One of the hardest things to do when selling a dress (or anything, for that matter) is to decide how much you want to sell it for. Not very often, do you actually get the amount you are asking for. Because of that, it is smart to set an initial price only slightly higher than you want to receive. Keep in mind that the initial price should still be reasonable in the eyes of the buyer.
In today’s world, the average Prom dress will have an initial purchasing price of over $300 and can go up to a few thousand dollars. Crazy right?! Especially for only one night of wear. Here are a few tips to make most of that cash back:
The harsh truth of it is this: you can’t price your prom or wedding dress for what you bought it for and expect for it to sell even though you only wore it once. The fact of the matter is, the dress has fulfilled its purpose. It was only meant to wear once and was priced as such when you purchased it. With that in mind, you may need to consider pricing your dress for 50-75% or what you purchased it for.
Powers of Observation
Peruse other dresses on the site. If you can find dresses similar to yours, check the prices! This is a great way to see what a reasonable price for your dress might be. Don’t forget to check all of the factors. Dresses in other areas may sell for significantly higher, or lower, than what you’re thinking for yours. Another factor to pay attention to is how long a dress similar to yours has been listed. If it has been up for more than 2-3 months, you may consider posting your dress for a lower price.
The Art of Flexibility
While some cultures emphasize the art of negotiation, most stores and large corporations that we are used to frequencing have taught us that prices are fixed – not up for negotiation. The truth is, however, there’s no objective “correct” price—only what someone is willing to pay. There is a concept in economics aptly named ” willingness to pay.” Put simply, it’s the highest amount a person is willing to exchange for a good or service. For every trade, everyone has this amount. For example, some may not be willing to spend a dime on a dress. Others may be willing to pay a much higher price (some might be willing to pay a higher price than you would consider). So your goal is to find someone who’s willing to buy your dress at the highest price possible. The practical upshot of this is that you can set your price as high as you want and the worst thing that happens is it doesn’t sell. You can always re-list later.
Hopefully with this advice, you will be able to price your dress with confidence and make sure it is sold in such a way that gets you the best bang for your buck! List your dress today at thedresslist.com.