The market for pre-owned luxury goods is booming! More and more savvy shoppers are embracing the circular economy, recognizing the value and sustainability of giving high-quality designer items a second life. If you’re looking to clear out your closet, earn some extra cash, or simply make room for new treasures, reselling your designer bags can be a rewarding experience. And when it comes to luxury consignment, The RealReal stands out as a trusted and reputable platform.
The RealReal is the world’s largest online marketplace for authenticated luxury goods. They offer a seamless and convenient way to sell your designer bags, taking care of authentication, pricing, listing, and shipping, so you can sit back and relax while they do the heavy lifting.
This comprehensive guide will walk you through the process of selling your designer bags on The RealReal, providing expert tips and insights to help you maximize your earnings and minimize any potential hassle.
Table of Contents:
- Determine Item Eligibility
- Choose Your Consignment Method
- Receive a Price Quote and Consign
- Get Paid
- Maximizing Your Earnings on The RealReal
- FAQ Section
- Conclusion
Determine Item Eligibility
Before you get started, it’s crucial to make sure your designer bag is eligible for consignment on The RealReal. Here’s what you need to check:
Designer List: The RealReal only accepts items from a curated list of luxury designers. Visit their Designer Directory to confirm that your bag’s brand is included.
Quality Standards: The RealReal has specific condition guidelines for the items they accept. Their team of expert authenticators carefully inspects each item to ensure its authenticity and condition. Familiarize yourself with The RealReal’s Quality Standards to get a better understanding of how condition impacts pricing.
Pro Tip: (From the provided audio) Bags from limited-edition collections, special collaborations, or with rare features (like exotic leathers or unique hardware) tend to command higher prices on the resale market. If you have a bag that falls into these categories, be sure to highlight its exclusivity in your description!
Choose Your Consignment Method
The RealReal offers two convenient ways to consign your designer bags: online submission and in-person valuation. Each method has its own advantages and considerations:
1. Online Submission:
Process: The online submission process is straightforward. You’ll need to create a free account on The RealReal’s website. Then, for each item you want to consign, you’ll submit clear photos of the bag from multiple angles, along with a detailed description including the brand, style name, materials, dimensions, and any notable details about its condition.
Price Quote: Once you’ve submitted your information, The RealReal’s team will review it and provide you with a price quote. This quote is based on a combination of factors, including the bag’s brand, style, condition, current market demand, and historical sales data.
Free Shipping: If you accept the price quote, The RealReal will send you a prepaid shipping label. You can then package your bag securely and drop it off at a designated shipping location.
2. In-Person Valuation: (Recommended by Fairly Curated)
Benefits: The blogger from Fairly Curated suggests that in-person valuations at The RealReal’s physical stores often result in higher consignment prices. This is likely due to the opportunity to directly interact with a valuation expert, allowing you to showcase your bag’s best features and potentially address any concerns they might have. You also have the advantage of immediately declining an offer if you’re not satisfied with it.
Locations & Appointments: The RealReal has retail stores in select locations in California and New York. You can book a free valuation appointment online through their website.
Valuation Experience: During the appointment, a valuation expert will carefully examine your bag, assessing its authenticity and condition. They’ll then provide you with a consignment price based on their evaluation. You can accept or decline the offer right then and there.
Returns: If you have items you need to return to The RealReal, you can conveniently drop them off at the store during your appointment.
Pro Tip: (From the audio) Dress well, carry one of your nicer bags to the appointment, and be friendly to the valuation expert. It might just give you a slight edge!
Receive a Price Quote and Consign
Whether you choose online submission or an in-person valuation, the next step is to receive your price quote and decide whether to consign your bag:
Pricing Process: The RealReal’s pricing algorithms are sophisticated and leverage vast amounts of data, including current market trends, historical sales records, and expert input. Their goal is to set prices that are competitive and maximize your earning potential while ensuring a timely sale.
Commission Structure: The RealReal has a tiered commission structure that rewards consignors who sell more with higher commission rates.
Consignment Agreement: Once you accept the price quote, you’ll be asked to sign a consignment agreement outlining the terms and conditions of consigning with The RealReal. Make sure to review the agreement carefully before you proceed.
Pro Tip: Before you consign, do your research! Browse The RealReal’s website for similar bags that have recently sold. This will give you a better understanding of the fair market value for your bag and help you decide whether the price quote is acceptable.
Get Paid
Once your bag sells on The RealReal, you’ll receive payment according to your chosen method:
Payment Options: The RealReal offers three convenient payout options:
Direct Deposit: You can opt to have your earnings deposited directly into your bank account.
Site Credit: If you choose site credit, your earnings will be added to your The RealReal account balance, which you can use to shop for other luxury items on the platform. You’ll also receive a 5% bonus added to your site credit balance each month.
Check: The RealReal can also send you a physical check by mail.
Payout Timeline: The time it takes to receive your payment will vary depending on your chosen consignment method:
In-Person Consignments: If you sell your bag during an in-person valuation, payment processing is generally much faster, with funds often available within a few business days.
Online Consignments: For online consignments, payment processing takes longer due to the additional time required for shipping, authentication, and processing. You can typically expect to receive payment within 30 days after your bag sells, but it could take longer in some cases.
Maximizing Your Earnings on The RealReal
While The RealReal’s expertise and vast marketplace already work in your favor, there are some additional steps you can take to maximize your earning potential and ensure your designer bag sells quickly:
Presentation is Key:
High-Quality Photos: Invest the time to capture clear, well-lit photos that accurately represent your bag’s condition and showcase its best features. Use a neutral background and shoot from multiple angles, including close-ups of any details, hardware, or flaws.
Compelling Description: Craft a detailed and engaging description that accurately reflects your bag’s attributes. Include the brand, style name, materials, dimensions, color, hardware details, and any unique features. Be transparent about any flaws or signs of wear.
Strategic Timing: Keep an eye on seasonal trends and upcoming fashion events. Certain styles may be in higher demand at particular times of the year, and releasing your bag just before or during those periods can attract more potential buyers.
Utilize The RealReal’s Resources: Take advantage of the wealth of information available on The RealReal’s website:
Pricing Guides: The RealReal provides pricing guides for popular designer bags, which can help you get a sense of fair market value and set realistic price expectations.
Trend Reports: Stay up-to-date on the latest fashion trends by browsing The RealReal’s trend reports, which highlight in-demand designers, styles, and colors.
Designer Insights: Learn more about the history and craftsmanship of your bag’s designer through The RealReal’s detailed designer insights, which can add context and value to your listing.
Referral Program: Earn extra site credit! Refer your friends to The RealReal using your unique referral link, and both you and your friend will receive $100 in site credit once they make their first consignment.
FAQ Section
Here are answers to some frequently asked questions about selling designer bags on The RealReal:
Q: What happens if my bag doesn’t sell?
If your bag doesn’t sell within the specified consignment period, you have two options:
Return: You can choose to have the bag returned to you. Keep in mind that a return shipping fee will apply.
Donation: Alternatively, you can opt to donate the bag to charity through The RealReal’s partnership with various charitable organizations.
Q: How long does it take for The RealReal to authenticate my bag?
The authentication process usually takes a few business days. The RealReal has a dedicated team of expert authenticators who meticulously inspect each item to guarantee its authenticity.
Q: What if my item is damaged during shipping or handling by The RealReal?
Rest assured, The RealReal provides comprehensive insurance coverage for all consigned items while they are in their possession. If your bag is damaged during shipping or handling, you’ll be fully compensated based on the agreed-upon consignment price.
Q: Can I negotiate the price offered for my bag?
The pricing offered by The RealReal is based on their expert evaluation and market data. It’s generally non-negotiable, particularly for items submitted online. However, you have the right to decline the offer if you’re not satisfied. In-person valuations may provide a bit more leeway for discussion.
Conclusion
Selling your pre-owned designer bags on The RealReal offers a hassle-free and lucrative way to reclaim value from your luxury investments. Their platform provides a convenient, reliable, and secure way to reach a vast audience of discerning buyers who appreciate the authenticity and quality of pre-loved designer goods. With their expertise in authentication, pricing, and marketing, coupled with a competitive commission structure and flexible payout options, The RealReal empowers you to unlock the full potential of your designer bags.
Start consigning today and join the growing community of sellers who are embracing the sustainable and rewarding world of luxury resale!