Tag Archives: sellers

Hyperinflation … of Stuff

You may have heard of or remember from history class stories of “hyperinflation,” where the value of money drops to zero. Above are the most iconic images of this concept that I can think of. They are from the post-World War 1 German Weimar Republic.

How does this relate to us here today? How does it relate to real estate? Real estate is expensive. Space is at a premium. We have so much stuff that we can hardly fit it all in! In my first year in real estate, this has been one of the most striking surprises. My clients, who are moving, try to sell their things. Beautiful china cabinets and kitchen sets cannot find space on the floor of a consignment shop.

Sellers are happy if somebody can come pick them up and take them away. Working refrigerators on Craigslist have to be dropped to $20 or even free to get rid of them. I sold a nice desk and perfectly good adjustable rolling office chair for $30, but had to let the desk go by itself for $20 and I even delivered it for the buyer.

No space for the chair! I let it go for free so that somebody would come and get it. Consignment shops, re-purpose stores, and Goodwill are jam packed with stuff and there are more re-use stores popping up all the time. “New Uses” in Columbus is the latest one that I know of. There are three locations.

Have you been to the dump lately? It costs anywhere from $10-$50 and they are getting more and more picky about what they take. That’s right. Even the dump is picky about what they take. There are only a few dump locations who will take items with refrigerant (Sims in Delaware has the required equipment) and I have yet to find one that takes old fluorescent bulbs.

What to Do?

Trade in used goods. Use Craigslist. Garage sales have great stuff now. Check out this post here for several good options. Get a deal on the purchase, because you may find that selling actually costs you more money!

Furniture Consignment Shops, Let’s Pop Some Tags, Columbus!

Consignment shops are a great place to buy and sell used furniture. Here’s how they work: somebody has a piece of furniture they want to sell, they bring it to the consignment shop and agree to allow it to be sold there for a commission to the consignment shop. The furniture sits on display at the shop until it sells and then the shop sends a check to the seller minus the commission. As time goes by and the furniture doesn’t sell, the shop lowers the price until it sells. This is usually done on an agreed-upon schedule.

It’s kind of like a full-time garage sale, or Craigslist with physical building.

So where should you go to “pop some tags” on furniture in Columbus? I have to defer to my mom on this one. My mom the expert says that the best consignment shops are:

Consignment Shops

  1. Grandview Mercantile Company in the Short North
  2. Experienced Possessions in Shawnee Hills
  3. Trading Places in Dublin

OSU Surplus

Of note also, Ohio State releases their surplus furniture once per month, click here for more info. There are some massive deals here and they also sell electronics.

The Goodwill

The Goodwill. You may not choose to buy a couch here, but you cannot rule out the Goodwill. I bought a floor lamp at the Goodwill yesterday and if I told you I paid $100, you’d believe me. Stainless steel, all three switches work, and I saved enough to put LED bulbs in it. Don’t feel bad either. Pay cash. You are creating jobs, and also helping people get rid of their old stuff. Win-win. Don’t believe me? Believe Wikipedia.

General Re-Use Stores

New Uses in Columbus is like Craigslist in person, or like an on-going garage sale with quality items. I highly recommend them. There are currently three locations near Columbus.

  • New Uses, Sawmill Rd. and three other locations.

More Consignment Shops

How to Sell
  1. Take several pictures of each piece of furniture.
  2. Put all in one folder, and reduce the pictures to <1MB each.
  3. Write a short description with everything you know including manufacturer, age, original purchase price, condition.
  4. Each consignment shop’s site has a submission form or e-mail. They respond within a few days with a recommended price.
  5. They take a commission, usually 50%. With most you have to deliver the furniture, but some do pick-up.

Personal Finance

Buying a home requires planning and preparation. The better prepared we are, the better deal we get from the bank, and the better deal we can get on a house.

I searched around for the best financial planning advice out there and all roads eventually led me to one man. Dave Ramsey. Vineyard Columbus Church has a program, they use Dave Ramsey’s course. I called my family to see if they know of any financial planning options, Dave Ramsey again. I was listening to a success story about some 20-somethings who grew a multi-million dollar real estate business. They follow the principals of Dave Ramsey.

Dave Ramsey

Introduction to Dave Ramsey

How to Budget

Budgeting Tools

Vineyard Columbus Financial Ministry

Vineyard Columbus church has excellent no pressure small groups to give you support in your path to financial freedom:

http://www.vineyardcolumbus.org/ministries/financial-ministry/about/

My 2 Cents: The Big Choices, and That’s It

In the end success comes from our own discipline, restraint, and choices. We know what to do. Doing it is the hard part. The small daily choices are the really difficult ones because we have to stay strong every day, day in and day out. Fortunately, there are three main decisions that really matter: easy credit, our car, and our house.

Cut up all but one credit card. Pay it off every month. If you can’t handle that, cut that card up and go all cash. Difficult, but simple.

Save for a car and only buy what you can actually pay cash for. Difficult, but simple.

Buy a house instead of rent, and buy one that you can afford. Take care of your house and your house will take care of you.

After these big choices, relax on the little ones. Go out to eat. Enjoy cable TV. Tip a little extra for those hard-working service job employees who are in the same struggle you are..