Consigning/buying with The Real Real TRR

[girlhasbags]

I just sold a bag to TRR and it has gone smoothly so far. They actually offered me $250 more than FP and Rebag. I'm supposed to be paid by direct deposit which hasn't shown up yet but they said it would take up to 10 business days. Were you paid by direct deposit or check? How long did it take?

So they buy bags straight out now?

 

[youngster]

So they buy bags straight out now?

Yes, they do. Just certain brands but all the ones you would expect. I sent the bag to a designated address in L.A. and it was handled separately.

Ann's Fab Finds is also doing direct buy outs now for certain brands. I've always found Ann's to have really good customer service and higher quotes for consigned items but then they take longer to sell.

 

[snibor]

I just sold a bag to TRR and it has gone smoothly so far. (ETA: TRR is now doing direct buy outs on certain brands.) They actually offered me $250 more than FP and Rebag. I'm supposed to be paid by direct deposit which hasn't shown up yet but they said it would take up to 10 business days. Were you paid by direct deposit or check? How long did it take?

Direct deposit. They pay the 15th of each month so my sales were in August and direct deposit was September 15.

edit…mine were consignment sales not direct buy.

 

[girlhasbags]

Yes, they do. Just certain brands but all the ones you would expect. I sent the bag to a designated address in L.A. and it was handled separately.

Ann's Fab Finds is also doing direct buy outs now for certain brands. I've always found Ann's to have really good customer service and higher quotes for consigned items but then they take longer to sell.

Thank you was that their Melrose store?

 

[youngster]

Thank you was that their Melrose store?

Let me take a look . . . I have the UPS receipt when I dropped it off . . .
It went UPS 2nd day air, not ground, and it went to a suite on West Exposition Place in L.A., not the boutique on Melrose.

 

[youngster]

After TRR received the bag, they sent me a separate evaluation and estimate. Gave me a choice of cash out, site credit, or what they would list it for if I went the consignment route. After I decided on cash out, they sent me a form to sign via DocuSign that confirmed that choice and their terms, which stated payment would happen within 14 days.

 

[CeeJay]

So they buy bags straight out now?

Yes, they buy more than just bags "straight out", but understand that you get less than if you consign (I believe it is 25% less). So, for me (since I mostly consign high-end jewelry), it is not worth it to have them buy it straight-out.

 

[CeeJay]

After TRR received the bag, they sent me a separate evaluation and estimate. Gave me a choice of cash out, site credit, or what they would list it for if I went the consignment route. After I decided on cash out, they sent me a form to sign via DocuSign that confirmed that choice and their terms, which stated payment would happen within 14 days.

Obviously, they are doing that differently than when you consign. When you consign, and a purchase is made, you do not get the $$$ until the next month, on the 15th. I would HIGHLY recommend that folks use a direct deposit, BUT .. understand that you then need to give them your SSN because if your quarterly or year-end total exceeds a certain amount, you have to declare it (uggh)!

 

[youngster]

Obviously, they are doing that differently than when you consign. When you consign, and a purchase is made, you do not get the $$$ until the next month, on the 15th. I would HIGHLY recommend that folks use a direct deposit, BUT .. understand that you then need to give them your SSN because if your quarterly or year-end total exceeds a certain amount, you have to declare it (uggh)!

Yes, and next year those limits are going down even further so it'll pretty much catch everyone who sells anything online. You only have to sell $600 or more in 2022 and you'll get a Form 1099-K. It's one reason I'm trying to unload everything this year. I just don't want to have to deal with it.

 

[Nomad]

Yes, and next year those limits are going down even further so it'll pretty much catch everyone who sells anything online. You only have to sell $600 or more in 2022 and you'll get a Form 1099-K. It's one reason I'm trying to unload everything this year. I just don't want to have to deal with it.

What is the amount this year?

 

[youngster]

What is the amount this year?

It's $20,000 and 200 transactions. Some companies send out 1099-K's for less than this amount btw, so you might get one even if you are below this threshold.
Next year it's $600 and no minimum number of transactions so it's pretty much going to capture almost everyone who sells anything online.

 

[rdgldy]

I’m posting this as a follow-up to describe the resolution, in case anyone else finds themself in a similar situation (consignment seemingly lost, but not acknowledged, by TRR).

Using the contract as a guide, I sent a typed letter, certified mail return receipt requested, to the legal department of TRR, advising that I wanted the diamond ring returned to me within 30 days or, if they could not produce the ring, the amount I was entitled to as commission. I cited specific paragraphs in the contract, kept it simple, and did not get into a whole lot of accusations or general complaints (although warranted).

I did not get a return correspondence but after almost a month, I noticed that TRR marked the ring as “sold” and noted on my page that I was due the commission. That commission has been paid. I’m sure they never located the ring throughout the months I inquired about its status but what was more infuriating was that there was zero communication from customer service or my contact person.

I still have a couple of items consigned with TRR which were sent at the same time as the ring, but I will no longer consign with them in the future. I’ve found them to be a great resource when things go smoothly (proper listing, quick sale, quick payment) but if there’s ever a problem (description of an item that is incorrect and needs to be changed,
item disappeared from active listing for months) there’s absolutely no customer service to be had.

It’s really a shame.

Glad you got your money. They truly have gotten so bad to deal with. I sent my last consignment on 9/1, 2 items have gone missing, and am so done after this. I have a very large volume of sales but it is no longer worth dealing with them. It has become a full time job trying to locate my items and get them back or get a payout.

 

[lulilu]

With TRR I think you have to wait for the return period to pass too, then you will be scheduled for payment on the 15th of the following month.

 

[lulu212121]

With TRR I think you have to wait for the return period to pass too, then you will be scheduled for payment on the 15th of the following month.

Yes, that's how it worked for me. I had to wait until the return period had passed and then I was paid the following month.

 

[youngster]

So, just reporting back on TRR's Get Paid Now program for certain brands. I accepted their cash offer on 9/15 and I received notice this morning of the direct deposit to my bank so it took about 12 days for payment to arrive but it did arrive and within the 14 days they promised. This is different than the consignment route where you have to wait until the 15th of the following month for payment.