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
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