How to Price your Furniture Flips to make a Profit
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- Опубліковано 2 чер 2024
- In this video, we ANSWER our top asked question, "How do I price my furniture flips and my commission work?" This is definitely a loaded question and to truly answer this question in a helpful way we thought we would provide you with the framework of things to consider when you are pricing your furniture flips. There is no "one size fits all," but we are sure by watching this video and maybe even taking notes, you will walk away feeling prepared and confident that you are listing your work at a fair price where everyone wins.
⭐️⭐️ Get subscribed to our website HERE: www.furnitureflippingteacher....
Thanks for watching! We'll be back with another flip on Thursday (:
Timestamps:
0:00 -Intro
00:55 - 2 Types of Pricing (Day-to-Day & Commission)
01:19 - Day to Day Projects
03:55 - Things to consider when buying Furniture to Flip for Profit
05:40 - Finding Help for Pricing on Facebook Marketplace
08:09 - Ways to Identify Prices for Pieces
10:07 - Raising your Prices
11:26 - Pricing Commission Work
15:25 - Consider your Goals when setting Prices
16:44 - Being Realistic with your pricing depending on where you are at
18:30 - The Market never Lies
21:31 - What other tips do you have for pricing your furniture flips?
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Furniture Flipping Teacher will be releasing content every Monday & Thursday! Get subscribed and turn on your notifications to receive updates on my journey of paying off student loan debt through flipping furniture on the side! It's as simple as finding a deal on the piece of furniture, refurbishing the piece of furniture, and flipping it for a profit! Through the journey, I am learning the lessons but also sharing what I am learning with you! My goal is to inspire a perspective to see that with action and a need to achieve a goal, there is a way of getting it done!
SEE YOU ON THE FLIP SIDE!
I hope you found this video intentional, inspiring, and informative. If so, get subscribed as content continues to grow and the future gets brighter for us all! If you would like to follow along on Instagram - there’s great behind the scenes, project before and afters, and much more! Check it out for yourself @furnitureflippingteacher
~Lauren
Disclosure Statement:
These links contain affiliate links. I will receive a commission for items purchased through these links at no extra cost to you. I appreciate your support. Please read all labels and follow all manufacturer safety recommendations when working with paints, stains, and other equipment and wear and use appropriate personal protection equipment. Viewers should attempt these projects at their own risk. - Навчання та стиль
I may (or may not) get into furniture flipping (or anything else). But I can say without hesitation that this is the the most informative, refreshing, and honest presentation I have even seen on starting ones own business. Kudos!!!
glad you enjoyed! 🤗 thanks for watching?
Great video! I have two observations: Maybe someone's furniture isn't selling because of bad pictures, or not enough pictures. Also, the description should include the brand name if known, and the dimensions of the piece.
All very true and helpful! thanks!
Definitely agree. All to often I have to ask for measurements.
Also This is a HUGE Lesson I've learned ...When Someone Comes to you with a commission piece from Their Home etc and It's Been painted before and not manufacturer finish ...it's VERY Important to Have a Buffer when quoting a Price point of at least 100 bucks ...as You Have no idea Whether the Painted finish that's on there already Is Going to Hold up and Will you Have to Strip it Off before Painting ...I've learned this one the hard way and I literally spent WEEKS getting Off prepainted piece as I found out after my quote it was latex paint that was going to Make ANY new paint Ontop of that to fail ...this 100 buffer Would Have at least compensated my Extra time that I needed to Put into the piece so my work would not fail ..I Really Hope this helps someone..stay blessed and again Lauren amazing video🥰👍
for sure! always have a range for cases like these! thanks for watching!
I just recently started flipping and am now addicted to your channel. Thank you very much for all y'all do.
This is what I like about your platform. You talk about profits and pricing. Love what y’all do!
Video suggestion: top tools you've gotten to help your furniture flipping business. From power tools, epoxys, furniture dollys, your truck, to lights for staging even. I don't know, there are so many things! I'd love to see what you guys have to say after doing this for a couple years. Great video!
Im finding that it makes a huge difference where you are geographically. No matter how much work you put into a piece, not matter how much repair and skill goes into it, people where I am have a ceiling of about $100. Even beautiful antiques take forever to sell and are reduced several times before they sell, sometimes a year a more. I have invested alot of money into supplies and paint but feel myself stifled because I know finding my audience will be very difficult, if it happens at all.
I learned all I know from you on flipping furniture 🥰 I don’t like doing commission work, it I will. I’d rather use my imagine instead pieces. It’s such a compliment when people ask me to do their furniture
So true! It definitely takes away from doing your own pieces which you could also factor into the pricing if you wanted to. Opportunity cost. Thanks for watching!
You two are getting very good with your videos. Very smooth delivery and great pacing, plus great info. Many times people can just jabber and/or go off topic. You two don't have this problem.
Also, I think for somebody to have a successful UA-cam channel (especially about furniture) you have to have the personality like the both of you! You both have chemistry and comfort behind the camera which most people do not and are simply boring! Love watching you guys no matter what you talk about!
Awe thanks! We have definitely had to grow in this! Especially for me, it didn’t come natural at first! Since doing this for a little more than a year I’ve gotten better each video! 😀
You touched on knowing your market and who is looking at your work however, I do believe that it's possible to go after a different audience. You don't have to settle for the area you're in if you are living in a bigger metropolitan area, it's always possible to advertise your goods to a different group of people who love having one of a kind pieces and will pay top dollar.
true! you could try posting on Etsy and ship furniture. I am not familiar with how that process works but definitely an option!! great point!
Thank you Lauren and Nihmen so informative. You guys are awesome. Thank you for all you do for your community
Thank you for all your bright and helpful tips!! Saving this video for when I take it too personal and need that reminder, that sometimes, it's just the market! :) You guys are great! Thanks for helping to inspire my hobby!!
Thank you for sharing! You are doing amazing as a flipper and teacher, great methodology! I've learned so much from you! Keep the hard work!
Amazing, and true accurate advice, thank you
Thank you for this information! I appreciate you sharing! 😊
Great video. Thank you for giving us those knowledge. Loved it.❤
My pleasure 😊Thanks for watching Mary!
So helpful!!! Thank you for all you do to teach us!
Glad you are finding it helpful! Thank you for learning with me and allowing me to do what I love 🤗
Awesome video thank you so much - I’m just about ready to start selling a few pieces I’ve recently finished so the timing is perfect 😊
Thanks for sharing! Helpful thoughts. I’m gonna be dropping price on a piece I’ve had for sale since beginning of November. Also appreciate your thoughts shared on commission pricing and giving an estimated range. Commission is a bit stressful cause you have to please your client but it’s sure payment work.
Neiman has the most gorgeous hair and looks good grown out a bit...his dreads were awesome back in the day as well :) Like your new shirts!!
lol he needs a haircut 😂
Great video. Applicable to all of us who flip or relove items. Love your channel.
glad it helped! Thanks for watching!
Great vid you guys! I had to learn pricing on my own as well. I sell small shippable items on eBay and have for years so yes, you certainly have to know your competition weather that is product or other sellers and is my RIO worth it. BTW, Everything paining I have learned mostly from you. I'd do it full time, but I make way more at my job so for now, Hobby, but I love it! Your smoked gray glaze vid...I do ALL my whites and gray pieces tops with it! Sells so fast!
I love your videos. You are so generous with your advice and knowledge. Thank you both. I am learning so much.
We are so so grateful that you are walking away with something of value from our channel ❤️
Thank you for sharing! And keep on keeping on!
Thank you sooo much for sharing all this info!!! It’s appreciated!! 💕💕
So glad you enjoyed! (: Thanks for watching!
Very helpful and yes, at the end of the we've got to get out there. Try and learn
Absolutely!
What are the best things to sell? What are people looking for? 1 Nightstand - 2 nightstands - dresser - armoir - cedar chest - chairs - jewelry box - etc. I see so much I would love to re-do but don't know if anyone would even look at this type of item. Also - what about complete sets - bedroom sets - dining room table and chairs ???? I am doing my kitchen in your black and linen and can't wait to get started. Trying to figure out if I can put on slow closing hinges. And I have referred that picture to many people.
Great tips!!!! Thank u for sharing!!!
Hello Lauren and Nieman. Thanks for all you two do! Today I just bought my first dresser to redo. Paid $40 for a half off sale today at thrift store for all wood antique dresser with dove-tailed drawers too. All wood. Large Dresser and mirror. Will remove mirror and sell separately. Going to use the blue paint with gold hardware. All the drawers work too! Thank goodness I just watched your thrift store video with your great helpful thrift store shopping tips! Donna
Excellent Information! Thank you!
Great information. Thank you.
Even after a year, best advice❤just get out there and do it and you’ll see! Very encouraging tho❤all the best!!
Awesome Informational video Lauren and Neiman ❣️👍👍
Oh I just adore you two!!! This was such a good informative video. Thank you! I’d love to see more. I’m very new to Facebook marketplace and furniture flipping so this was amazing! ❤😊
I remember a year ago, you were working in your parents garage. Niam would pop his head in - rarely lol. I thought oh the boyfriend blah blah. Now, wow 👌 he is so nice and very smart. Great at the youtube channel videos. Who would've thunk? 🤣 look at him go!!!
Yeah! I’m excited to have him on this side of the camera with me here and there! he is very very smart and loves sharing his knowledge with everyone! I couldn’t do it without him!!
Great tips and information !! Thanks Lauren and Neiman.
glad you enjoyed!
I have struggled with my dresser I think I love it too much and don't understand why no one else does!
Sounds like you have a nice new dresser for yourself:)
Thank you for sharing!
Of course! Hope it was helpful!
Great Video and thank you for the valuable information on how to price our pieces since I am a beginner. Key points for a newbie to rememeber are research your market for what's selling and pricing, produce good work and having patience are very important.
Boom! You hit it spot on Diana! Great takeaway 🙌 now put it into action!
This was really thought out and thorough thank you!
for sure! glad it was helpful!
I wish HGTV would give you a show! I would love watching you guys! You are the Chip and JoJo of flipping furniture
I can’t afford real estate flipping in Nashville because all the investment companies are getting the flip houses so I decided why not flip the furniture that goes into all the houses the people are buying and paying $150,000 over priced and probably don’t have any $$$ to furnish because they paid waaaaay too much to get it
I"M IN FLORIDA and I love you guys!!!
Great info guys!! Thanks!
Our pleasure! Thanks for watching!
Thank you so much for your videos. They are so inspirational to me. Im trying to make this a full time business but my biggest struggle is space unfortunately. I live in a townhouse with no garage and a somewhat small yard. Watching you gives me the drive to push on. Thank you for that!
PS. I have a $30,000 parent plus loan that im hoping to pay off. 😊
Excellent advice!!
Glad it was helpful! Thanks for watching!
Thank you so much !
Thank you for the tips in my market place everyone wants arm and leg
Always try to negotiate! Some times people just want things gone!
Great information…
You both are great thank you for the info,love your shirts and you both have great hair
Thanks for sharing all that info with us and all your videos.. Niam is so into you girl and so dedicated, just saying.. Y'all are great together.. Love you both, God bless 😁💜
Yes, I am only lucky girl 🥰 We make a great team and we are so thankful and lucky to be able to share with you all in our journey! (:
Good advice and I love your shirts!
Glad it was helpful Carol!
We thought the shirts would make for the perfect wardrobe- 😊
Thank you for your information
Welcome! Thanks for watching!
Love the shirts!,
Thanks! They're so fitting (:
I'm loving the new intro.
sweet! glad you noticed 🤗
Am wondering what the IRS tax implications were for the extra income that allowed u to pay off your student loans? Did u have to take state & federal out or pay quarterly as if it were a business? Did u have to collect/charge sales tax? Now that 3rd party sites have to report over $600 of sales, how will this affect you? What do u have to do differently this year because of it? So many You Tubers talk about their cash only side hustles....which is great....but my sister-in-law is concerned that this year she will have to pay taxes on her flipping income because so many ppl prefer to pay her w Venmo or other phone apps.
Hey, we would recommend her talk to a tax professional. We aren’t too fond of this either. We save 30% of our income for taxes. Every time we get paid, 30% into a tax savings account. This is our first year paying taxes and so will be learning a lot.
I was curious about the tax too. How do you take payment and did you form an LLC? My goal is to retire from my corporate job and do this full time 😳
Great video! I I am getting ready to pull the trigger on flipping furniture. Years ago I refinished several pieces and loved it. But just for myself a and family a and friends. All antiques.. But now I am retired this will be my "Second Act". My pproobleem is FB marketplace and learning how
to use it. Ill am in the KC area and keep getting other areas like Tulsa and CA. Is there a way or tutorial I can learn from? Thanks again for your generosity.
Do you find that now that you have a bigger space you price a little higher because you don't have to turn pieces as fast? I'm in the middle of opening a shop because I just don't have the room at home. I also became very concerned about marketplace changes that affect listing visibility. I'm glad they have a delete and relist option now though.
I am more willing to keep waiting until I get the price I want from a piece since I have room to store it. good luck with your shop!
I love your insight. Have you ever taken a low dresser or side bar and made it into a bathroom sink? This is something I want to try.
I have not. May be something to look forward to into the future!
Thanks for the info! So you live in the Midwest - can you tell us the size of your town? And far are your customers willing to travel to you?
We live in a town with just under 500,000 people. We are willing to travel as far as we need to. Of course we would include this travel into our fees.
Thank you
You're welcome!
I'm frustrated on FB and I think there are other areas of the country that struggle too. I am in Northeast Wisconsin and it takes me a long time to sell anything. Or I get ridiculous lowball offers. I don't see much of the nice stuff either to price from, just first time flippers, etc.
Great information guys. One question if you do not use all the paint in a flip, do you prorate what you used, or give the customer left over paint and charge for whole amount? Thank you again.🤗🌞
That is up to you...I usually factor in the entire cost of paint that I bought specifically for that project. If there's not much left, I will give it to them if there is then I would just give them a small amount for touch ups and then keep the rest for another project
Hope that helps!
Thank you that is a great idea to give out touch up paint. And thanks for paint tip. 🤗
Hey Lauren, I know this comment is coming 1 whole year later. But i wanted to ask a question regarding your "wording" on the facebook listing. Did you always make sure to state that the item is "upcycled" ? Did you find that stating that the item was "upcycled" changed the traction of the listing ? Or do you just state what the item is, along with a price, and leave out the "upcylced" part in the listing description? Thanks a mill !
Southern Indiana is watching.
Nice to have you here! 🤗
This is VERY helpful! TY! BTW, where are you guys going to move now?
no problem! glad you enjoyed! we haven’t yet found a place but will be staying around our same area 😀
How do you deal with shipping? Thank you.
We actually haven’t tried this yet! We'll make a video if we ever venture into that realm! Thanks for watching!
I have a question I saw the kitchen you did how did you price that? I'm midway through a kitchen myself at $1500.00 [17 door 3 drawers] and faces. I'm hoping it's going to be the correct price.
id say that’s pretty reasonable 😀 I gave each cabinet/drawer front a price and did it by the number of those and got a pretty good price!
Great Video! When you sell on Facebook Marketplace, do you sell as FFT or as your first and last name? In other words, do you sell using a business profile?
I sell from my personal profile. I could be wrong but I do not believe that FB pages can sell on Marketplace
@@FurnitureFlippingTeacher Thanks!
If you list items as a business, you aren't supposed to advertise in buy and sell groups. Most group administrators will call you out on that. Also you have to pay for any advertising as a business.
My bggest issue is deciding a color to paint something.
Hi Lauren! Did you create a separate Facebook account to post pieces right away? Or did you stick with your personal for a while and then graduate to a FFT exclusive?
Watching
Thank you so much for making these videos!! I absolutely LOVE ALL your flips! I’m a new DIYer and these videos help me so much because I feel super overwhelmed 90% of the time…hopefully that’s normal!?
You are so welcome! Glad it was helpful! Take everything one step at a time! no need to feel overwhelmed...keep practicing and gaining experience and you'll be an expert in no time!
@@FurnitureFlippingTeacher Thank you 🙏
You have inspired me to do this as a hobby to pay down my credit card debt but all I get are scammers trying to get my personal phone number! Sooo frustrating
And the other scams out there of “hey my brother will pick it up and I will pay you if you click this link” can you post how to post on marketplace to get real people to respond
I am so frustrated
Random question, but how do you explain to your buyers about the cure time and how to treat the piece until it is cured?
If they're getting it within a week of me painting it, I just tell them to try and keep heavy things off of the top and be pretty careful for a couple weeks! I just be honest and generally they know it's been painted so they're thankful that I gave them that tip. I have also heard of people creating little cards that go with each piece that has all that info on it plus a little sample size of paint for touch ups
How did you get started. What made you want to start flipping
I always know when I have priced to low because of how many want to buy it immediately. Also its a good idea not to get furniture thats really beat up and needs many repairs. You never get the money for all the hours of work you have put into it.
Its such a good tell tell sign. And that is great advice about getting really beat up furniture as well. So true!
@@FurnitureFlippingTeacher
❤️
Question: Do you have/suggest having a Facebook profile dedicated to promoting your furniture flips on marketplace items?
I use my personal profile! 😀
I see your 52 books in 2022 chart. What are you reading this year? That could be good video
Excellent video guys and the advice you give is exactly what I tell my flippers that come into my shop to buy products. The market will determine what you will get for your piece there is no magic number. I love what I do but it is hard work and the general public have no idea what goes into it. Thanks again!!
pure white or an off white almost beige?
Do you think there’s such a thing as a location not really having a market at all for this type of work? From research I’ve done of my area here in southern VA it seems to be a terrible market. Prices at thrift stores are sky high and Facebook market place shows bad statistics for refurbished furniture. Nobody wants to spend more than $50 here and even try to sell old pieces of furniture for more than $100. Doesn’t make sense to me.
How do you deal with the hundreds of SPAMMERS in FBMP it’s been terrible for months.
Me too! All I get is someone trying to get my personal number
They give me their cellphone number and ask me to call or text them - I respond - we are texting so do you want to meet and pay cash when you meet me but then crickets because I don’t give them my phone#
Put an awesome set of pier 1 rattan chairs for $300 and first 20 responses were “is this available?” Yes- then text me your number! Ugggh!!!!
I was told that you charge 3 times of what it cost to refinish
Here's a repeatedly asked question. How do I recover my prize from November? A $100 Dixie bell paint voucher?
Hey Roxann! We never received an email from you to claim your prize. Go ahead and email us furnitureflippingteacher@gmail.com and we'll see what we can do!
Tip, don't lower your price right away if it hasn't sold. The right person hasn't seen the piece yet. I learned to be patient.
Can anyone advise me how to ship furniture from Europe to the USA? There's so much amazing stuff that Europeans don't value!
Funny enough, I thought it was the other way round!!
@@RaquelPerez-Gomez lol it might work BOTH ways. The grass is always more chic on the other side!
Are you guys going to change the name now that you are no longer a teacher???
I am still a teacher…I teach here on YT 🤗
@@FurnitureFlippingTeacher I did not see that one coming lol! Well at least you won't have to change the name and the merch. Thanks again for all that you do! You two are inspiring me to push past my fears are challenges of flipping furniture.