what's it called.. consignment..

[McKinley-migration]

selling other people's stuff

 

this guy came in today, a regular, and asked if i'd sell some of his stuff online for him.. he's oblivious to computers.

 

just wondering what the standard is for this type of thing.. i told him he'd have to pay all the fees involved, and when he asked what i get i didn't know what to tell him, i just said 'we'll see what happens first' - they're just a couple $40 coins, i don't care for now.. but he has a mountain behind these that he wants to dump off.

 

10%? 20? no clue.. i'm not looking to get rich off his stuff, just something fair i guess.....

 

thanks for yr advice

[Grumps]

selling other people's stuff

 

this guy came in today, a regular, and asked if i'd sell some of his stuff online for him.. he's oblivious to computers.

 

just wondering what the standard is for this type of thing.. i told him he'd have to pay all the fees involved, and when he asked what i get i didn't know what to tell him, i just said 'we'll see what happens first' - they're just a couple $40 coins, i don't care for now.. but he has a mountain behind these that he wants to dump off.

 

10%? 20? no clue.. i'm not looking to get rich off his stuff, just something fair i guess.....

 

thanks for yr advice

 

Look at the amount of work you're going to be putting into it. You're also going to be stuck in the middle also. Is it going to be worth the headaches? If you're going to be setting this stuff up on eBay, you're setting up all the auctions, taking pictures, writing the ads, dealing with individuals, handling money and fees. There's going to be a lot of time involved. Sometimes it's easier just to show someone else how to do it themselves. What happens when problems arise? Who takes care of the unhappy customers? Make your arrangement very clear before you move forward in this little venture otherwise you may regret it. JMHO...

 

Greg

[EZ_E]

You could also be accountable for the income tax.

[Bruceswar]

We own a small business and we do consignments all the time. We change a 3rd to cover all our cost, which coulds include ebay fee's, sales tax, employee commisions, and not to mention floor space the piece takes up. I know its alot less in coins than in the music industry. Just be sure that when taxes come around you mark all the consignments. They go under a different category, but talk to your CPA about that. Good luck

[physics-fan3.14]

There are also professional Ebay third party sellers that you can send stuff to and have them list it all. Either look what they charge (I'm sure it's easy enough to find) or have your client send his stuff to them, that's what they do.

[John Martinez]

I'd keep very detailed records. If not, and the IRS audits you, you could end up paying income tax on THEIR income. I'd set them up as a vendor and write them a check for their amount, and therefore wind up correctly as and expense.

[McKinley-migration]

ecch, i didn't even think about the legalities involved... thanks for the tips on that. i just want to help this guy out, i don't need any headaches

 

'we'll see what happens' i guess

[Architecht]

Yep. I think I'd show him how to do it for a steak dinner, and settle on an hourly consulting fee for further questions, and/or to simply do the computer part of the deal for him, but under an account set up for him, in his name, etc..

[Beijim]

Why not just offer him a fair price and resell them online after you own them? Clean and clearcut.

 

Beijim

[cpm9ball]

Why not just offer him a fair price and resell them online after you own them? Clean and clearcut.

 

Beijim

 

 

However, you should take the time to itemize everything to CYA for tax purposes.

 

Chris

[James_OldeTowne]

I used to charge 10%, and will still do so for long-time clients, but any more, I must charge 15% to make any kind of reasonable profit. Plus, I pass the cost of incidentals, such as eBay listing fees, etc, on to the customer.

 

James