I don’t know about you but there have been times when I have went sourcing for items to resell and have been unable to look up comps on my finds. This can happen as the result of poor internet/data connection, limited available time, feeling overwhelmed or crowded at your sourcing spot, or even due to pure laziness. It happens to the best of us! BUT what do we do when we are faced with these challenges??! Today, I wanted to share with you my process for deciding what to purchase when I am unable to look up comps on my finds while sourcing as a full-time reseller.
Past Experience and Sales
There are many factors that I consider when purchasing items for resale, especially when I am unable to look up comps before purchasing. One important factor that I consider when deciding whether or not to purchase an item for resale is my past experience and sales with the same or similar items. As a reseller for 9 years, I have bought and sold many items over the years. When deciding whether or not to purchase an item, I will run through a mental checklist to decide whether or not an item is a potential possibility for resale. This checklist is more of a sorting tool and helps me to narrow down what items are possible pick-ups.
My Checklist:
What is the brand of the item?
How has this brand and style performed for me in the past?
How long ago was my last sale from this brand and in a similar style?
Is there a possibility that this brand and/or style will be saturated in the reselling market?
Is this a trending style?
What is the condition of the item? Are there any flaws that would make it unsellable?
How long do I think that it would take for this item to sell based on past experiences?
Pricing
Another important factor that plays into my selection process is pricing. It is a lot easier to take a chance on an item when it is priced very low compared to when it is marked up. When items are marked up, it can be a little bit tricker to decide what to do. I’m at a point in my reselling journey where I can confidently estimate how much an item will sell for (and this becomes a lot easier to do the more that you resell and do your research). This allows me to make quick sourcing decisions. As someone who is trying to keep their average sales price around $50, I will not purchase an item if I don’t think that I will be able to sell it for that price at a minimum. When finding items that are marked up, I will keep this in mind to ensure that I am maintaining my profit margins.
Return Policy
When it comes to sourcing, each store has their own return policy. Some stores offer a return window after a purchase, while other stores only offer a final sale policy. If your sourcing spot does offer a return policy, there is no harm in researching the item at home and then returning later on it if it was a bad buy. If your sourcing spot does not offer a return policy, then it is worth asking yourself whether or not you will be able to get your cost of goods back when the item eventually sells or if the item is worth leaving behind.
Trust Your Instincts
There have been times when I have went sourcing and have found an unusual item that I would normally leave behind. I cannot explain it but there would be something within me that felt compelled to buy that particular item. When I would then do my research and list the item, it would sell within a few days and for a higher than normal price point. There is no rhyme or reason to this but if you ever feel compelled to buy an item that is out of your comfort zone, do it as it may lead to an amazing sale.
Look at Other Shoppers
When people ask me what to buy when sourcing, I will sometimes joke and say, “If GenZer’s are buying it, then you should buy it too.” As much as I am kidding, there is some validity to this statement. Whenever I am out sourcing, I will always take a step back and ask if an item that I found is something that is currently trending within my customer demographic. For example, if you are trying to appeal to GenZers, then you need to source items that would appeal to them (aka Y2k pieces). If I happened to walk by some GenZers, then I would be paying close attention to the items that they were buying or were picking up. This would be helpful to me when trying to decide what items I should be looking for as a seller who is appealing to that specific demographic.
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