Flipping Furniture Guide
Flipping furniture has become an increasingly popular venture over the years, thanks for the high potential of furniture flipping to result in a successful profit.
If you are interested in flipping furniture for profit, then consider the following guide that will help you get started on the basics of furniture flipping.
Why Flipping Furniture Pays Off
In order to succeed at furniture flipping, you must first understand why furniture flipping pays off in the first place. Furniture flipping is successful for three crucial reasons:
- You can find “flippable” furniture for modest or cheap prices
- It does not cost excessive amounts of money to flip furniture
- People are always looking for nice quality furniture pieces
Once you understand the above reasons, you will be able to approach furniture flipping with a more successful attitude.
Buying Your “Pre-Flip” Pieces
One of the most crucial elements of furniture flipping is actually buying your pre-flip pieces. How do you know what pieces will make for good flipping, and which won’t help you get a profit in the end? Some of the major characteristics of good pre-flip pieces include:
Good quality with no major existing damage. Obviously, you don’t want pieces that will cost a fortune to repair, as you won’t see much profit due to the need to mark-up the price in order to cover the excessive restoration work. Look for pieces with normal wear and tear that can be fixed more inexpensively.
Generally, you want to look for surface damage. Light scratches and finish issues are generally easier to repair than structural problems. Of course, this also depends on your skill set. If you feel confident you can repair joints and cracks, then certainly you can consider these types of projects. However, if you can only restore or refinish, select pieces with good structures and bad finishes.
Secondly, develop your eye for detail. Unique details that help furniture pieces stand out can really add to your bottom line. Certainly, people are always looking for pieces with “character.” Unique details that will help the piece connect with potential buyers are always desirable when it comes to finding pieces to flip.
For instance, hand-carved details, unique drawer shapes, or other small touches can mean the difference between a generic piece and one that catches people’s eye.
Lastly, take into account the price of your furniture flips. Reasonable prices–or even free items– can help you get started quickly with your venture. You never want to spend too much on your pre-flip pieces, because the goal in the end is to make as much profit as possible. The more you spend on the initial piece, the less you’ll make after you sell the flipped item.
Look for items that are cheap or even free. Places to look for flippable pieces include yard or garage sales; thrift stores; Facebook marketplace; as well as curb sides, where people may stick items out with “FREE” signs.
When you need fast cash, a furniture flip can be a fun and gratifying way to make a few dollars. Plus, you have the satisfaction of bringing a piece of furniture back to life.
Beginner Tips for Flipping Furniture
The following are two crucial tips to remember when you are in the process of flipping furniture.
Tip #1 : Give yourself a budget.
In order to avoid spending too much on your flipping project, give yourself a budget that you won’t go over. Create the budget based on the ultimate sale price you want to give this item. For instance, if you know you want to price an end table at $80, make sure your budget is well below $80 so that you make a profit.
With that said, your buying budget really depends on your risk tolerance. Obviously, in your flipping journey, you may wish to invest heavily in pieces that you fall in love with. However, you sometimes have to take a step back and remember that your aim is to make a profit. So, exercise restraint when buying used furniture.
Tip #2: Opt for certain pieces to sell items quicker.
Furniture that sells the quickest includes dressers, end tables, coffee tables, storage chests and buffet tables. Larger or more impractical furniture–such as antique-style china cabinets or complete dining room sets–are going to take more time to sell for two crucial reasons: one, people will need to get friends or other helps to get the items home and two, they are going to be more expensive and thus an item people are less likely to buy without serious consideration.
Generally speaking, items that can fit in the back of a van or SUV tend to sell quicker as well. Also, pairs and small sets can be extremely desirable. For instance, a pair of nightstands can be more desirable than a single one. Just remember to price the items competitively in order to entice a buyer.
Obviously, if you can help deliver, you also can solve one of your buyers main concerns. So, if you have a way to include delivery in your price (or deliver for a reasonable fee), you may find yourself to be in a great position to make furniture sales.
Best Furniture Styles to Flip
Obviously, every area of the country may be different in what type of style or finish may work in the marketplace. However, there are some popular furniture styles that you may want to experiment with. These furniture styles that you may want to flip include:
- Shabby Chic Furniture: Painted furniture with soft details and feminine details tend to attract vintage furniture buyers. Generally, these types of romantic furniture can attract female buyers in the 20 to 50 age range. Additionally, the shabby chic look is pretty easy to achieve with pastel paint colors and polished hardware.
- Mid Century Modern Furniture: In many parts of the country, this Modern Retro style of furniture is quite desirable. If you can achieve nice wood finishes, this type of flat furniture is often pretty easy to restore. Obviously, walnut and maple furniture in Mid Century Modern Furniture can look really great refinished and restored.
- Farmhouse Furniture. Farmhouse furniture can include farm tables, farm style end tables and coffee tables and farmhouse dressers. Obviously, these simple furniture pieces have a relatively simple style. Yet, they can have rustic wood finishes or white painted finishes.
Best Furniture Brands to Flip
Unless you are really familiar with fine furniture, you may want to stick with familiar mass market furniture brands to flip. Certainly, this includes brands that you are familiar with and that have good name recognition today.
Many people associate these brands with good quality, so really it adds a built-in selling point to your furniture flipping business. They include:
- Ethan Allen Furniture. Most people are familiar with Ethan Allen. Also, Ethan Allen vintage furniture lasts for decades.
- Bassett Furniture. Bassett Furniture generally is not too expensive. And, it can be attractive in new finishes.
- Drexel Heritage Furniture. A great higher end brand like Drexel Heritage may help you achieve a higher selling price.
So, these are our top tips on flipping furniture.
Let us know in the comments below, what vintage furniture have you had luck with in flipping? What tips would you offer to people trying to flip furniture as a side hustle?