If you’re new here, I’m the auction guy you probably saw on Insta or X. You may have downloaded my Auction Starter Guide with the lists of all the auction sites and tips on getting started.
Thanks for being here. Let's get right into it.
If you are buying liquidation products for resale, there is one crucial fact that must guide you:
The retail price is a lie.
Companies will use the retail price of items to persuade you to pay more.
Don’t fall for it.
Why is the retail price irrelevant to the price you pay?
A few reasons:
- Companies consistently discount the retail price. They want you to pay a percentage of full retail, yet they are selling at 25-50% off the retail price in their stores.
- Retail price is not related to market price.
- The market price is what the item is selling for today in the secondary markets where you will be selling.
Always research what the products are selling for (not the advertised prices) in the channels where you will sell.
Before I show you how to combat these lies, there’s one exception to recognize, and that’s Costco.
Costco is already a discount seller. On their auction site, they are listing the prices at which they sold the product in their warehouse. They don't run sales or cut prices like other sellers, so their retail prices are much closer to reality.
Even so, you must still do your research before buying!
Selling on eBay?
Check the SOLD listings using their advanced search and the eBay Product Research tool.
Selling on Facebook Marketplace?
Here’s how to find out what things sold for:
- Find a seller with lots of feedback who is selling products you want to sell. Rugs, Patio Furniture, Pressure Washers, whatever. Be sure they have a bunch of reviews so you can tell that they are a quantity seller, not a one-off.
- Click into their profile.
- Scroll down to see their listings. Click on the menu selection that says “Available & in stock” and select “Sold & out of stock.”
- You can scroll through to see exactly what they sold their products for and how many they sold.
- Use the Chrome Extension “Instant Data Scraper” to scrape that information into a spreadsheet.
- You can also use an AI web browser like Comet or Atlas to scrape and analyze the sales data.
Buying products for live selling on Whatnot?
Use the Whatnot Spy Chrome extension to see real sales data from other sellers’ shows.
Remember: whoever does the most research wins. Always.
Research before buying and always obey the First Law of Liquidations:
Never buy a product unless you know how much you can sell it for.
Have questions about Reselling and ReCommerce?
Drop 5 bucks on the counter and join our $5 Reseller Mastermind. You’ll be surrounded by supportive sellers who will help you break out of the matrix to live an uncommon life.
Hope to see you there!
Cheers,
~ Shannon Jean
