So you’ve been thinking about trying liquidation.com. Here is your chance to enter to win one your choice of 3 types codes. The winner will be picked this Friday on 6/22/2018 on the live show on YouTube.
Winner will have a choice of one of the following
discount to the auction of $20
discount to the auction of 10%
$40 off shipping
All you have to do is email me with the answers to the questions below. All who answer the bottom questions below will be entered in the drawing.
Q: What are the costs of an auction on Liquidation.com? (looking for 3 types)
Q: What auction formats can you see on Liquidation.com? (looking for 4 types)
I’ve been purchasing liquidated items for over a year and a half now and I’m not an expert by any means. But the process I have developed helps me get the best product at the best price from Liquidation.com.
Same Seller: Find a seller that works for you. You can discover them from trying new ones out of the blue or discussions with current resellers. I find out a lot of my tips and tricks through my own trial and error, but also through a large Facebook group that I have formed relationships with resellers and liquidators. You can visit their group here.
Make a List of Products: Once you start to get the hang of reselling then try and stick to the same items that do well. I have started a running list of products that I intentionally comb through manifests to find. Once I find these manifests I add the auctions to my wishlist. I then look up other other high priced items on the list to gauge profit.
Homework: Make sure you put in your homework and comb the manifest prior to bidding and check your shipping costs. I take the top 10 or so items and look up their value on eBay. I look at what they are actually selling for, not what they’re listed at or what their MSRP is. Ultimately their value is only as good as what they are selling for. To understand your net profit then before bidding make sure to quote your shipping cost so you know what your total cost is all and what you can expect to sell your items for.
Gut Check: Keep your wits about you when you’re bidding. Don’t let the thrill of bidding and getting new product keep you hooked into bidding. If the bidding gets too high, meaning it gets over what you think your profit could be on that total auction then let it go. There will always be similar auctions with similar products.
The only secret is doing your homework and networking. It will not guarantee that you will make money but it will increase your odds of winning. You will make as much as the effort you put back into this process.
-Chris
LiquidationOH@gmail.com
Want to follow my day to day? Please subscribe to my YouTube channel and follow along!
As I review August 2017 sales numbers, I can’t help but think where did all the sales go?! Earlier in the summer I was selling anywhere between 5 to 10 items a night. Now I’m selling between 1 and 3 items a night on average. Now my dilemma is how do I handle this turn in sales?
Now here is a little history on my journey into liquidation in liquidation. I learned about liquidation through a newspaper at about someone who bought liquidated cell phone cases. The kicker was that he eventually went full time in it. Now how could he do this?! This intrigued me as I have been into part time reselling on eBay since 2003, but I only sold items around the house and the occasional flip from goodwill. The idea of getting store return merchandise to sell in bulk was very interesting! And now here I am only 1.5 years into it, so I’m still learning. I will save the full story for another post!
My dwindling sales have led me to a couple of issues both good and bad! Let’s begin with the good.
Good Issues: Listing Inventory and Creating Sales:
The downturn in sales have given me more time to list instead of ship. I have been going through all my merchandise and making sure it’s listed to sell. I also am able to run more sales so to entice more buyers. Creating these sales has enabled me to blowout some old inventory to create room for new inventory but I haven’t been buying as much as I used to at the moment.
I’m able to put more of my focus on the smaller value items and get them listed. Usually I concentrate only on the high value items in the lot, sell them, profit, and move on to the next lot leaving the small items sitting on the shelf. This is a lesson learned as these items have been the ones selling consistently. If I can learn to thoroughly go through the lot and list everything before going to the next I will step up my sales to the next level.
They say the more you list then the more you’ll sell. I agree with this as I keep listing more and more, the likelihood of a sale increases. Who knows if I didn’t have as many listing as I do now, then I probably wouldn’t have ANY sales.
Bad Issues: Less Inventory Coming In:
Sales have slowed going out which also has slowed inventory coming in. Since I’m not selling as much I have been hesitant to bring more stuff in. Not only would i be tying up capital, but i would my shelves would be overflowing. I would rather grow inventory slowly, even though I love the thrill of buying new boxes of product! If I had the help to bring more product and list more then I would continue to buy even though I would be selling less.
This downturn in sales has allowed me to learn how to not only grow my business but enhance my overall profitability per lot. If I slow down buying inventory and consistently list each and all items in the lot then I will be able to move more inventory. Developing processes and creating consistency is key to efficiently moving product!
-Chris
LiquidationOH@gmail.com
Want to learn step by step how to excel in the liquidation business or do you simply have questions?This book will answer everything for you!
When you’re first starting out at reselling, I would guess the first question you’re going to ask is what do I sell and where do I get?
Look Around You
I would recommend any reseller who wants to scale their reselling business look at this option first as it is the most cost effective solution to someone who wants to start out. Everyone has items in their house that they are looking to get rid of, and why not use these products to make some money. That pair of jeans in the back of your closet that you have not worn in a year, sell them! The old iPod sitting in your desk drawer? Sell it! Not only will this give you capital to grow and move into the options described next, but it will test if this is something you are interested in and want to grow. It will also give you a taste of what selling platforms that you like best and you understand how to work them to your benefit. Once you’ve perfected selling items around you and choosing a platform or two, then I suggest you move to the next options.
Thrift Stores
Thrift stores such as Goodwill and Salvation Army will potentially have items that you can sell. The variability of finding sellable items is dependent on the market you are in as well as what items have been donated. There have been instances where someone has found a large priced item for cheap, but it is hit or miss. Also as it depends on the store, but I have seen Goodwill stores that are priced very cheaply so as the majority of items allow for a large profit. I have also seen Goodwill stores that have researched online and discovered the items that they are selling are worth money and then they try to sell that same item for the price on eBay. Again this open will take multiple tries and lots of digging to find good products.
Retail Arbitrage/Online Arbitrage
The process of retail arbitrage or online arbitrage is the buyer going to a store or online store and finding good deals for reselling. For example, someone finds that Target is having a large discount on a certain video game or household item. This would mean you would go to that store and purchase it for the sale price and resell it for higher on a different platform such as eBay or Amazon. The same holds true for an online platform. Maybe Amazon has a black Friday sale on NES consoles for $50 dollars. You would then try to buy as many as possible and then resell them on eBay for $200 as an example.
Liquidation has currently provided me the most opportunity to turn a profit, but these options also have the highest risk. You can buy an auction of liquidation merchandise and lose your shorts. It is important to dip your toe in before you buy a full truckload of returned merchandise. Because what could happen is that full truckload is full of junk, you lose money, become discouraged and quit. You need to start small and grow commensurate with your profits. I would not recommend buying thousands of dollars of inventory only to learn you bought at the tail end of a trend. Purchase to what you know and grow one step at a time! I will explain the different options of where you can source small lots to grow your profits and expertise in sourcing the right product to make you a profit in the wholesale and liquidation business.
-Chris
LiquidationOH@gmail.com
Want to learn step by step how to excel in the liquidation business or do you simply have questions?This book will answer everything for you!
I had a great Friday night in sales. After shipping, PayPal and eBay fees I made over $175 in profit. While I usually do Buy It Now on eBay, it does provide some unpredictability when expecting to ship items. My main channel of selling items is through eBay. Here’s how I list my items on eBay
Some Tips at How I List Items on eBay
Tips for listing on eBay
Buy It Now. When you know the value of your product, or the price at which your comfortable to let it sell for. This option provides some unpredictability when you’re expecting to sell stuff, but does allow multiple items to be listing and relisting is automatic if you set the timing to “Good until cancelled”.
Auctions. Rarely do I use auctions anymore as you have to continuously relist items when they do not sell. Plus you use up all your free listings on this option.
I never list the starting price at $0.99. I start the auctions at a price I’m willing to let them go for even if I only get one bid. I also research prices that that item is currently listed for on eBay and try to list below the lowest listed.
Shipping. I have the best success when I list items with Free Shipping. I feel buyers are attracted to auctions where shipping is free. Sometimes I will add shipping when I’m not as concerned with an item selling, so if its sells even better.
Returns. I also accept returns. I feel that no matter what you select (no returns, 14 day returns or 30), eBay will always force the seller to accept a return no matter what. So accept the return and resell it. 90% of the time my returned item sells very quickly.
Please reference my videos for more tips and tricks! at:
I wanted to give you some insight to my last auction unboxing from Liquidation.com. Whenever I get new auctions I always make sure to go through every item. In my latest box I received the item you see in the attached picture. Well needless to say when I opened the SteamLink controller, it was a used, battered XBOX controller that most likely didn’t work. If I didn’t do my due diligence and open and test items, I most likely would’ve been guaranteed a negative feedback on eBay.
Open All Items – Be sure to open all items and validate the exact item is in there, with cords, and instructions (not always needed).
Test Items – Test the item to the best of your capability. If you can only test for power then do it. If you can test for power AND functionality then DO IT. The more you’re able to test the item, then the more money you’ll be able to get.
Learn – You will be getting items in your auctions you probably would never buy for yourself. You will get familiar with products and how they work. Its a learning experience. If you’re really ambitious you might get into the world fixing items from beginner to expert. (I learned how to solder!
Similar Items – Sometimes I run into trouble if I use sell similar in my listings, I will inherit the version details of that listing. If i’m not careful there might be a discrepency of the version listed verses what I actually have. Pay attention to model numbers and items you’re including. You don’t want it to say you have the charging cord when you do not have it!
Take the time to learn your items and provide the best possible inventory for your buyers. The more time you put in, the more money you’ll make.
I see a lot of questions online about types of liquidated merchandise. If you do not understand what you are buying you won’t receive the product you’re expecting and will probably be unhappy. When you are looking at auctions you want to understand exactly what you are getting. You are putting a lot of money on the table so let’s understand what we are getting into.
I mainly stick to returned items as I know 80-90% of the items will be in working condition or probably brand new. If items are defective I usually try to fix them, or I will sell them as broken.
Definition Source: www.liquidation.com
New
New assets are in original packaging and possess all of the characteristics, qualities and features as advertised by the manufacturer.
Traditionally, they are overstock items that were never offered for sale in a retail environment or used in any way.
Refurbished
Refurbished assets are used, but have been inspected, tested and restored to fully working condition. They rarely come in their original packaging and seldom contain any documentation or any additional parts and/or accessories.
Due to their operational history, refurbished assets possess noticeable cosmetic defects and/or blemishes, including but not limited to dents, scratches and signs of age.
Returns
Returned merchandise were assets sold to a customer, who then either physically brought the item back to a store or mailed it to a specified location. Reasons for returning a product may not have any correlation to its utility (i.e., size, color, model, etc.), and as a result may be in fine working order.
The majority of returns, however, do have some operational and/or cosmetic problems. Depending on a company’s return policy, these items may also reflect a measurable amount of use. In addition, since most of these items are sent through a reverse supply chain (e.g. from a customer back to a store or a centralized warehouse), they can show signs of further handling.
They generally do not come in their original packaging and often do not have any of the advertised documentation or additional parts and/or accessories. Accordingly, returns can exhibit a wide range of individual product and package conditions that can differ substantially from the original manufacturing.
Shelf Pulls
Shelf pulls were assets previously available for sale in a retail environment, but were never sold. They usually possess one or more price tags and/or stickers, indicating multiple markdowns and have been exposed to appreciable customer contact.
In addition, since most of these items are sent through a reverse supply chain (e.g. from a retailer back to a centralized warehouse), they can show signs of further handling. Accordingly, Shelf Pulls may exhibit a wide range of individual product and package conditions that can differ substantially from the original manufacturing.
Used
Used assets were previously sold, put into use and possess noticeable cosmetic defects and blemishes, including but not limited to dent, scratches and signs of age. Since these assets are usually pulled from a working environment, they rarely come in their original packaging and rarely contain any documentation, additional parts and/or accessories. They are minimally tested to meet the basic requirements of functionality, and therefore may not be in optimal working condition as they may require additional maintenance and repair.
Salvage
Salvage assets have been identified as defective for reasons concerning their functionality, appearance or both. Salvage assets usually can only be used for parts and are therefore recommended for professional buyers specialized in repairs or resale parts.
Please do your research as you’re buying these items, so you could turn your hard earned cash into profits!
How do I choose what items do I buy and resell from Liquidation.com?
What to choose?
I get tons of questions of how do you know what to buy and resell. Many people want to get started in the liquidation business but have no idea of what they want to get into. They continuously hunt for the hot items or the items they think will get them the most return on their money. While that may work for a little bit or it may work a lot for some, I don’t always agree. My answer to that question is what is your passion?
For myself I chose electronics and tools as those are items I not only love to buy, but I love to use them. I tend to stay up to date on the newest items coming out and what to look for. I also use these products everyday and research them. Maybe you love to cook or are a sneaker head. You too will understand the newest items and will have an acute sense of how to use items and which ones to look for…or which ones to avoid.
Passion – If you find something you love to buy and sell I fell if makes it more enjoyable for you. You will always know more about the products and what is hot or not. If you buy something just for the money, you will not be as interested in understanding its market value.
Hot or Not – If you don’t buy products you have some vested interest in then you might not understand the ebb and flow of their resell value. If I didn’t understand electronics and someone was selling a large load of an outdated item, I might be in for a rude awakening.
Knowledge – If I buy items that I continuously inspect and have a keen understanding of how they work then I will be handy with them. What I mean is that as you know more than likely you will come across many products that are broken or missing parts. If you know how they work you will have the ability to fix them, and gain a new skill potentially. For example I taught myself how to solder so I can repair some of the items I get. Youtube has also been my friend as I learn how to tear down items quickly and carefully to fix them.
Those are some of the tips I used when selecting which products to look for on liquidation.com. These help me select auctions that will make me money verses which auctions I can let the next person lose money on!
I use liquidation.com to source all of my products currently for selling online. I go to their website daily to look for auctions on two categories that I love. You do not need a business license or special privileges to bid on their auctions. Depending on the state, you might need to submit sales tax, but their website will explain which states. I keep track of the auctions through their watchlist feature. I want to walk you through how their website works.
eBay – Their auctions function a little like eBay’s auctions work. You find the auctions you want and click into them. You then submit a price that you’re willing to pay for the auction in the bid field. Keep in mind this is for product cost only.
Auction Costs – The other costs include shipping and buyers premium. Buyers premium for any auction i’ve seen is 8%. BEFORE you bid make sure to get a shipping quote. You can click on shipping options below and click “get a quote”. All you have to do is put in your address and if its a residential or business address.
COSTS INCLUDE THE FOLLOWING
Bid price + Buyers Premium + Shipping Cost. In some states you’ll have tax added on.
Multiple Auction Shipping Costs – If you win multiple auctions you will have the ability to consolidate shipping costs. I will call them and ask what my options are for lowered shipping costs. Only if my auction shipping costs are higher than the minimums will I call and get consolidated shipping. For me the minimums currently are $40 from Indiana and $86 from Vegas (I’m currently in Ohio).
Auction Sniping – Sniping auctions does not exist with liquidation.com auctions. If you bid within the last 5 minutes of the auction ending then the auction will extend out 5 minutes. There are some tips I use here. I will wait until the auction is close to closing until I bid on items as if I bid too early then I just drive the price of the auction up.
Why? – I have tremendous success with auctions from Liquidation.com. They are a great company to work with and supply great products. Their manifests have matched against everything Ive purchased from them. I know exactly what I’m bidding on and the quality I expect. ALWAYS check the manifests to validate what you’re getting. Keep in mind there is some risk with purchasing “returns” as there will be some items that don’t work. I have always been able to recoup my costs.
Secret Tip: Make sure their MSRP values match against the market value at the time. Take the first few high priced items in your manifest and validate them in eBay. There have been some times where their value doesn’t match against what they’re actually worth.
What are some concerns you may have in purchasing liquidation items?
My next blog will go through how I search for items and what I do to sell them.
How do I find the items I want on Liquidation.com?
Some tips on how to find items that you can sell
I wanted to give everyone some insight on how to not only search for auctions but how to search for specific items within auctions.
Search Options:
Category Browsing
As you can see in the snip above you can select general categories to look at all the auctions for each grouping. This is how I started out searching for the auctions to target within the electronics and tools categories. Doing it this way allows you to see all the sellers and different types of items in each category. Once you dig into it at a high level there are options for you to narrow down your targets by auction type, warehouse, and auction price to name a few.
Specific Item Search
If you use the box at the top of the website you can actually search for specific items. When you click search you will see all the auctions with that specific word in them. So for example if you search the word “Nest”, you might see auctions for Baby items having a blanket with the word nest in it, or tool auctions with the Nest Thermostat. Once you search for the item I would suggest you go into each auction and READ the manifests.
Secret Tip: If you search for multi-word items encased in double quotes then it will return auctions with that specific word combination in them not just bits and pieces. For example if I search “Nest Thermostat”, I most likely will only see tool auctions while excluding the baby ones that might appear should I not have used double quotes.
Make it a Habit – I make a habit of checking Liquidation.com daily to search for auctions. As I search for auctions, I add the ones I like to my watchlist (see below photo where it says “Add to My Watchlist”. Once they are in my watch list I monitor them from they “My Account” screen.
Create an Item List – No matter the category, as I become familiar with the products I’m selling I notate the ones that consistently sell and sell for a high price on a piece of paper or electronically. These items are going to be the ones that allow you to recoup your expenses for the lot. Usually I make my money back from only selling the top 10% of items from each auction. These items are then what I search for when I’m searching for item specific auctions.
Stick with a Seller – I tend to stick with one seller as I then get to know what to expect from them. This may bode well for beginners as they know what to expect. If I’m continuing to see good items and my expectations are met, then I will only look for auctions with those that match my previous experience. Only when I’m looking to grow my business or when I want to seek products that only other sellers offer will I then venture to a new seller.
Boundaries – I always keep track of auction cost verses value of the auction. Just because the auction has an item I really really want, I will NOT continue to bid. If the auction price surpasses what my return will be I leave it alone. There will be plenty of other auctions with that same item in them.
I’d love to hear your tips on winning auctions and finding items that you love to sell from Liquidation.com
