TAMPA (FOX 13) - It's closet cleanout time and we're on the search for the best way to turn your clothes into cash online.
The fashion resale industry is booming at $15-billion in annual revenue, according to the Wall Street Journal, so we wanted to check out some popular platforms and help you get your share.
Poshmark is known for trendy and seasonal pieces. With Poshmark, you're going to be the one doing the active selling. The first thing you'll do is download the mobile app and upload a pic of the item you're looking to sell. You can message each other directly to discuss prices. When your item's bought, you get a shipping label but you have to head out and mail it. Poshmark takes a 20-percent cut of your sale.
Tradesy deals mostly in high-end women's clothing. They suggest the price, provide a shipping kit, and handle returns. They take a nine-percent commission if you want store credit and roughly 12 percent if you want cash. There are some consumer complaints online, though, that what you see posted isn't always what sellers send. However, Tradesy offers a full refund for fakes.
Threadup focuses on women's clothing and accessories and children’s clothes that have tags to prove the brand. You request a "clean out" bag, which arrives with a prepaid shipping label. Your profit varies from 10 to 80 percent based on whether you choose to take an upfront payment or actual cut of the sale. They have a payout estimator you can check online first.
TheRealReal buys and sells both women's and men's luxury fashion, fine jewelry, and watches, along with fine art. They take a 30- to 40-percent cut, but help you figure out the value and provide a free shipping kit. When they say “luxury," though, they mean luxury.
And don't forget eBay -- they take 10 percent -- and Paypal, which takes close to 3 percent. You handle the shipping but can always cover those costs when you set your prices.
One more tip on the closet cleanout: Tackle the task on a dirty laundry day. Why? Because what you really wear is in the wash.