Resale site Letgo just added an auto-listing feature. Plus, tips for selling your things fast.
Watch and earn.
Secondhand buying and selling site Letgo rolled out a couple of new features this week that makes it easier than ever to sell your stuff.
Rather than sweating over taking the perfect shot of your item, picking a price and writing a post, the new Reveal auto-listing function lets you simply point your phone camera at your object, and it uses real-time image recognition and artificial intelligence to display the its estimated value and how long it will take to sell. It doesn’t differentiate different models and brands — so it won’t know an iPhone X from the iPhone 7 — but it will give a general ballpark figure for what your smartphone, camera or bike is worth.
And Reveal can even create the listing for you, using its suggested price and caption info, with just a tap. You can also edit that info to tailor the sales post closer to what you have in mind. So within a matter of minutes, you can create a Letgo post and blast it to the app’s 75 million users.
Do you know what your stuff is worth? With our newest feature, letgo Reveal, simply point your phone's camera at any item to get a price suggestion and an estimated sell time. Ta-Da! Listing on letgo just got even easier. 💫 #letgoapp
Give it a try: https://t.co/9oHvWgZ5HG pic.twitter.com/6Po3oC4Lim
— letgo (@letgo) July 24, 2018
Its new video listings also let you add short clips to your posts, so you can show your sneakers or jewelry up for grabs from every angle. The videos will appear alongside photos within listing pages and search results to better catch potential buyers’ eyes. And this gets the jump on eBay, which directs sellers to upload links to videos, instead.
“We’ve created a new kind of marketplace – built on intuitive technology and radical simplicity – because it should be as painless to resell something as it was to buy it in the first place,” said Letgo cofounder Alec Oxenford in a statement. “Reveal takes the guesswork out of selling secondhand, while video listings are a new way to show off whatever you want to sell when photos won’t do it justice.”
And many folks could use all of the help they can get. The biggest mistake many people make when trying to sell their stuff is charging too much. Researchers at Brigham Young University decided to dig into why we overvalue our junk so much last fall, and found that people who ask too much are probably not ready to give the item up yet. The subjects who felt attachment to a coffee mug asked for more money for it ($6) than those who did not ($4.77.)
“If you’re finding that no one is willing to buy something from you for the price you’re asking, then your price is wrong,” explained BYU marketing professor Tamara Masters in her report. “If you find personal attachment or hate to let go of things that become yours, you will struggle to sell them at market value.”
“I see this with my clients all of the time,” professional organizer Melissa Levy, founder of Declutter + Design, told Moneyish. “When someone is very attached to something, they’ll place a higher value on it – but when they are ready to let it go, they’ll sell it at any cost – even for free.”
So Moneyish tapped Levy and other reselling experts shared their tips to letting things go and getting them sold.
- How much does keeping it cost you? Lauren Greutman, a frugal-living personal finance expert, told Moneyish that you need to weigh the stress of holding onto something versus the cash you can get freeing yourself from it. “Think, ‘How much am I gonna have to pay to store this item, versus the extra money in my pocketbook,’” she said. “Or, ‘How much joy is this going to rob me because it’s sitting there and collecting clutter, and that’s going to stress me out?’”
- Give yourself a goal. If you’re sorting a parent’s estate or cutting down your positions, Greutman suggests working toward selling enough to make $1,000 or $5,000, or whatever is realistic. “It removes a little of the emotional attachment,” she said, “so now you’re thinking, ‘Selling this piece brings me $50 closer to my goal.’” Or set deadlines. “I give the person six months to think about the item and/or use it, and then revisit it in 6 months to make a decision,” said Levy.
- Prepare to take a loss. Levy notes that people are most often surprised at how little you get for used furniture. “Unless it’s an iconic piece or very high quality, you get about 10 cents on the dollar,” she said. “Most people are looking for bargains when buying your things, and are looking to pay as little as possible.” Used smartphones also depreciate in value faster than used cars. “Recognize that this isn’t personal – it’s industry wide,” added Levy.
- Do your research. The experts suggest going on a couple of resell websites to see for yourself what others have gotten for comparable items, and then pricing yours competitively. “Even look on big sites like Amazon to see what it’s going for new, and list it at about half that price if it’s still in good condition,” said Greutman. “You want to make your used item enticing to buyers. If you price it at just $10 below the price of a new one, someone may as well just buy the new one.”
- Better photos = better offers. A Letgo spokesperson also suggests cleaning and snapping items in a spot with great lighting, against an uncluttered background. Put smaller items, like headphones or a watch, on a solid rug or bed, and take a photo from a 45- to 90-degree angle. Make sure the item is in focus, and take several shots from different angles.
- Get specific. The more details, the better. Greutman suggests listing the full dimensions of a piece of furniture, for example, or what quality of diamond, gold or silver make up a piece of jewelry. Letgo recommends telling buyers upfront about any wear-and-tear on your item. And offer free shipping. “With Amazon Prime, these days everyone just expects free shipping, so you have to work that into the price,” said Greutman.
This article was originally published in 2017 and has been updated.
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