Reselling is becoming more and more popular with sites like Poshmark, ThredUP, and TheRealReal gaining market presence, inventory, and followers. According to a recent New Yorker article, ThredUP adds 15,000 items to its website daily. TheRealReal to date has sold more than 8 million items and counting.
From jewelry to handbags and clothing, these sites help you turn closet clutter into cash. Here’s how it works and how you can profit from clothing and accessories you no longer want.
Poshmark: the most time-consuming of the bunch but also the highest payout ratio (because you do the photographing, listing, and mailing). Creating a closet on Poshmark – essentially your online store – is easy and free but good photos and descriptions really make your closet stand out from the crowd. Becoming a Posh Ambassador requires a minimum of 5,000 shares of others and your own closet in addition to other requirements but boosts your cache on the site. Poshmark charges a flat commission fee of $2.95 for items sold at $15 or less. For items over $15, there is an 80/20 split in the consignor’s favor.
ThredUP: the easiest way to resell your clothes but the least payout, sometimes offering pennies on the dollar for gently used items. Ordering a ThredUP bag to pack and ship your items is free and ThredUP will either pay out for the clothes up front or sell the clothing on a consignment-basis, meaning you won’t get a payout for them until they sell within a pre-determined window. I generally think of ThredUP as an alternative to donating items, though the site does accept and pay out better for items like Coach and Tory Burch. Right now ThredUP only accepts women’s and children’s clothing and accessories.
TheRealReal: this is the place to go to sell your luxury items. I sometimes joke that TheRealReal is real real picky but that’s because they sell only the highest quality items and brands. And if you have those items to sell, you can make some good money. The payout ratio is about 40% – 85% of selling price. You mail your items to TheRealReal and they take care of photographing and listing. Or if you live in New York City or Los Angeles, a RealReal concierge will come to your home to inspect and accept your clothing, jewelry, and accessories. Additionally, you can take your items to their stores for inspection and acceptance, and even shop while you’re there. TheRealReal has recently expanded into home goods as well with artwork and crystal being popular sellers.
I have clients who use a variety of these and other consignment options so try out what feels right to you in terms of the time you want to put into reselling and/or the amount of money you want to make back from your items. Additional sites for clothing resale that I’ve used and referred clients to include: