By Vikki Wilkinson on Mar 31, 2021 12:45:04 PM
As you know, here at William George, we’re pretty hot on pallet auctions. Whether it’s domestic appliances, retail stock or a variety of raw returns, there’s always loads on offer with huge potential.
The secret is knowing what to do with the product and how best to maximise this opportunity. We want our customers to feel confident in knowing how to make the best profit after purchase. You may well have your own ‘tricks of the trade’ which work seamlessly, in which case keep up the great work! For those who find they’re often throwing things away or not getting the reward they feel like they should be, we might be able to help you.
It’s important to remember that, with pallet auctions, you’re buying at a low price normally due to the item having been returned by a customer. This can be for a variety of reasons and the condition varies, in essence, meaning each and every pallet is of a different standard. There is a degree of pot-luck in what you get from your pallet in terms of quality; often you’ll roll that lucky number six dice and score to win the game. All the details of what’s included in each pallet is listed in the description, so you’ll know exactly what you’re bringing home. You just won’t know the condition until you open up your purchase.
Always pay attention to types of item, the number of each item and the brand. If your customer is familiar with them, it might be that the product sells slightly faster and your customer might pay a little more and we certainly sell some desirable brands.
Make sure you have researched competitors and facilitate competitive pricing. It’s useful to look for the value of returned items for sale - rather than brand new items - as you’ll not likely be getting the normal retail price.
When bidding in a pallet auction, we remind people to be disciplined. Research the pallet to know how much it’s worth to you and how much you think you can make from it. If you’re not well established in this field, it can be a steep learning curve but it’s a fun one and you’ll quickly pick up loads of knowledge once you get going.
Knowing when to back out is important when it comes to buying pallets, as overspending up front means you are diminishing potential future profit. It’s a good idea to keep an eye on what similar pallets have sold for to give you an idea of what sort of final figure you could be looking at.
Remember, it’s all a learning experience and buying pallets to break up and resell the contents can take practice, but the more you do it, the more money you’re likely to make!
Take a look at our current auctions to see what you could start bidding on today.