. To avoid doing too much work pushing your products, you should try and flip items that usually sell quickly. For instance, cars are great as thousands of them sell on Craigslist every day. But if you are not into flipping cars, you can also try fast-selling things like furniture, technology items, appliances, electronics, mobile phones, home appliances, and so forth.
Obviously, the amount of money you have at your disposal can also determine the kind of products you resell. For instance, you need more money to flip cars than you would need to flip phones. When choosing the kinds of products you would like to sell, you should also take taxes, licenses and so forth into consideration. For instance, to sell cars in some States, you might have to get a dealer’s license. In other cases, you only need the temporary power of attorney. Therefore, to avoid any legal issues, make sure to consult a lawyer in your area.
One way to easily get started is with your own belongings from around your home. If you have some things you never use and want to sell, list them on Craigslist. If they sell quickly for a good price, there may be a demand for it. Further explore how fast that item is selling and purchase a couple (within your budget) to resell them at an added value.
Purchase High Resale Value Items
This process is simple – you just go on Craigslist or any other marketplace and find an item you believe will have greater value once you restore it or post it on Craigslist or another platform with better value. Some ways you can provide more value is by taking better product photos, writing a better description or by restoring the item. You can also sell it on another platform where customers are willing to pay more money like Amazon or eBay. Always try to negotiate the price if possible.
You can carry out product research for popular products on Google Trends. You can also purchase items in garage sales, second hand or thrift stores.
Boost The Item’s Resale Value
You can boost your margin if you can improve the item before selling it. In some cases, you just need to clean up the item properly and you can add a sizable margin to its price. Taking better product photos, writing a more compelling translation or selling it on another, more specialized platform, can boost your resale value.
Selling the items in another language can also add convenience for the buyer. For example, purchasing items on Craigslist in the USA and then reselling them in French on eBay.fr to the French market can boost the resale value. This will also allow you to profit from currency conversion rates. Think outside the box and add more value to the item you are reselling.
Once you are ready to sell the item, post it on Craigslist and set an appropriate price. Make sure you use a good picture and description. You can put the price a little higher as many buyers will often try to hammer out a better deal through negotiations. Otherwise, once you agree on the price, the client can pay and get the item and you will have made some money. Always make sure to meetup in a public place and avoid providing any personal information including your last name, address, bank information or other.
Pro-Tips to Maximizing Your Profits on Craigslist
Here are some pro tips to help you maximize your profits when flipping items on Craigslist.
Take the Best Product Photos Possible: Photos are super important to provide the best possible first impression to potential clients. You can take excellent photos with a cell phone these days. If you want to add extra effects to them, you can use free online software like Canva to embellish them, add text and other features. The camera quality doesn’t matter as much as having excellent lighting. Take photos outdoors on a sunny day if necessary.
Interact with Customers ASAP: The faster you interact with customers, the more chances they will remember contacting you and will be interested in making a purchase. Use a Craigslist mobile app to get live notifications and reply to customers asap.
Detect and Avoid Scams: People asking you to meetup in sketchy places? Others telling you that their mother is sick and they just need some money to pay for an operation? Or maybe they want to pay via direct transfer and have it sent to them by drone! Yeah, these sketchy setups are common so if you have any doubts, avoid them like the plague.
Sell On Your Terms: I can’t tell you the number of times I went out of my way to meetup with a client who never showed. Don’t waste your time and sell on your terms. Meetup in a public place close to your home and make the sale there. If the person is serious, they will go out of their way to show up.
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