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FEATURE
Just drop it off, watch the auction and collect the check with iSold It.
by Rich Timlen
Sit back and
watch, then collect a check. No, it’s not a dream job. It’s the reality at any
of the new iSold It stores, which make life easier for a pack-rat to turn their
cache into cash.
All a customer
would need to do is drop off the item they want to sell, which would then be
appraised by a staff member doing online research, and then placed on Ebay for
sale. ISold It places the item in their inventory, gives the customer a receipt,
then gets to work photographing and listing the item online. After that, the
seller just has to sit back and wait for their check. The company does charge a
25% commission to handle eBay auctions.
The company
currently operates 270 franchised stores nationwide. The flagship store in
Pasadena, CA was so successful that after only nine months of operation over 200
additional stores were immediately planned to open under franchise contract
agreements. The company currently operates two stores in AZ; 38 locations in CA;
14 in CO; two in CT; six in FL; 13 in GA; three in IL; five in IN; four in KS;
three in MA; four in MD; eight in MI; five in MN; 30 in MO; eight in NJ; five in
NY; three in NC; one in OR; three in PA; one in TN; 4 in TX; six in UT; two in
VA; and 21 in WA. The company is looking to operate as many as 500 stores
nationwide by the end of next year.
iSold It stores
are typically located in strip centers adjacent to The UPS Store,
Starbucks, Kinkos and supermarkets. Minimum requirements include
spaces of 1,200 square feet, with a minimum 15 feet of frontage.
The iSold It
website includes a list of some of the most popular items on eBay, such as
antiques and collectibles, clothing, accessories, housewares, jewelry, sports
equipment and tickets to sporting events and concerts. The most expensive
listing on iSold It was a Yankees pinstriped Rolls Royce, which was selling for
$189,100. The cheapest listings go all the way down to 50 cents. Visitors can
type in their last name and iSold It number to check the status of their
auctions.
While buying
items on eBay is easy, selling the items can become complicated. But the lure of
the iSold It stores is how the company sells a customer’s product. Pictures are
taken of the item, research is done to figure out a fair value and the company
also writes a sales blurb, takes care of shipping and then takes its commission.
The company boasts a 95% sell-through rate.
Typically,
iSold It uses a seven-day auction, but the company also does auctions as short
as one day for items with time constraints such as tickets to sporting events
and concerts. If the item doesn’t sell, the customer will be notified by email
and he or she can pick up their item a the store within 10 days of auction close
or iSold It will donate the item to charity.
When the item
is sold, customers will receive a check approximately 30 to 45 days from the
date they dropped off the item, but there is always the chance that a winning
bidder will delay in sending payment for the item, causing delays in the time an
iSold It customer receives their money.
iSold It has
been building a franchise organization that places the focus on store level
execution, including store presentation, customer service, marketing programs
and pricing strategies. The company offers a comprehensive franchise program,
including site selection, layout of the store, modular store build-out package,
comprehensive training at the iSold It headquarters, marketing and promotional
support, rights to iSold It logo, software and eBay template, use of the
operations manual, negotiated discounts with vendors and on-going operations
support with field managers.
For more
information, contact iSold It, 129 North Hill Avenue, Suite 202, Pasadena, CA
91106; 626-584-0440, Fax 626-584-6540.
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