Pricing used furniture is an essential part of selling the furniture, but it can be a more difficult task than selling new furniture because the depreciation depends on factors that are not easy to quantify. The best price for your used furniture is the highest price that a buyer is willing to pay.
Information
Each piece of furniture should have a complete list of details that you will not allow the prospective buyers to see. This includes a basic description of the furniture, when you purchased it, how much you paid for it and its general condition at the time of purchase.
Age
Furniture that is more than 100 years old may have a special value as an antique. It is, therefore, important that you determine the age of your furniture. Contact an antique dealer or auction house if you wish to sell furniture that may be a collector’s item because these pieces may be worth more than their intrinsic value.
Market Analysis
Established businesses will have current marketing information on used furniture. Bring your description list with you and check sources of used furniture such as flea markets and used furniture store. Note the prices of any furniture that is similar to yours. Home and garden magazines will have information on current decorating trends, which may influence your asking price.
Pricing
The price of your used furniture depends on the quality of each piece and your market research. Each piece should have a minimum price and an asking price. The minimum price will be the lowest price you will accept from a buyer and should be kept secret from the buyer. The asking price is the price you will put on the furniture as a starting point in the negotiation with the buyer. The asking price should be significantly higher than your minimum price because buyers of used furniture will typically expect to haggle. It is essential that the buyer not know your minimum price as this would make it unlikely for them to pay your asking price.
Testing
Establishing the ideal pricing for your used furniture requires you to test your proposed prices on potential customers, usually some close friends. Reveal only your asking price to your test customers, and refine your prices based on their responses. If you plan to sell your furniture through a consignment store, add the commission onto your final price.