Authentic designer handbags will always be part of the hottest fashion trends. But aside from making your outfits on-point and allowing you to tote your essentials in style, designer handbags can also be a source of extra cash.
Whether you’re planning to sell your designer handbags to free up space or add a few hundred dollars to your wallet, here are five tips that can help you get top dollar for your signature purses.
1. Do your homework.
Get to know your handbag better. Of course, you’re aware that it’s made of quality materials, but that alone is not enough for a good selling point. In order for you to get the best deal, you need to know the ins and outs of the particular model of your bag.
Aside from the brand or the fashion house that created your bag, some of the key elements you need to take note of are the bag’s material, embellishments, current condition, serial number, accessories, and whether or not it’s limited edition.
You can also check the current resale price bag in different selling platforms, so that you can have a better idea of how much you can reasonably sell it for.
2. Verify the bag’s authenticity.
If there’s one thing that aficionados of designer handbags abhor, that would be counterfeit purses. So make sure that yours is the real deal before you put it up for sale.
If you got the bag from a licensed store, then there’s no need to worry much about whether it’s fake or not. However, if it was given to you as a gift or if you purchased it from a seller that’s not directly affiliated with the label, you need to verify the bag’s authenticity.
Take the bag to a local retail store of the brand that carries it. Have it checked by the staff and ask advice on signature markers.
Being 100% sure of the authenticity of the bag provides you with stronger bargaining power.
3. Prepare your handbag accordingly.
Condition is one of the major factors that will affect the price of your bag. Purses that look like new would definitely have a higher resale value than those with obvious signs of wear and tear.
If you’re re-selling your handbag, make sure that it’s in its best condition. Clean it with the right solution and tools to remove dirt, spots, and stains. Likewise, make sure that dust bags, care cards, and other accessories of the bag are also prepared.
4. Know who to sell it to.
Authentic handbags will always be in demand, and it’s not hard to find people who will be interested with your item. However, the challenge comes with finding a buyer who can give you the best offer. Let’s look at the different places where you can put up your handbag for sale.
The appeal of selling in online platforms comes their wide reach and the convenience they offer. You can do it in the comfort of your home with just the help of your computer, Internet connection, and a camera that takes good photos, which is very accessible today as smartphones are already equipped with cameras that take high-resolution images.
However, selling online comes with different hurdles too. First off, there’s steep competition. Platforms are usually crowded with popular items, and designer handbags are one of those. More so, sellers that have sold a lot of items in the past has already gained leverage with pricing. Because of their selling history, they are usually seen as more credible and trustworthy, which somehow puts them in a good position where they can set higher prices.
More so, people are mostly skeptical about counterfeit bags on online platforms. If you don’t have a strong track record of selling items to emphasize your credibility, you might have a harder time convincing people that you have the real deal.
There’s also an issue with security when it comes to doing online transactions. Con artists and scammers do their schemes online because they can hide behind fake identities or anonymity. Don’t give sensitive information online such as your social security number or address. Opt for a meet-up as much as possible. If not, only receive payments through secure platforms and don’t ship items unless payment is confirmed.
Local Consignment Shops
Local consignment shops are basically avenues that allow you display and sell your handbags. If it sells, the shop will get a portion or commission of your total earnings. If it doesn’t, you can get your item back.
Local consignment shops have varying policies and rates. Depending on their rules, they can take 25-60% of your total earnings as their commission. In some cases, they also impose price cuts on items that don’t sell after a certain period of time.
As opposed to online platforms, there’s less competition in consignment shops because they have various items in their inventory. However, consigned items may not get much visibility while they’re displayed on the racks as compared to when they’re published online.
Biltmore Loan and Jewelry
Biltmore loan is a cut above the rest because it’s better than a pawnshop, online platforms, and local consignment shops. They purchase a wide-range of high-value assets, including designer handbags.
What sets Biltmore Loan apart is the rates we offer, which are higher than industry standards. Our aim is to help people and to recognize the real worth of an item, so we strive to give the most competitive offers for valuables taken to us.
More so, Biltmore Loan is staffed with the experts. They have the expertise and the capacity to appraise and evaluate items accordingly. All transactions and discussions made with Biltmore Loan are conducted in privacy and comfort of our plush offices in Arizona.
Biltmore Loan provides immediate cash once you accept our offer. Meanwhile, if it’s not favorable to you, we’d be willing to point you in the right direction. So take your designer handbag to Biltmore Loan to have it valued and receive an offer and service better than what other selling venues can provide.
5. Play your cards right.
When re-selling a designer handbag, you need to manage your expectations. It’s important to note that the amount you paid for the bag will not bear too much weight on its resale price. Other factors like style, trends, and the bag’s rarity will all play a role on how much you can reasonably sell a bag.
If your purse is currently not in-line with the hottest pieces this season, don’t expect to sell it for a high price. What you can do is keep it in your closet for now and wait until your bag becomes a must-have again.
Designer handbags will always be a gem in every woman’s closet. Because it’s worth so much, you need to exert some effort in making sure that you’ll get a good re-sale offer. As you go through the process, keep these five tips in mind.
Meanwhile, if you want to get your designer handbag appraised, please get in touch with Biltmore Loan. We will evaluate your signature prices free of charge. Please call any of our offices or reach us through the form found on this site.