Monday, July 9, 2012
Money Monday: Furniture Consignment
Looking for a way to make extra money is as easy as ditching that dresser. In tonight's Money Monday, 7s Lynn Martinez is here to tell us how some are turning old furniture into cash.
Aurora de Arce: "I think it's a wonderful way of changing your furniture or of buying new things. I'm hooked."
The experts say showcasing and selling furniture in consignment stores is an idea that's catching on.
Miriam Gilmore: "I think it's probably the best way. It's the safest way to have your furniture displayed in a showroom setting where you would get the best price for it. Lots of times there's the options of garage sales or thing like that, but that's a lot of work. Garage sales are a lot of work and you're going to sell at garage sale prices."
Exerts say if you want to sell furniture or accessories like art work or chandeliers, the first step is to look online and find a consignment store that specializes in the kind of furniture you want to sell. Then bring it by the store or e-mail a picture with information about the item.
Miriam Gilmore: "We ask that the e-mail include the manufacturer. How long they've had it? And if there's anything wrong it stains or tears or anything that we'd like to know ahead of time."
If the item is in good shape, store owners like Miriam try to re-sell the item for 50 to 75 percent of the retail price then split the profit evenly with the consigner.
If a piece of art originally cost $400 and it sells on consignment for $200, the split would be $100 each.
Aurora de Arce: "OK I brought this..."
For people like Aurora, consignment beats selling online or at yard sales.
Aurora de Arce: "Bringing people into your home which you don't know who they are that can be so dangerous. And also being always on the phone they tell you they're coming they don't come. This is the best way."
There's also usually a 90-day limit for selling items. If your stuff doesn't sell by then, consigners can get an extension or take it back. Miriam says on average her shop gets 20 new consigners a week.
Miriam Gilmore: "It's a nice way to get some money you know, an alternative to your regular income just some extra cash that you can always use."
Lynn Martinez: If you don't sell your furniture after three months and you don't want it back, you can always donate to a local charity. And if you have story ideas for Money Monday, email us at email@example.com
FOR MORE INFORMATION:
The Furniture Exchange