Your closet: The money-maker in your own bedroom

By Kate Gibbons in Entertainment, Fashion, Front Page on Sep 15, 2012 11:17 / comments

Need a few extra dollars for this weekend’s festivities? Did your parents decide that your car insurance is now your responsibility? If so, look no further than your own closet for that extra cash.

If your closet is anything like mine, it has had regular deposits over the last several years from Nordstrom, Anthropologie and J.Crew, all in the form of skinny jeans, chunky necklaces and going-out tops. All of these items are worth something, so it’s time to sell them. Determining your selling platform will be dictated by how quickly you need the money. Like most things, if you want more money, it will take longer to sell them.

Your first step is to decide what you no longer want or need from your closet. The shoes that give you blisters and that top cluttering up your closet should be sold. As a general rule, if you haven’t worn something in a year, it is time for it to go. If you still have the tag or receipt, try to return it immediately. Worst case scenario, you will get in-store credit for the current retail value of the item.

Make money off the clothes in your closet. (CU Independent/Josh Shettler)

After you have sorted your belongings, there are three different avenues to sell them: second-hand shops, consignment shops or eBay. If you need quick cash because it’s Friday afternoon and the weekend beckons, head to Buffalo Exchange (1813 Pearl St.). They buy current season clothing, so call ahead to make sure your items will fit their product needs. After they determine which items they will take, you will have the option of collecting your payment as 50 percent of the new retail value in in-store credit or 30 percent of the price that they would sell it for in cash.

If you are willing to wait a little longer, try a consignment shop. Neither Rags (129 28^thSt.) nor Hip Consignment (1468 Pearl St.) require appointments, but check their websites to see what clothing they are looking for. They will consign your items for four weeks, and once your item sells, both stores will pay 40 percent of the retail price of the item.

If you want the most buck for your stuff, stick to eBay. The key to making money on eBay is having compelling photos and competitive pricing. If you are selling a garment, have a friend put it on or hang it nicely from a hanger. If it is a handbag, stuff it so it doesn’t look flat online. Make sure to capture the front, side and back of the item and include a close-up of any details, like embroidery, hardware or other embellishments.

Once photos are taken, research like-items on the site to come up with an opening price for each thing you are selling. Listings on eBay are free with one photo and additional photos costing 15 cents, so upload accordingly. When building your listing, make sure to include relevant details, such as original retail price, brand and condition.

To receive payment, you will need to set up a PayPal account, which is free, but service fees will apply once items are sold. Decide if you want to include shipping in the price of your item and post it. Auction lengths are determined by the seller but usually range from five to seven days.

Once you receive payment from a buyer, it is your responsibility to ship and provide tracking information for the item. Paypal will release your funds once the item is received by the recipient or after 30 days, depending on the selling arrangement.

Now open up those closet doors and dresser drawers and get selling!

Contact CU Independent Staff Writer Kate Gibbons at Gibbons.kate14@gmail.com.