Find out my method to pricing painted furniture pieces for resale.
As many of you know, my main business is that of a junker & flipper. I buy vintage & antique items that need some repair or re-purposing & turn them into treasures that you can once again use in your home. A big part of that process involves furniture pieces that I purchase in order to paint & resell. Most of the time these pieces may look like outdated junk to everyday folks, but I know that with the right paint, distressing & staging they will once again come to life!
Since the main purpose of a business is to make money, I have to be very careful with the pieces that I buy in a couple of ways. First, they need to be in relatively good shape. My hubby is great at fixing stuff, but he has a full time job & fixing furniture for me on a full time basis just isn’t paying the bills at the moment. Second, they have to be priced right. I always strive to buy as low as I possibly can so that my final price is affordable for my customers.
All of this now leads us to the big question waiting to by answered in this post….How do I determine the price for a piece of furniture that I have painted for re-sale? Well, here’s my general breakdown –
- Cost of Item PLUS
- Cost of Supplies PLUS
- Cost of Time
Really simple, right??? Well, sort-of. The Cost of Item part is easy. You have to first and foremost make back what you paid for the piece.
Now you need to figure in how much your supplies cost – and I’m not just talking paint. I purchase cleaning supplies, paper towels, rags, paint, brushes, finishing products like wax & other top coats, sand paper…..the list goes on and on. I’ve gotten better at estimating this part, but I still feel like I sometimes underestimate what I really spend.
Finally you have to add in your time. TIME is MONEY y’all!! Think about it. What do we all lack…..TIME?? And in this business time is a huge struggle. So, when I’m thinking time, I usually go with $25 per hour. This includes the time to clean the piece, paint it, distress it & finish it. Then, once I’m done with that, I consider the time and effort it took me to find, purchase & transport the piece to my house in the first place. And yes, I’m worth $25 an hour. In fact, as I accumulate more experience, training & recognition as a painter, that price will go up. Don’t underestimate how much your time is worth!! And please, when you ask a person to negotiate on a piece – think about this……..
You walk into work one day and your boss says, “I know when I hired you we agreed that you were worth $25 per hour, but I’m needing you to work for $20 per hour instead. That’s what I think your time is worth.” BUT you are worth $25 & you know that you are! I would tell you to never settle for that & I ask that you please do the same when working with makers. Seriously, in the last month I had someone offer me half of what I was asking for something that I painted….HALF!? That hurts guys…not cool.
Before we wrap this up, let’s do a pricing breakdown for a piece I just sold. This cute little dresser cost me $30 at the thrift store. When I got it home it needed the three remaining (& broken) casters taken off & I also knew that it was missing one of it’s drawer pulls. Oh, and there were stickers that needed to be removed….which took longer than the first coat of paint -yikes!
I painted it with two coats of Annie Sloan Chalk Paint, wet distressed it & finished it with Miss Mustard Seed Furniture Wax. When I figured in all of that plus my cleaning & other miscellaneous supplies I added $25 to the price.
Next, I had to buy some pulls in order to fix the problem with the missing one. I ended up with 8 knobs from Hobby Lobby to combat that issue. Those cost me around $30.
Now, I was ready to add in my time. I ended up adding 4 hours of time to the project. Honestly, if I would not have had to buy the knobs, I would have added another hour or so and kept the final price the same. But, I had to consider my market & the fact that I didn’t want to take it to my vendor booth where I’d have to give them 10% for selling it.
So, final price on the piece was $185. I felt like that was a great price for a very sturdy, heavy & handcrafted piece of furniture. It was a lovely piece & I hope the owner enjoys it for years to come.
Well, that’s my pricing process. As you can see, it’s simple & not simple at the same time! If you are new to selling, rest assured, you will get better at pricing with some practice. If you are a buyer, now you understand a little bit of the inner workings of pricing a piece for resale. Either way, I hope you find the info helpful while hunting for the perfect pieces for your home!
Thanks for stopping by!