One of the common problems resellers face is turning product quick enough with a decent enough profit. Resellers that don’t have product sitting around are most likely selling items too cheap and are leaving a significant amount of money on the table.
I average a 60-70% profit margin on my items so I don’t mind when product takes a few months to sell. This is just a part of doing business for me.
If you’re new to the resale world, you need to make sure you have enough space to store many items. Lots of items.
Some things you buy will turn within a couple of days but most of it is going to take much longer.
For example, I just sold a dress shirt I’ve had listed for about 1 year. I could have given up on it and drastically reduced the price or given it back to Goodwill, but it was a nice dress shirt. I knew someone would buy it sooner or later. One year later and I’ve made 10 times my money back on a shirt that was taking up very little space.
Obviously, another key factor is to check what other similar items are selling for. If you’re item hasn’t sold after 60 days, reevaluate and check if you need to reduce your price to regain competitiveness. Often times, you just listed it too high and the market took an unfortunate dive after you purchased the item.
But in reality if the item isn’t taking up significant room and isn’t costing you money each month that it doesn’t sell, then there’s no harm in continually listing it until it finally sells.
Patience will pay off in the resale world.