As college students, we struggle with finances. With hefty tuition prices, expensive room and board, and all of the miscellaneous fees for the wellness center and student services among other things, an extra $20 goes a long way on a college campus. We sacrifice nice dinners at fancy restaurants for a simple meal in the dining hall. We settle for free student concerts rather than floor front row seats at a big headliner’s concert. Some of us have jobs, but with classes and extracurricular activities, we often can’t pick up many hours. So what do we do? How can we nab some quick cash…
Sell our clothes! Most of us have so many clothes that we do not even wear that collect dust and go to waste. Some try going to stores like Buffalo Exchange or Plato’s Closet, but those places rip people off. Plato’s Closet sells clothes at 40%-50% off retail value, but only gives customers 30%-40% of that value. For example, if a fashionista brings a pair of jeans to sell that are worth $100, Plato’s would sell them for $50, but would only give the customer $15-20 for the jeans so the store can still make a reasonable profit. That leaves the fashionista $75-80 in the hole.
How can we sell our clothes and still make a decent profit? There are three sites that are proven to be effective that allow the customer to set her own price on her items.
Poshmark
What it is: Poshmark is an app that allows customers to create closets where they post their clothes for sale. App users set their own prices. Poshmark has rules as to what can be sold on it, but it is mostly fashion and accessories— although they recently expanded the site to allow makeup, swimwear, and intimates that must be new with tags or not worn.
How it works: Once an item sells on Poshmark, they send the seller a prepaid shipping label via e-mail that covers items up to five pounds. Once that label is received and downloaded by the seller, the seller has seven days to ship the item to the buyer. Once the buyer receives the item and is satisfied with it, the buyer rates the seller and the seller then has access to the funds. The seller can request a check or have the money directly deposited to her bank account. The seller can also use the funds towards purchases on Poshmark as Posh credit.
Perks: The best thing about Poshmark is the exposure. Hundred of thousands of people use the app, so that means thousands of people can look at each other’s closets. There is an also an amazing bundle feature that allows buyers to buy multiple items from one seller at a discounted price.
Negatives: Poshmark takes $2.95 commission from every sale under $15. For sales over $15, they take 20% commission.
Tips for selling on Poshmark: Always list items at a higher price. Once people like an item in a closet, they get added to a special list. Once that item becomes cheaper, anyone who liked it (names on that special list) will be notified of the price drop via e-mail and through the app and will be able to get discounted shipping for an hour.
Mercari
What it is: Mercari is similar to Poshmark in that it is an app that allows customers to set their own prices; however, it allows any item to be sold. There are clothes, electronics, furniture, etc. on Mercari. Customers have a profile, and each item to be sold is called a listing.
How it works: Once an item sells on Mercari, the company sends the seller a prepaid shipping label and the seller has seven days to send the item to the buyer. The buyer receives the item, rates the seller, and then the seller can access the funds via direct deposit to their bank account or the funds can be used towards purchases on Mercari.
Perks: Mercari does not take commission, so the seller gets 100% of the profit. However, if the seller is trying to deposit less than $10, Mercari charges a $2 processing fee. Mercari also allows the seller to decide who pays for shipping— the buyer or the seller. If the seller opts in to offer free shipping, that cost is deducted from their profit. So, if a seller sells an item for $30, but offers free shipping; the profit is only $26 because of the $4 shipping fee. Shipping can be as much as $15 depending on item size.
Negatives: Mercari only processes sales on Monday. So if an item sells on Tuesday, it is at least a six day wait until the seller can request their funds.
Tips for selling on Mercari: Monitor your listings. If you see that a certain item is getting a lot of attention, lower the price and hopefully get a sale!
UNItiques.com
What it is: An online marketplace where everyone is a student and no one is a stranger. It’s like Craigslist without the creepy people. UNItiques requires a .edu e-mail to ensure safety.
How it works: College students list their items to their profiles on UNItiques with contact information. If someone is interested in purchasing an item, they contact the seller via the contact method provided. Typically, seller and buyer meet up on campus to do the exchange.
Perks: College kids know what college kids want so it is easy to find cool merchandise on UNItiques. It is quicker than waiting for an item in the mail because you can meet up with the seller in person.
Negatives: It is a Boston based company with the majority of users being located in Boston, so the marketplace is not as big as Poshmark and Mercari.
Tips for selling on UNItiques.com: Take good pictures! It makes a buyer more likely to purchase an item.
Hopefully this gives us students some insights on how to make some extra money! Now get out there ane start selling collegiettes!