Consigning:  Cash in Your Closet by Kimberly Danger

Consigning your clothing can be a great way to both clean out your closet, and to make a little money at the same time. But did you know that with a little practice and know-how, you can turn consigning into a real money-making venture? Here are some tricks-of-the-trade serious consigners say bring in the big bucks:

1. Don’t look in your own closet. Serious consigners know what sells - and they are always on the lookout for bargains. They shop their local thrift stores for items to bring to the consignment store. Garage sales are another valuable resource. A $2 sweater at the local Goodwill or Salvation Army could sell for $15 or more on consignment. If you get 50% commission, that’s an easy $5+ profit.

2. The consignment store owner can be your best resource. She can tell you what merchandise is in demand, and what shoppers are looking for. She may be able to tell you what sizes and styles sell best and which brand names she likes to stock. She knows her regular clientele and what they will buy. This information can be invaluable, especially if you’re looking for items to consign outside of your own closet.

3. Find the right store for your clothing. If you live in a large city, there are likely to be a variety of consignment stores in your area. Let your fingers do the walking before you set up an appointment. Calling the stores and asking a few simple questions may save you tons of time in the long run. Ask what type of merchandise they sell -- career wear, casual wear, or both? Do they only sell designer merchandise? What percentage of the selling price is yours to keep? Are there any fees involved? Use the information to decide which consignment shop is right for you.

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4. Use less-conventional selling methods. If there isn’t a consignment store in your area, you still have other options. Another popular way to sell previously-owned clothing is on online auction sites such as eBay. You may command a better price using these services than actual bricks-and-mortar stores since you’re reaching a larger market. A word of advice: brand names are the name-of-the-game on eBay. You’re better off selling non-designer duds at actual stores.

5. Make it shine. Most consignment stores require that items are clean, pressed, and on hangers when you bring them in for consignment. For good reason -- who wants to purchase a soiled item? The better the item looks, the more money it will bring. Get out the shoe polish, the jewelry cleaner, and the scissors to cut any loose threads. It isn’t the store owner’s job to make your product look good. The extra time you cleaning your items is well worth it.

6. Get it in writing. When you sign a contract, be sure to read the fine print. If you want your clothing back at the end of the consignment period, you may be required to make an appointment to pick it up. Some stores hold your checks until your merchandise is picked up. Also, make sure there are no hidden fees.

7. Wait... You’re not done yet! Even if you know you won’t use unsold clothing, pick it up anyway. Bring it directly to the Goodwill or Salvation Army and ask for a receipt. If you itemize your tax return, the estimated value of these donations is tax-deductible. Another bonus!