How to Make Money Flipping Phones
Flipping phones is a smart way of earning extra money on the side. For the uninitiated, “flipping” is the art of buying a phone at a lower price and selling it at a higher price. If done well, it can grow into a full-time business.
The used smartphone market is growing rapidly. Its market share is expected to reach 52.7% in 2022, and the figure is projected to rise over the years. But, how do you flip used smartphones to make money?
Identify Where to Find Phones to Flip
There are so many places where you can find smartphones to flip for profit. Some of these places include (but are not limited to):
- Craigslist. In local Craiglist listings, you’ll find private sellers ready to flip phones for cash. Don’t let their high prices scare you off. Negotiate firmly and the sellers will lower their prices, especially if you have cash in hand.
- Facebook. Ask your Facebook friends if they have phones for sale. Alternatively, you can create a “buying used phones” Facebook page for your phone-flipping business. Last quarter, Facebook Marketplaces registered almost 1 billion monthly users globally.
- Online marketplaces. Try other marketplaces such as eBay to buy or sell used phones. But keep in mind it’s possible to get scammed on eBay (and other online marketplaces).
Used electronics stores, though classified as your competition, are also ideal places to buy phones and sell them for a profit.
Find Valuable Used Phones
Flipping items is about making a profit, so the last thing you want is to buy used smartphones you can’t resell. Look for in-demand high-end phones such as iPhones to sell.
It’s easier to find a buyer for an iPhone than for any other smartphone. Global iPhones sales are expected to exceed $200 billion by 2022—that’s nothing to sneeze at.
When starting out, buy and sell iPhones to mitigate risks as you learn the flipping business. Once you master the market, you can add more phone models. If you're cash-strapped and need to stock up your inventory, you can search for “how to get a title loan” online and apply for a quick loan to help you buy more used smartphones for reselling.
Identify a Good Deal
To make a good profit in this business, buy low and sell high. That's the name of the game. To identify a good deal, compare the selling price of a phone to its current value.
Focus on finding a phone with a good value but a lower selling price to make a profit. If you can make between $50 and $100, then you're probably getting a good deal.
Know Where to Sell your Phones
Although there are so many places you can sell smartphones for a profit, you need to weigh the downsides as well. For example, when selling to private buyers, a sale might require time-consuming in-person meetings, negotiations, and delivery options.
If you sell to local stores, chances are, you’ll sell the phones for less. Also, you might need to convince store owners to buy your phones and no sale is guaranteed. When selling to online marketplaces, it’s easy to get scammed. Weigh all your options and only sell your phones on the most secure platforms.
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