If you love to wheel and deal like many people do then Facebook Marketplace is the place for you. Buying low and reselling items for a little more can be a great way to get a little (or a lot) of extra money in your pocket. What do you need to know about buying and selling on Facebook Marketplace?
What is Facebook Marketplace?
Marketplace is Facebook’s classified ads section that gives users (both individuals and businesses) the option to buy and sell locally or ship sold products all over the Country.
Facebook created this section to compete with companies like eBay and Craigslist. The user interface is much better than their competitors in my opinion making it a better experience.
The service is extremely user friendly making it simple for any Facebook user to buy and sell items. Because the marketplace listing is associated with the sellers Facebook profile it makes the transaction a more personal one-on-one experience.
Buying On Facebook Marketplace
When browsing or using the search function on Marketplace and you see something you are interested in, you can simply click on the item then send a message to the seller for more information or to start the bartering process.
Most items you will purchase for resell on marketplace will be purchased locally and can be paid for with cash in person. However, if you wish, many sellers will take payment by PayPal or Venmo if you request it.
The Negotiation Process
Remember why your buying and try to get the best deal you can, don’t be afraid to ask for a better deal, the worse they can say is no and many sellers will at least come back with a counter offer that is less than their original asking price.
The cheaper you can buy, the more you will make when you resell the item. Buying low is more often where the real money is made rather than selling high. Just do your homework and know the value of the item before you purchase it.
What To Look For When Buying To Resell
That depends on your skill level and time constraints. To make the most money on an item you would look for things that can be cleaned up or easily repaired and sold for a larger mark up. This isn’t always in everyone’s wheelhouse but is the profitable way.
Look for undervalued items. Everyone has certain things they just know more about because you have an interest in those things. This usually will give you a certain knowledge about the value of items in that niche, so finding items that are undervalued for a knowledgeable person isn’t that hard. Many people just don’t know the true value of what they are selling.
Selling on Facebook Marketplace
In many ways Facebook Marketplace has replaced the rummage sale for many people (although I still love rummage sales) making it easy to sell items locally. For individuals not running a storefront selling on Facebook is free but there are some restrictions as to what you can sell.
To sell on Marketplace just enter the app and click “Create a New Listing”, select “Item For Sale” and “Add Photos” then type out the information about the item your selling along with your asking price. Remember that everyone love to negotiate so consider that when listing a price.
It really is that simple to sell on Marketplace. Buyers will begin to contact you if they are interested in your item. Just be sure to message them back as soon as possible and don’t be offended if the offer you far less than you will accept, just use it as an opportunity to negotiate or get practice saying “NO”.
How To Be Safe When Buying and Selling On Facebook Marketplace
Whether you’re buying or selling on Facebook Marketplace locally you will have to meet up with the person face to face to exchange the item and money if paying cash. This can certainly be a safety issue when meeting a stranger.
Always Look At The Buyer or Seller’s Personal Facebook Profile
Look for anything suspicious. Sometimes scammers will create fake profiles to try and rip people off. Look for accounts that are well established and see if they have lots of friends locally. Many times if you are in the same town you might even have some of the same friends.
It’s Better To Not Go Alone When Meeting For A Transaction
If it’s at all possible take a friend with you to meet up with the buyer or seller. There are safety in numbers and this is certainly the case in this situation. Have the other person stay in the car with a phone while you meet with the buyer or seller.
Meet Up In A Public Place
Well lit, busy parking lots can be a great option for the meet up. An even better option in many cities is the local police department. Our local police department has a designated area in their parking lot just for transactions of this type making it a safe option.
Is It Worth It To Buy and Sell On Facebook Marketplace (Can You Actually Make Money?)
It all depends on your skill as a negotiator, a sales person and your ability to find items that can have value by finding undervalued items or cleaning or repairing the items. You can pick a few extra dollars or make a significant amount of many that can bring financial freedom and change your life. It all depends on you and your willingness to invest your skills and time into this venture.
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