Your Guide to Flipping with Online Auctions
Normally, I like finding stuff serendipitously. Sometimes I’ll see some incredible item listed for free online; other times, I’ll spot something on the curb and haul it home. I hadn’t really put actual money down for most of my furniture and other things; being eco-focused with your stuff means consciously purchasing only what’s secondhand, and there are a lot less furniture in thrift shops than there are games and clothes.
Earlier this year, that changed for me. I dipped my toes into finding treasures via estate sales in my area, which I always took as the upper-class version of garage sales. Turns out that answer is sort of right; many estate sales are now so sophisticated that they’ve morphed into an online auction system. And, after several months of playing around with it, I have definitely made a profit by flipping the items I purchase from online auctions.
Getting Started with Online Auctions Flipping
There are a few things you’ll need from the get-go to also dive into online auctions. Some money to burn, because duh. You’ll also need a car to transport much of this stuff. Quite a bit can be carry-away-able like little knickknacks, but the vast majority is going to be bulky/heavy; you’ll want a good amount of cargo space to haul it off. Once you have your wheels and a set budget, you’re ready to go!
There are a few sites out there that host – or point you to – these online auctions, such as EstateSales.net. I exclusively use MaxSold because they’re the bigwigs in the field. They’ve not only got a stranglehold on the rich estate sales in Boston but around the entire country. Go to their website and you’ll see pins raining down on everywhere they’re hosting sales.
MaxSold is also super thorough with photographing their items at all items, taking special care to note any dings/scratches. If there’s anything your average adult couldn’t haul on their own, they make sure to tell you by putting “heavy, bring help” in the description. Let me tell you, these guys are the most professional of professionals with this stuff. If they say it’s too heavy for you, it’s too heavy for you. That’s saved me many a headache from being tempted by items, since it’s just me driving up to claim my prizes. I’ve seen couples roll up with pickup trucks and STILL struggle to move some heavy ornamental table or armoire. If you’re flying solo like yours truly, stick with the stuff you know you can handle just fine.
The Process
The quick and dirty guide is easy: find an estate sale near you, find a listing you want to bid on, and submit your bid before the auction closes. Auctions usually last several days, so keep an eye out for other bidders if there’s a piece you especially desire. I’ve gotten heated over a couple of items I really wanted, only for someone else to swoop in during the last 30 minutes of the auction and bid higher than me. MaxSold will send you an email if someone outbids you so you don’t have to obsessively watch the site like a hawk.
Each bid starts at $1 and goes up from there. If you’re the only person to bid on an item, you only pay that $1. The more people are interested in the item, the more they’ll bid to try and win it. As for the quality of the items, it varies more widely than a Walmart attached to Barneys New York. I’ve seen diamond jewelry and Swarovski glassware in the same lot as old umbrellas and Easter baskets. Once I saw a huge gun collection being sold off piecemeal (with the caveat you needed to prove you were could buy weaponry in the state of Massachusetts). You never know what you’re going to find in an online auction lot, which is part of the fun.
When submitting bids, the system will let you know once you submit a bid bigger than the highest. You must agree to the auction terms before you can bid, which are all easy to agree with like “arrive on time to pickup your items if you win” and “be aware there is a pandemic so WEAR A MASK”.
Then you win… maybe.
After submitting your bid MaxSold will let you know what fees you’ll be paying. A few months ago I’d usually see fees of 22% more than my actual bid (example: winning with a bid of $1 meant me paying $1.22). When I made a couple of bids for the purpose of this post (love y’all!) the fees were less at roughly 15% instead. They make sure you know what you’re getting into, but it’s on you to read over the terms carefully.
What’s nice about MaxSold is that you can enter a max bid on their online auction site. Let’s say you see a beautiful stained glass Tiffany window and you want it so bad you put down $80 as your max bid, despite the previous high bid being $20. MaxSold will make a note of that and will keep you as the highest bidder until someone else outbids you. Only they don’t tell the other bidders your max bid is $80; others have to just keep raising their bids higher and higher until they finally eclipse yours. Some shmuck could come along and input $200 for that window, which you wouldn’t know because you keep raising the bid until you finally tap out at $150 and feel bitter about losing for the next several days. Ask me how I know.
Don’t try online auctions if you hate losing ever. Because you can and will get outbid on several items, even the stuff you were previously convinced no one else cared for. On the other hand, you’ll also win on items you’re shocked no one else bid on, like a high-end designer wedding dress I won with a $2 bid. The duality of man continues to baffle me.
What Stuff Should You Bid On?
Like I said before, it’s truly the Wild West on what online auction sales are offering. I’d suggest, for flipping purchases, to only bid on items you know you can sell. I went with the easiest one for making money and that’s in sturdy furniture (mainly dressers, as you might have guessed). The old stuff is astoundingly sturdy and will last forever, so I know I can sell those quickly and easily. Other niches might be vintage toys, jewelry, or antique books. There’s always dining room sets and many kinds of sofas/rugs/bedding up for grabs; it should go without saying you need to deep clean those bad boys after carting them home.
If you’re not sure what to bid on, start browsing what’s in your area to get some ideas. You want to start slow anyway; I went a little overboard and have to deal with more clutter in my apartment than I would have liked. I’m also a huge sucker for books, and have since learned to avert my eyes if I see a huge book haul. You can always expand later if you want to try some other niche.
Speaking of always expanding later, keep in mind it’s NOT the end of the world if you lose on a bid. There are always going to be more estate sales and online auctions to bid on. The process can get competitive, but don’t let that competition sway you from going outside your budget. Online auctions really tickle that nerve for me so I need to keep myself in check, especially when I feel the mysterious Other Bidder is bidding more than the item is actually worth. Remember, you’re looking for deals here. If it gets to be in the range of what you can purchase new, walk away.
Picking Up Your Wins
Once the auction closes, MaxSold will send you an email if you’ve won with your purchase receipt and instructions on scheduling a pickup time. They usually have a wide range of times to choose from on a specific day, which is nice for us 9-5ers; I’ve never seen pickup time windows less than 3 hours, for reference. It’s important to go back to their site after winning and letting them know when you’ll be by to pick up your auction lots, if for no other reason than to space folks out due to COVID.
After arriving, my biggest tip is to be respectful when you go to pick this stuff up. Estate sales are selling because the owner is no longer using them, and that can be for any number of reasons. Sometimes they’re selling because the owner is moving. Sometimes the original owners passed away and their heirs are cleaning house. Whatever the reason, their stuff deserves care as you take it away.
If you need a more selfish reason to give respect and care to the items, consider that you may have a fascinating conversation about the items you wouldn’t have known otherwise, like its approximate age and other historical details. A few times I’ve gotten even more stuff for free just by chatting with the sellers or auctioneers. Once the conversation literally went like this:
DARCY: I’m glad I won this table, it’s so nice! LADY: I’m glad too! Want the matching chairs? No one bid on them. I can throw in this side table too and these decorations I saw you eyeing! DARCY: 👁️👄👁️ DARCY: Dang, okay.
You never know!
When You Have the Stuff
After carting it home and cleaning it up, it’s time to get to flipping. The best places to post online are Facebook Marketplace, Nextdoor, Craigslist, and OfferUp. I primarily use Nextdoor and Craigslist because I don’t want to support Facebook and don’t want to download the OfferUp app, but you do you boo.
Make a good description when putting this up for sale. The pictures should do the heavy lifting, but it needs a good description for that special touch. If I’m selling a dresser I talk about if it’s sturdy, if the drawers slide smoothly in and out, and whatever information I have about its age or the name of the company it’s from. If it’s a chair I’ll talk about its comfort and where it might work best in the home (in an office, in the kitchen, whatever). Use this space to point out any minor issues; I make sure to point out cosmetic dents or dings in writing, no matter if it’s visible in the photos or not. This establishes you as the honest seller you are.
Also bring up if you can deliver; for some folks out there without a car that’s the dealbreaker. If you don’t much care about pricing, add OBO (Or Best Offer) to the description so potential buyers can make whatever offer they think is fair.
Don’t forget:
Do a little research to figure out the price. Selling something for $20 you got for $2 is an awesome feeling, but you might not realize it could’ve been sold for double or triple that. Look up what it is you’re selling and see what others have it up for. Dressers get pretty pricey in my neck of the woods so I knew I could get some good money with the ones I posted. On that note, know your audience. I live in a Boston suburb well known for families and a sizeable elderly population. The stuff I put up for grabs reflects their interests.
Finally, take good, well-lit photos!! I use my iPhone camera to do it and a bright floor lamp. I also take SEVERAL photos from different angles, from above, from below, with measuring tape, maybe even posed with other stuff on it. Having multiple photos is a MUST for the most expensive stuff. For anything $20 or below I can get away with 3 photos; anything above that I shoot for 5 photos minimum.
When Buyers Reach Out
Once you hit the sweet spot of a good price you’ll start seeing interested buyers reach out. We’re all busy people so be responsive as soon as folks query you. They’re quick to lose interest if you take too long to respond. To keep that interest I always try to get them to see/buy what I’m selling as soon as possible, whether that’s later today, tomorrow, or the day after. It helps a lot when you’re ready to give it to them right away!
Be polite and upfront when it comes to answering any questions they may have. Let them know if there are time frames when you can’t show them the item(s) they’re interested in, whether it’s work or your sister’s neighbor’s cousin’s piano recital. Let them know what payment you accept (which is always cash and/or Venmo) and remind them to wear a mask. Once the fated time arrives, greet them politely, show them the item(s), and make the transaction. Boom, done.
When Buyers Don’t Reach Out
If you’re not seeing much interest in what you’re selling it’s time to tweak things a bit. The easiest part to adjust is your price; it might be too high for what buyers are willing to pay. Try lowering the price by $20 and see if that changes anything; it’s a trick I picked up from Bitches Get Riches to price things in multiples of $20, as those are the type of bills easiest to get from ATMs.
If price changes don’t work, it’s time to judge your photos and decide if you need to redo them. Did you use a good, neutral background? Does the item actually look appealing? Ask yourself these questions with the description too. Did you not add enough information? What wording can you use that makes this sound like a cool deal?
Consider whether this is a convenience or safety issue as well. If you happen to live way off the beaten trail, that could be a detractor to buyers not interested in visiting your isolated haunted house. Try setting up a meeting spot in the parking lot of a grocery store or police station for better ease of access/security. This goes both ways too; do this if you’re uncomfortable with randos showing up at your door!
Finally, if you have the storage space and patience, you may want to wait a little bit before posting again. I’m waiting until early December to post some board games I have and other gift-worthy items. Any seasonal stuff also won’t really move if it’s not that season. You will not see most buying outdoor furniture in the winter or Halloween costumes in November.
Final Thoughts
Using online auction estate sales is a fascinating glimpse into how other people live and what even more people value. There’s no limit to how amazed I am at priceless items being sold side-by-side with what looks like Dollar Tree castoffs. But once you develop a good eye for picking out items – and git gud with getting outbid – you stand to see some insane profit margins from the work. Godspeed, friends!
Cover image credit: Charisse Kenion via Unsplash