As China's economic growth declines, some analysts say Beijing may have to spend more on infrastructure, adding to concerns about high debts.China Economyread more
The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
"The charts, as interpreted by Carley Garner, suggest that the upside in the stock market has gotten more limited," Jim Cramer says.Mad Money with Jim Cramerread more
U.S. President Donald Trump said Tuesday that Washington and Beijing have a long way to go on trade, adding that America could place tariffs on an additional $325 billion...Asia Marketsread more
Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
Delta is gathering more data from customers than ever in hopes of avoiding customer service problems and increasing customer satisfaction, its CFO says.At Workread more
The Biden team's second-quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
See which stocks are posting big moves after the bell on July 16.Market Insiderread more
While the vote served as a show of solidarity for Democrats, it recommended no substantive penalty against Trump.Politicsread more
Are you sitting on hundreds of dollars? I mean that literally. Last week, in addition to selling the stuff Natalie hadn't used for a good six years, I sold my couch... for $500! I had ordered a new one months earlier and was waiting for it to arrive. The call came this week that it was on its way. Many people would panic about getting the old one out in time. Not me.
I've been selling items online now for several years and I was confident I could make way for the new one—and rake in a tidy profit—before delivery day. My secret? Facebook groups.
I did it the same way I unloaded the kids' furniture my children had outgrown and a patio set I was replacing: via a local Facebook group devoted to such sales. These groups have been springing up rapidly for the past several years. The best way to find one in your area is to sign onto Facebook and then search for the name of your town (or neighborhood) and the word "sale" or "sales. " If you don't find your town (or neighborhood) don't give up! Search for something nearby.
More from Today:
DIY household cleaners you can make in 5 minutes or less
'I was like a ghost': Man recalls years awake but trapped in unresponsive body
2015 Super Bowl snack bracket big game: Vote to choose the champion of party foods
Some of these are closed groups, so you'll have to ask to be admitted. Because of this, it can take a little while to get in. That's actually not a bad thing.
The group I belong to is called Chappaqua Moms Sales. It's monitored by a woman named Stacey Winnick; she's very careful to only admit those people who are local to our county. She also only admits women. The extra level of security makes many people feel better about either meeting in public places to exchange merchandise for money or having someone come to your house, like with my couch, to pick up items.
So, what are the keys to using these groups effectively and rake in the big bucks? With Winnick's help, I have these suggestions.
1. Channel Annie Leibovitz...
You may only have an iPhone camera at your disposal. That's okay. But take the best photos you can, and show your items from as many angles as you can. Make sure the lighting is good as well. You don't want someone to show up to pick up a red couch only to discover it's really orange and walk away!
2. …and Don Draper
You don't have to be a professional writer to write a good ad. A woman selling a sectional similar to mine this week made a pitch that hers would be "the greatest sofa on which to host your friends for the Super Bowl." Last I checked she had a long waiting list of interested buyers. Be as specific as you can. How big is it? Who makes it? What did you pay for it originally? What does it sell for new today.
3. Be honest
If there's a stain on the upper left corner, make sure you let buyers know that up front. It will only save you time and disappointment later on.
4. Price it right
I cannot emphasize this enough. At a consignment store, merchandise is usually priced at about 1/3 it would sell for at retail. That's about right for these Facebook groups as well, unless you're dealing with something that's relatively new. I also sold a purse for my producer in the last week. It was from the current season and still on sale in major department stores. We got closer to 55% of the retail price. If your merchandise doesn't move quickly, lower the price until it does.
5. Follow the rules
Many of these groups have rules about how sales must proceed. On mine, you have to take people in the order they line up and express their interest. Interested buyers then have 24 hours to close the deal before you, the seller, can move onto the next. Whatever your rules are, read them, learn them, follow them. Your wallet will thank you.