We all have items in our house that we no longer want or need. Sometimes we’ll simply throw them away as they hold no financial value, whilst other times we’ll contemplate how we can sell them to receive at least some money from their sale.
Generally speaking, selling to friends and family aside, you have two options available to you when you do – putting the item up for auction or placing an advert for it.
But is there a right option? Is one better than the other?
The truth is they both have their benefits and more often than not, it comes down to the actual item you’re looking to sell.
For instance, if you have a sculpture that’s several hundred years old, although there are certain outlets where you could advertise its sale, it’s highly likely you’ll be better off approaching a fine art auctioneers.
Conversely, if you’re looking to sell your car, whilst you’ll be able to sell it at plenty of different auctions, you’re almost always going to receive more money from it by selling it privately through an advert in a car magazine, for example (that is, unless we’re looking at classic cars, as auctions can then be a great choice).
However, what also plays a role is the quality of the auction you’re selling at or advert you’re creating. As discussed, it’s hugely important you take your items to the most suitable auction possible if you’re looking to receive the most money for them and the same applies to an advert.
It doesn’t matter how many people love the classic guitar you have for sale, if you tear off a bit of paper, scribble on a few details and pin it up on the noticeboard at work, you’re going to get a minimal level of interest at best.
Take the time to create a proper advert and place it somewhere your target audience are going to see it – a guitar shop, for example – and at the very least you’re going to receive some genuine calls from people enquiring about it.
We’ve really only touched on the topic of whether you should sell an item by auction or advert today and it’s one we’ll be visiting again in more depth over the coming few weeks.
However, the answer overall is that there really isn’t a clear cut one as to which is better – we’re huge fans of auctions and know just how beneficial they can be when you’re looking to sell certain items, but it’s important to understand that sometimes, an advert could very easily be the best option.