麻豆社

Do you have items sitting around you at home that you rarely use when you could really do with more space back and some extra cash? Sometimes Christmas and birthdays can leave us with a present we’re touched to receive, but quite simply don’t want. The good news? It’s possible to shift those gifts to a home that actually wants them and make some money in the process.

In Money Box, Felicity Hannah is joined by Dr Fiona Ellis-Chadwick, retail expert at Loughborough University’s School of Business, and Naomi Willis, who co-founded the Skint Dad money-saving blog, to discuss the perks and pitfalls of flogging our unwanted stuff, including gifts that missed the mark.

Here are some of their top tips for how to sell on, re-gift and rent out.

We are increasingly becoming a nation of re-sellers; the second-hand market is booming. And it’s not just about decluttering, says Fiona – it’s about sustainability. “It’s about moving from fast fashion to slow fashion and getting much more use out of things. From that, what we’ve seen is a whole proliferation of market places online to help us do it,” says the retail expert.

But not all platforms are born equal, warns Naomi. “There are some marketplace sites that charge quite a lot to be selling.” If there are fees to list an item, and then merchant fees on top, when you’re selling things that are quite cheap it can be difficult to make a profit. Ensure you get as many pennies as you can back by looking for sites that don’t charge to list on them, or keep their fees low.

2. Pick a selling platform which is used by people local to you

Another way to choose the right marketplace to list your items on is to check if it’s popular with people nearby. “I think you’ve got to have a look to see if there are people locally to you who are using it,” says Naomi. “That can help you cut down on things like postage costs.” If someone in your neighbourhood is interested in an item and you can hand it over in person then you also don’t have the risk of something going missing in the mail.

“Social media is great and it’s had a real burst with marketplaces on there, but it can turn into a bit of a car boot sale. There’s all sorts,” warns Naomi. “And there are now quite a lot of commercial sellers on there, which does make it a bit confusing.” Are you buying from someone who’s just trying to part with something, or are you buying an item that’s brand new? It’s worth seeing if other people are selling similar items, says the blogger. “Otherwise, you might just be listing for nothing and it doesn’t sell.”

4. Avoid selling in January

It might be worth waiting a month or two before listing those surplus Christmas presents. “Everybody else is going to be doing the same thing so the marketplace might be a little bit cluttered,” warns Naomi. When it comes to buying, however, January is a great time for picking up a bargain, as many try to shift gifts and make some extra money in the wake of the expensive festive period. “There are more listings for unwanted gifts, so you will have a chance to find something,” says Naomi.

5. Sell more to make it worth the upfront costs

“There is a lot involved in selling things online,” warns Fiona. There are the costs of the platform you’re selling through, and the packaging, and the admin of writing listings and communicating with potential buyers. So, it is a lot of effort when selling low-cost items. “However, if you sell a number of things, and you don’t just look at it as an individual item, but you perhaps look at it as selling four or five items, and some of those sell for a bit more, look at what you get at the end of it,” suggests Fiona. Even a small profit on a large number of items will start to add up.

When deciding how much you’re going to charge for something, a bit of research can really help. “I try and look at how much it was originally, how much I’ve used it or if I’ve not used it at all, and see if other people are selling similar items on other platforms and how much they can make for it,” says Naomi. Remember too that the price isn’t set in stone. “If after three or four days there’s been no interest, then I might look to consider reducing the price a little,” says the blogger.

7. Don’t go in too high

However, “if you go in too high, you’re just going to put people off,” warns Naomi. If someone is interested in your item and sees you’ve reduced it, they then could try and barter some more. To avoid this, be realistic about what you can expect to get. “If you’re looking to sell something sentimental and you’re putting it very high, it’s probably because you don’t actually want to sell it.”

8. Be as detailed as possible when writing your listings

The more information, details, and insight you can give people in your listings, the better. “Don’t forget to give really good and detailed sizing because one of the things about selling online is getting returns,” warns Fiona. Just like an ordinary retailer, you might get stuff back when it doesn’t fit. Detailed listings can help avoid this. “You want to not disappoint somebody; you want to delight them when that parcel drops through the letterbox.”

Be very careful to post quality photos if there are any issues with an item you’re listing. “Do a close up to show what the problem is,” says Naomi. “Describe if there are any issues so if someone’s buying, they know exactly what they’re getting.”

10. Don’t take it personally if the buyer isn’t happy

“Don’t react badly to requests for returns,” says Fiona. Once we go online, we’re opening ourselves up to feedback. “We’re marked on our performance, marked on our packaging, marked on what our goods look like.” And it can be a shock when the feedback isn’t positive. “You really do have to stay very calm and be very professional about your response.” Ask them what is it that they didn’t like. Do they want to return the item? Give clear instructions how. “Don’t ever get involved in an online slanging match about whether you think that it’s right or not, because that’s just not going to work,” warns the retail expert.

11. Don’t get caught out by tax

When selling, it’s important to check what your tax liability might be. Buying and selling things like clothes is covered by trading income rules, with an annual tax-free allowance of a thousand pounds. You don’t want your extra income to come with a surprise bill.

Finally, there is always the option to regift. “You just need to be conscious of who gave you the gift in the first place so you avoid regifting it back to people who socialise a lot with those who gave you the gift – because that could be a little bit embarrassing if they remember,” warns Naomi. Make sure there are no tears on the packaging, or bits of tell-tale tape from where it’s been wrapped previously. “And if it’s a food item, be sure to keep an eye on the best before dates.” Top tip: put post-it notes on anything you plan to re-gift, with the name of the person who gave it to you, before you store it away.

For more tips and advice, listen to Radio 4's Money Box.