With 800 million users per month, Facebook Marketplace is undoubtedly a great option for buying and selling used or new items. However, it can also be intimidating.
How do you know you’re getting a fair price? Is it safe to meet up with a seller at their home? Or should you meet in a public and neutral location? Do you pay before or after you’ve secured the item?
Regardless of these questions, the benefits of using Facebook Marketplace are too good to pass up. At Memphis Gold and Diamond Buyers, we understand a thing or two about buying used or unwanted items. So, we decided to use Facebook Marketplace to buy a few things to test out how it works and uncover what you need to know to get the most bang for your buck.
Keep reading to find out.
How to Buy Used Items on Facebook Marketplace
Do Your Research
Unless you need a lawnmower or lamp within the next 24 hours, we recommend taking your time to explore the marketplace to see what items typically list and sell for over a period of time. Some items, like riding lawn mowers, sell quickly. While others, like lamps, may sit for a week or so (giving you more negotiating power).
For example, we were on the hunt for gently used curtains for our college-age son. After a week of comparing listings for all types of curtains and watching how quickly each item sold after being listed (and at what price), we were able to determine how much we should expect to pay for four blackout curtain panels.
We then set a notification alert for our search term, so we’d be instantly notified when a similar listing was posted.
When we found curtains we were interested in, we checked the seller’s profile under “seller information” to confirm they were in our local area. We also looked to see how long they’d been on Facebook and how many friends they have (a new profile with few to no friends is a warning sign). The most ideal situation is that you have mutual friends in common with the seller, so you can ‘safely sell’.
But before you start negotiating, make sure to ask all your burning questions! Like the measurements, what’s included, whether the item has any noticeable dents or damage, and if the seller has more pictures so you can view the item at every angle.
Don’t Be Afraid to Negotiate
We get it. Negotiating is awkward and uncomfortable. But negotiating the price of an item can get you an even better deal – especially if the item needs a little TLC or the seller has unrealistic expectations.
Most people are highly motivated to get rid of their items as soon as possible. Now, that doesn’t mean you should offer a price that’s far, far below their asking price. You want to be polite and respectful. You may be able to get anywhere from 10 to 30 percent off the listed price.
We’ve found using the word ‘because’ also increases your chances of a successful negotiation. For example, “Would you take $50 instead of $65 for this nightstand because it needs to be sanded and repainted”.
The seller may counter the offer, and if you’ve done research beforehand, you’ll be prepared to know whether it’s a deal to take or a deal to pass on.
Make a Visit Before You Pay
Okay, so you love the item, and you’ve agreed on a price! What’s next?
We recommend paying the seller using electronic payment, such as PayPal or Venmo, for a safer transaction with fraud protection. However, expressing interest and agreeing on a price doesn’t mean you’re committed just yet, so take the opportunity to first inspect the item before you send payment.
For example, if it’s a dresser, pull out the drawers and make sure all the hardware is present. If you notice any additional damage or missing pieces, you can use that to negotiate a better deal.
We highly recommend putting safety first and bringing along a friend with you to meet the seller. If you have mutual friends with the seller, you may feel more comfortable meeting at their house or your house. If you don’t, we recommend choosing a neutral location, like a grocery store, police station, fire station, or pharmacy.
If the item meets your inspection, you can now issue payment to the seller, load up your purchase, and head back home! Congrats – you’ve really snagged a good deal!
Using Facebook Marketplace to buy used items can be a great and rewarding experience! Just remember to do your research, be vigilant, and don’t be afraid to negotiate.
Have used or unwanted jewelry to sell? That’s where we come in! We buy anything that’s gold, silver, platinum, or diamonds. We pay the most in the Mid-South, but you don’t have to take our word for it. Check out what our customers have to say about us on Google Reviews.