Five Mistakes to Avoid when Raising Cash Quickly

When there is a loss of employment or other source of income in the household an individuals may have to come up with some creative ways to make the extra money to cover expenses. You may have to resort to selling items in your household, if you find yourself in this situation educating yourself and not acting out of desperation will help you avoid losing money or being ripped off.

Tips for selling your items

1. Do your research.

Knowing the value of your item will allow you to set your price. It is okay to set the price a little higher than what you are actually willing to take for it, this will give you and the potential buyer room to dicker the price. The buyer feels like they got a bargain and you get what you want for the item. For example, if you are selling a vehicle, take a gander at the used car ads, local shopper guides and newspaper to see what similar items are going for.

2. Appropriate season

To get the most out of your item, make sure that you are selling the item when it is in most demand. Selling a snow mobile in the middle of summer will not bring a good price, however get six feet of snow and you will have a hot item.

3. Do not seem desperate

A potential buyer is out for the best bargain possible, if they sense your desperation, they will feed on this and will not offer you what they may be willing to give. Do not post the item as a “Must Sell”, this invites a small price for something that you should be able to pull a good profit on.

4. Inventory wisely

Do not sell items that you will have to replace, you will essentially be giving the buyer the deal and paying more to purchase the item new again. Only sell what you absolutely have to. Make sure that it is something you can live without.

5. Market your item

Market your item where it will get the most exposure, the more people that are aware of what you have for sell will get you more offers. Spread the word, networking is a good selling tool. Use all the free marketing tools in your area, many local shopper’s guides and ads will list your item free, seek these options, buyers often will purchase these print items knowing that they are full of good items.

Pitfalls of selling your items

1. Selling items because you need money is never a good time, you will be willing to take a cheaper price than if you did not actually need the money.
2. You may find yourself paying more to replace items in the future.
3. Items may have sentimental value and hard to part with, these items are not replaceable, such as family heirlooms and treasures that have been past down from generation to generation.
4. Replacing the items may take a long period of time.

Bottom line is that you would not be selling your items if you absolutely did not have to, keep this in mind when you are doing your inventory and deciding what to sell. If the sell of an item is going to cost you more to replace, then you need to reconsider. Only sell what you can afford to, do not sell items for fun money, only sell for the necessities. Make wise choices on what you decide to sell. Be aware of all marketing tools that are out there. Be willing to dicker your price. Doing your research will give you the upper hand. Sell with confidence not desperation. Remember that this is only a temporary set back, stay positive and continue with your job search to get your life back on track.