This story is part of CNBC Make It’s One-Minute Money Hacks series, which provides easy, straightforward tips and tricks to help you understand your finances and take control of your money.
Forget the days of taking your clothes to consignment and thrift stores where you only make a few bucks per item. Your old clothes could be worth a small fortune.
Apps like Depop and Poshmark let you sell clothes, shoes and accessories directly to buyers at a price you choose. However, getting the hang of using them can be tricky.
Here are four tips to make the most out of these apps.
1. Be mindful of aesthetics
Selling your clothes on Poshmark and Depop is all about presentation and pricing.
Take well-lit photos of the items that you’re selling and make sure to showcase them from all angles — people want to see exactly what they’re buying.
Make sure your photos are free of distractions, and it helps to take photos of your clothes on clean, solid-colored surfaces.
2. Research the platform
Do your research on what similar items are selling for on the app you’re using. No one is going to buy a used Urban Outfitters hoodie for $100 when they can buy a similar one for $50.
Another tip is to try selling clothes that are one-of-a-kind or hard to find elsewhere. People want to buy clothing and accessories they feel like they can’t get at a major retailer.
Poshmark also hosts parties at certain times like “Best in Tops and Sweaters Posh Party,” where sellers have a better chance of unloading specific items. There are also other parties like “Best in Bags” and “Best in Home,” which are dedicated spaces to sell items in the theme.
3. Build a community
These social platforms bring together buyers and sellers from across the world, and the more followers you gain, the easier it is to sell your clothes and accessories.
But you should follow fellow sellers as well. Depop and Poshmark both foster a community between sellers and buyers, so no one cares about their follower/following ratio.
4. Keep fees in mind
Your goal on these apps is to sell your clothes and make money, so it is important to pay attention to the percentage each company is taking on your transactions.
Depop charges a straightforward, flat fee of 10% on each item to the seller, while Poshmark’s fees are a little heftier. For orders under $15, Poshmark takes $2.95, and on orders of $15 or more, it takes 20% of the sale.
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