Got style? Then get cash! This month, I hooked up with Dallas based, expert eBay Seller Of
SavoirLuxe, Mindy Loll. Mindy began as a Couture Specialist in the Nordstrom Couture and Collectors department and later transitioned over to Oscar de la Renta as assistant store manager. he started SavoireLuxe as a favor to one of her clients -- selling clothing and accessories on eBay little by little. Mindy is now one of four top fashion sellers on eBay's Chic Squad and works with celebrity stylists Brad Goreski and Danielle Nachmani. Their mission: to help style lovers like me free up spaces in their closet and earn some extra cash.
1) How did you get
started selling on eBay and what was the first item you listed?
A client/friend who lived out-of-state asked me to recommend
a consignment store that specialized in selling luxury designer
merchandise. She said she just had
a few pieces, but she wanted to get a good price for them, and the only
designer lines Ohio consignment stores carry is mostly the Gap or Ann
Taylor.
Having already sold several pieces from my personal
collection through a store just down the road, I pointed her to their
website. I remember thinking how I
wished there was a better place to refer her to. Particularly after they had just given me $30 for a pair of $1,000
Oscar de la Renta pants. It was not
until later that evening that I absolutely knew my recommendation was not
right.
I emailed her the very next morning. As a thank you for all she had done for
me, I offered to sell her few pieces on eBay as a favor, explaining she would
make substantially more this way.
She insisted on reimbursing me, and so the first box was shipped. I was quick to discover that her
definition of a “few” items was a rather large box brimming with Chanel with
tags attached, Hermes jewelry, Christian Louboutin’s, and more. It was a beautiful, beautiful moment.
The first item I listed as a newborn seller to eBay was a
small LCD TV I had won through my company’s Christmas raffle. Only ideal for a kitchen, I knew I
would never use it. It didn’t even
occur to me to sell it through any other avenue.
3) Where do
most of the items you sell come from? Is there a minimum you require as far as
cost of item? What about label? What would be off limits?
All of my items come from clients I had back in my Nordstrom
and ODLR days, as well as others I have obtained through word of mouth.
We only accept pieces that will sell for a minimum of
$50. Anything less (after
research, photography/editing, copywriting the auction, shipping/receiving,
seller/buyer correspondence, etc.) we would be operating at a loss. It does not matter the piece, we invest
the same amount of time and effort into a clutch that sells for $50, or one
that sells for $5,000.
All designers that are considered “luxury”, ones you would
find on Madison Avenue or Rodeo Drive, are welcome. Even so, some luxury designers do better over others. For example, Chanel consistently sells
at a higher resale percentage than, say, Escada. Contemporary designers such as Tory Burch also do very
well. Because we specialize in
luxury consignment, we do not sell lines from stores such as H&M and
Zara. Not to say they do not do
well (they do!), they are just not a part of our business model.
4) When it comes to
selling shoes or handbags, I'm often discouraged because I fear that, for instance,
my coach bag from 1999 is so out of style, no one would purchase it. Or if I
have a (once) fabulous Marc by Marc Jacobs satchel that I just no longer use, I
couldn't sell it because of some "wear and tear" or stains. What do
you tell people trying to sell handbags regarding style or wear and tear. Is it
ever worth it to NOT list it or is everything always sellable?
Everything is always sellable (after all the “Meaning of
Life” sold back in 2007 for $10.50), but just know the quality of each item you
sell will define who you are as a seller.
In my personal opinion, if you are going to specialize in luxury
designer merchandise, you want to portray yourself and/or your business as
having a “high-end” image as well.
Sure, the occasional flaw happens, especially on pre-owned pieces. Buyers expect this. Used shoes will have scuffed soles, and
perhaps the occasional scratch. If
you are unsure, however, just ask yourself “If this were an item I currently
love, would I purchase it in this condition?”
Age has no bearing on whether an item will sell, and in fact
can work for you depending on the demand for it. On eBay, a buyer’s decision to purchase (beyond emotion and
practicality) is based on three key factors: the look, the condition and the
seller.
5) Shoes: In my
closet I have at least 2 pairs of designer (Dior, Manolo, etc) shoes that I no
longer wear. The soles are scraped but, essentially, they're in great
condition. Should seller stay away from selling designer shoes that have damage
or have obviously been worn. Do
you recommend ever taking these shoes to get repaired before listing? What about price: Do you do a major
markdown depending on when they’re purchased and how much they’ve been worn? If you purchased Manolos in 2009 and they’re in pretty good
condition, do you sell for half price?
Talk to me about pricing…
If you can say they are in great condition, then most
definitely sell! A pair of shoes
sells every six seconds on eBay.
The resale value (percentage of the original retail) can greatly
increase when it comes to shoes and accessories. Now, if the damage is moderate, this again is a personal
call. I would only recommend
spending money on a repair if, afterward, the repair is unnoticeable and will
truly affect the resale value.
Replacing taps worn to where the metal is showing, sure. Personally, I would only do so on shoes
that sell for more than $249, namely Christian Louboutins. If you are thinking of marking down an
item more than average because of condition, I would take this as a sign that
perhaps I should pass on listing them.
Now onto one of my favorite subjects: Pricing.
The golden rule of pricing:
There is no rule!
It is mostly dependent upon your comfort level, research, common
sense and intuition. For instance,
one consignment company starts 99.9% of their auctions at $20 or less. I am actually all for this, mostly on
items that sell for under $2,000.
The market decides the value of your item, whether you want it to or
not. Of course there are small
factors that can change the game here and there, but if a particular handbag,
in similar condition, has been selling for $500, then you can count on yours
selling for around the same. Just
know the lower the starting bid, the more appeal your auction will have. And from seeing it time and time again,
once a bid is placed, whatever the amount may be, your auction will garner even
more attention. Now your item is
in “demand”. A bidder who would
never have bid on your shoes at $99.00 is now bidding at $19.99, higher and higher…
and now look! They just won them
at $130! Buyers get emotional,
especially in an auction environment.
I am not saying this happens every time, but this way it is a good
possibility.
Now, if you and/or your clients are not comfortable with
this, or if you are starting out with very low or zero feedback, then basing
your starting bid slightly lower than the historical sale price is another way
to go. If you cannot find any
historical data on similar pieces to yours, I find starting an auction around
15% of the original retail works.
The worst that happens is it doesn’t sell the first time around. Now you have a feel for the market from
seeing how many watchers you accumulated.
Play with the pricing a bit.
Even lowering the starting bid by $25 can make a difference.
I could give you several other scenarios, but this is truly
something you have to get a feel for yourself.
6) Why should people
with designer duds consider going through a consignment store like yours
instead of listing themselves?
Listing an item properly can be time consuming, as well as
costly. Online consignment stores
come fully equipped, from the photography backdrop, proper lighting and
mannequin, to the auction template software. Feedback also affects a buyer’s decision to purchase. A seller with higher feedback
cultivates trust, which can lead to a higher final sale amount. Many buyers look for and only purchase
through established sellers, especially when dealing with an item that may be
hundreds or thousands of dollars.
7) What makes
SavoirLuxe stand out more than other designer clothing/ re-sale stores on eBay?
(Here's where you can talk about customer service)
SavoirLuxe comes from a background in luxury designer fashion.
A buyer purchasing a $3,000 handbag for
$1,000 from eBay is still paying $1,000.
From the time a piece is consigned, to the time it is shipped out to its
new owner, it is cared for as if it were at the designer boutique.
Most importantly, our clients, both
consignor and buyer alike, know to expect the same customer service they would
walking into a boutique on Madison Avenue.
Beyond just quick communication and follow-through, we
attempt to create an above-and-beyond experience for each client.
HOME
