Are you feeling frustrated selling your cherished branded bags at low prices after having spent a hefty amount on them? Don’t worry! Melissa Sum, an experienced appraiser at EcoRing Singapore, is here to share some valuable tips and tricks when selling your pre-loved items to us!
With nearly 2 years of experience at EcoRing Singapore, Melissa has interacted with customers from all walks of life and appraised countless luxury items from various brands. Now, she’s one of our most seasoned appraisers, guiding and coaching new team members.
How do you determine the prices offered to customers?
MELISSA: “At EcoRing, the prices we offer for purchased items are carefully calculated based on data from our extensive database. This database is built upon our previous purchase prices, sales history, and our current estimations of resale prices.
However, there are instances where our offer price might differ from what’s in our database. Factors like current fashion industry trends and the item’s condition play a significant role. Styles and brands that are currently in demand or trendy generally fetch higher prices in the resale market. Conversely, items that are becoming less popular due to the release of new collections might see decreasing offers over time.
The condition of the item upon receipt is another vital factor. Any scuffs, stains, or signs of wear and damage due to storage conditions can affect the purchase price we offer. If you plan to sell an item with stains or mold that can be easily removed, it’s best to do some simple cleaning before selling!
What are some of the common misconceptions that customers have when they sell their items to you?
MELISSA: “There’s a popular misconception that limited edition or discontinued designs automatically command higher prices. While this is true for specific designs and brands like Chanel and Louis Vuitton, it doesn’t apply to the majority of discontinued items. In fact, as time passes, the value of such items often decreases. New collections are regularly released by every brand, and consumer interest shifts towards these fresh designs, causing the value of older limited edition or seasonal items to drop within months.
Another misconception is that items bought at high retail prices will receive high purchase prices. However, for older items, the secondhand market and demand might not be as high just because the item was expensive when new. We generally don’t rely on retail prices to determine offer prices for most older items, especially those made of precious materials for niche markets, like exotic leathers and premium versions of existing designs.
For example, Premiums paid for previous metal versions and diamonds added to watches are rarely realized when selling due to the difficulties in finding buyers willing to pay a high premium compared to the actual value of the added materials.
Any tips to get the best price out of one’s pre-loved branded item?
MELISSA: “As mentioned earlier, the condition of your item matters significantly. Present your items to us in the best possible condition by doing some simple cleaning before bringing them to our store. Removing dust, stains, and dirt can positively impact the offer you receive. Remember that we base our offers on the condition as received, and we cannot assume that stains or dirt marks will be removed without further costs.
Please avoid attempting to repair items like watches yourself or sending them for professional cleaning and repair, as the increase in purchase price due to cleaning might not justify the expenses incurred.
Also, make sure to include all accessories that came with the item at the time of purchase. Certain accessories like guarantee cards for Chanel bags or certificates for watches and fine jewelry cannot be replaced if lost, and having a complete set can lead to a higher offer.
Finally, I encourage customers to sell their branded items as soon as they lose interest in them. Fashion trends now change rapidly due to the influence of mobile and social media. Selling your items sooner rather than later ensures you get the best prices before the trends shift.
In conclusion, investing in timeless classic designs that never go out of style is always a wise choice. Neutral-colored bags and iconic designs like the Chanel Classic Flap Bag and the Hermes Birkin Bag are excellent investment pieces.”
At EcoRing Malaysia, experienced appraisers like Melissa herself, have dealt with a wide variety of items from various brands. From Hermes to Michael Kors, and handbags to bag charms, all luxury items are carefully examined before being bought in and sold.
Looking to sell your pre-loved branded items? WhatsApp us at wa.me/60122233614 with photos and details of your items for an estimated quotation!