We understand the frustration of selling your branded bags to us at low prices after spending hefty amounts on it. In this article, Melissa Sum, an appraiser here at EcoRing Singapore, shares with us a few tips and tricks when selling your pre-loved items to us!
Having been working at EcoRing Singapore for almost 2 years now, Melissa has interacted with customers from all walks of life and examined countless items from a wide variety of luxury brands. She is now one of our most experienced appraiser who coaches and guides new appraisers.
How do you determine the prices offered to customers?
MELISSA: “At EcoRing, the prices offered for items we purchased are calculated based on prices found for similar items in our database. Such prices in our database are based on our previous purchase prices offered, sales history, and the current resale prices we estimated.
However, there are also cases where our offer price may differ from what is presented in our databases. Determining factors would include current trends in the fashion industry and condition of the item itself. Prices for styles and brands that are currently in-demand or are trendy generally show an upward trend and have higher demand in the resale market. The opposite can be true as well with decreasing offers over time should the style or brand be decreasing in popularity as new collections are released regularly.
Of course, the condition of the item as received in store is another important factor. Any scuffs, stains, and other signs of use or damage as a result of the storage conditions will affect the purchase price we would offer to the customer. Should the item you would like to sell have stains or mould that you feel can be removed easily, it would be 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: “A popular belief is that limited edition or discontinued designs will be offered higher prices. While this is true for a few specific designs and brands such as Chanel and Louis Vuitton, we don’t actually offer high prices for the majority of designs that have been discontinued. In fact, as more time passes, the more the value of an item decreases! This is because new collections from every brand are usually released a few times a year. As consumer interest shifts to these new designs, older and previously popular limited edition or seasonal items are often forgotten, the value can easily decrease over just a matter of months.
Another misconception is that items that are bought at high retail prices will be offered high purchase prices. However, the reality is the opposite, especially for older items; the secondhand market and demand will usually not be high just because the item used to be very expensive. We generally do not refer to the retail prices when determining offer prices for most of the older items purchased as it is a poor indicator of the actual resale price that can be attained. This is especially true for items made of precious materials aimed at a niche market, such as exotic leathers, and premium or higher-end versions of an existing design.
For example, the premium paid for previous metal versions and diamonds added to watches are almost never realised when the item is sold due to difficulties in finding buyers that would be willing to pay as high a premium as charged by the brands in comparison to the actual value of the metal or stones added in. The average consumer would usually go for the standard option if presented a choice, or will not pay a significant amount more, especially for secondhand items.”
Any tips to get the best price out of one’s pre-loved branded item?
MELISSA: “As mentioned previously, condition matters. The best way to receive a better offer would be to do some simple cleaning before bringing the item down to the store. Try to present your items to us in the best possible condition! If possible, remove dust, stains and dirt from your items before you sell to us. It is important to remember that we are required to make offers for the condition as received as we cannot confirm that certain stains or dirt marks can be removed unless we send the item for repairs or to be cleaned.
However, I always discourage customers from attempting to repair items such as watches themselves or sending them for professional cleaning and repair due to the costs involved. It is extremely unlikely that the increase in the purchase price as a result of the cleaned items will be higher or as high as the amount spent!
Also, bring your items with all accessories included at the time of purchase! Certain accessories, such as guarantee cards for Chanel bags or guarantees/ certificates for watches and fine jewellery cannot be replaced or reissued by the boutique if they are lost. The next buyer will always be willing to purchase an item at a higher price for an item closest to its original condition at the time of purchase. We will definitely make a higher offer for the complete set in comparison to one with missing items!
I also encourage customers to sell their branded items as soon as possible once they lose interest in them! The rise in the influence of mobile and social media has resulted in styles being pushed in and out of fashion at breaking speeds. Trends that used to last a season now tragically last for weeks. So, to ensure customers get the best prices for their items, I’d tell them to sell them as soon as possible before the trend changes.
In the end, always invest in timeless classic designs that will never go out of style! Black and neutral-coloured bags for instance are always in demand in the second hand market due to their great versatility. Designs that brands have been brought back continuously season after season, such as the Chanel Classic Flap Bag and the Hermes Birkin Bag, are also great investment pieces.”
At EcoRing Singapore, 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/6590931843 with photos and details of your items for an estimated quotation!