Paring down your handbag collection can be a tough process. Where do you even start?
You want to make room for that hot new Versace number you saw coming down the runway, but at the same time you don’t want to give up an old friend without getting a fair price.
We’ll show you how to make maximum cash for your closet stash so you can free up space for some new favorites. Here’s six (6) smart tips to help you get the most value for once-loved luxury bags.1. Know Your Bag’s Worth
In order to set the right listing price for your once-loved treasure, you’ll need to do a little research. Look online and see what similar bags have sold for in the recent past. Pricing your bag competitively will help you make a faster sale.
Keep in mind that classic luxury handbags in permanent collection styles such as the Hermes Birkin, Chanel classic flap, or Louis Vuitton Speedy tend to hold their value and go for more money.
It’s essential you do an honest assessment of the condition of your bag.
Be upfront about any visible wear and tear and be sure to factor that into your asking price. “New with tags” and “as new, unused” will always fetch the best price.
Once you determine the fair market resale price for your bag, use that price in your listing! Setting unrealistic expectations about what your bag is worth will only frustrate buyers and slow the selling process. If you just can’t part with your baby for the going rate, then maybe this isn’t the bag you sell.
Hang onto that particular item to see if the brand and style will go up in value later. In the meantime, look at other bags in your collection and find one you’re comfortable selling for the going market price.2. Note Important Brand Details
Every big brand has authenticity signifiers that experienced shoppers look for when buying resale.
These are often found in a bag's details; the interior tags, stitching, handle attachments, markings on the zipper pulls, and hot stamping are all scrutinized to ensure a bag's authenticity. Know what details matter for the brands you’re selling!
Locate the box, dust bag, accessories, receipt and authenticity card for your designer handbag.
Having these items can affect the value of your bag and it helps buyers feel more at ease. But if you don’t have them, it’s not necessarily a deal-breaker.
Depending on how sought after your bag is, you may still be able to get a fair price. Just know going forward that saving these items is one way smart resellers get more bids on their listings.
You can also use a resale site like MyMarkit where every handbag, once initially authenticated, is fitted with a tamper-proof RFIP sensor as part of our fully automated 100% fail-proof authentication process. This attaches true value directly to your bag and lets buyers know they are getting the real deal.3. Carefully Craft Your Listing
Good descriptions are key to making a quick sale. In the title of your listing, you must be precise, so that scrolling shoppers will instantly know if this is the bag they’re looking for.
It goes without saying your title should always include the brand name. But you also want to note the style, material, color, and size - all of the major details.
When describing your bag, be as detailed and honest as possible to build buyer trust.
Go over your handbag carefully, taking note of any marks, scuffs, tarnishing, creasing, or other kinds of wear. Even if your bag is brand new or barely used, you still want to inspect it carefully.
Everything you discover should be highlighted in the listing you create. You also want to note any feature that makes your luxury handbag special.
Is it from a limited edition collection? Is it a rare color or leather? What year was your bag made? Where was it purchased? Is it still being made today? These details can draw in more shoppers to bid on your bag.
When trying to get the most value for reselling designer bags, photos matter!
It is super important that you take well-lit photos in natural light against a plain white background that are clear and in-focus. And don’t be tempted by filters, let your bag be the star in its natural state.
Share tons of photos of every angle of your handbag, particularly any features specific to that brand or style.
Additionally, make sure to include close-ups of the logo, hardware, box, dustbag, receipt, and serial number/date code. (Be sure to block out any personal information that might be visible on a receipt.)
You also want to take photos of both the inside and the outside of your bag. Put yourself in your buyer’s shoes… What kind of images would make you want to snap up a bag? Then take those!5. Consider Fees and Commissions
When thinking about setting prices, remember to factor in any commissions or fees the resale service will take from the final sale price of your bag. Research these details beforehand so you can maximize your return or, at the very least, avoid a nasty surprise.
“I sent The Real Real a Balenciaga Motocross Giant 12 iPad Case which I originally purchased at Barneys for over $400. They listed it originally at $175, but said they would never go below 50% off. Instead they sold it for $75 (over 50% off), leaving me with a measly $42.63 commission! The Real Real was a waste of my time and money!!!” - Better Business Bureau Review -6. Choose The Right Resale Venue
There’s a lot riding on your choice of resale venue. It makes a huge difference in how much cash you actually get to keep when you sell a designer bag.
And while there’s several online luxury consignment stores you could use, you’ll need to factor in their fees and discounts, which will significantly reduce the final amount that goes into your bank account.
You could also try selling your bag directly to a buyer through a private Facebook group or other channel. But then you’re taking on the full risk of selling your bag, making you solely responsible for its listing, shipping, and insurance, as well as finding a trustworthy buyer.
Or there’s a third choice. A brand new way to sell bags online.
One where you get to keep 100% of the sale, everytime. No more commissions, no more fees. We’re talking about MyMarkit.
MyMarkit charges a membership fee based on the number of transactions you do each month. Once you’re a member, you can sell your bags without loss, every dollar earned goes right back into your pocket.
Or maybe you find a new favorite in our marketplace and decide it’s coming home with you. That’s okay too. With MyMarkit, you get around markups by trading value for value. So you can shop for the first time, without loss.
Your Markit, Our Markit, MyMarkit.