Running a vintage shop can be really fun. I love going to estate sales never knowing what I might find. While some women love a day at the mall, my idea of fun is poking through mountains of stuff accumulated over decades that for one reason or another is being discarded. The more piles and stashes, the more nooks and crannies, the better the shopping experience. I’m perfectly content to sift through all manner of junk in search of treasures, and I often sink into a kind of trance, in danger of forgetting that I’m supposed to be working. Estate sales are where I find most of my inventory for my Etsy shop, Premium Transitions. With that in mind, I try to reign myself in and limit my purchases to things with potential resale appeal.
The danger for me, as someone trying to build a vintage resale business, is getting so caught up in the fun part–estate sale finds–that I neglect the real work involved in actually making sales. A few great finds during a morning estate sale run and I’m riding high–then reality sets in after I arrive home and survey the work ahead. Everything has to be cleaned, researched, priced, photographed, and listed. I’ve become more efficient since I opened my shop over a year ago but these steps still take up significant time. Researching and pricing, in particular, can bog me down for hours. Google search is a little like going down Lewis Carroll’s proverbial rabbit hole which, according to Urban Dictionary, means to “enter a period of chaos or confusion”–a very apt metaphor.
Anyway, don’t mean to discourage anyone! I have, actually, become better at the researching and pricing game over time so thought it would be a good topic for a post. Of course, I’m still learning. But here are a few tips I’m able to share so far:
- Bookmark. Harkening back to the rabbit hole analogy, it’s very easy to click your way through a research session without tracking where you’ve been. The excitement of finding a piece of information that actually relates to your item can make you forget about saving the source. I’ve found it very useful to create folders on Chrome, such as “Vintage Purses,” where I bookmark useful sites. Having these valuable resources at your fingertips can save a lot of time and frustration down the road.
- Review Similar Listings. One of the first steps in my research is looking at similar items on Etsy and other online marketplaces, like eBay. On Etsy, it’s not unusual to find the exact same item listed in other shops but at a range of prices. Finding “sold” listings is somewhat helpful as it tells you that the item is desirable but Etsy does not list the sold price. When looking at what’s available, I try to get a sense of the price range and price mine somewhere in the middle. Others might be trying to sell the same item for much more but price doesn’t equal value. I try to get a feel for the range of prices and land somewhere in the middle. Remember, shoppers see the same range in their search results and know they can get the same item for less at another shop.
- Pay Attention to What Sells. Continuing to use purses as an example, I eventually settled into a few price points based on what was selling. Most of my purses sell for somewhere between $18-$55 depending on the condition, label, materials, and style. Beaded bags made in Japan or Hong Kong often sell on the high end while basic satin or faux-leather clutches with no labels are on the lower en
d of the range. Certain bags, such as mesh pouches from the 1920s or 30s, can fetch a lot more if they’re attractive to collectors. Once you decide on a general price range, put it out there and monitor its views in your shop stats. You can always make changes as you go. Correct pricing often comes through trial and error. No matter how much you might think or hope something is worth, the market dictates its value to buyers.
- Don’t Lowball. While you shouldn’t overprice your items, neither should you undercut the market if you’re trying to build a quality brand. Low prices might help attract bargain hunters but they can also make your shop look cheap. Besides, your prices should also reflect the time and effort you spend as a curator of vintage goods. Think of it this way: Scouring estate or yard sales is not everyone’s cup of tea no matter what bargains may be waiting for them. By shopping on Etsy, they have access to a curated selection of vintage goods that they can browse at their leisure on their computer and have delivered to their doorstep. That’s worth something!
- Specialize. When I first started my shop I tested things out to see what would sell, and I’m still doing that to some extent. However, specializing in a few types of items makes sense in terms of efficiency. In my case, I started with vintage Pyrex and Corning Ware, which are still dependable sellers, then expanded to other areas such as vintage purses. Once I started to accumulate a number of midcentury bags I began to recognize names on designer tags and to differentiate between genuine vintage and modern lookalikes. I spent some time reading vintage fashion and purse blogs, like Bag Lady University and Collectors Weekly, among others. Now, I am not only much more likely to pick up a genuine vintage bag at a sale but also better able to describe and price it in my listing.
That’s it for now. Stay tuned for more tips on running a vintage shop and check out my last post on Lessons Learned from my First Year on Etsy. I welcome your comments!