4 MIN READ
How to Make Money by Renting Out Your Clothes
If you're like most women and teenage girls, you likely have several formal dresses that you had to buy for weddings, proms, fancy dress or other formal events. While you may have paid high prices for each item, now they sit in your closet, gathering dust.
Each time you open your closet and see those clothes, you probably see £££ signs, symbols of how much money was wasted for clothing for a one-time event. Now, though, you should look at those garments and see £ signs as a different symbol–a way to make money! Cha-ching!
The Founder of Hire My Clothes
Two years ago, 15 year old Summer bought a prom dress. Then, a few weeks later she had to spend a mini fortune again to buy another formal dress for a different event. The third time Summer needed a formal dress, she and her father decided to visit a rental store and pay half the price to rent a dress instead of buying another.
Summer came up with the clever idea of launching a website where people could find clothing and accessories in their local area to rent for less than they could at stores. After a few months figuring out the logistics, HireMyClothes was launched.
How Does It Work for Renters/Sellers?
If you have clothes or accessories that are gathering dust, list them on Hire My Clothes. You can offer your items for rent by the day, or for sale, if you would like. And you can list nearly anything; they have categories for designer wear, sports wear, baby wear. There's also a special section for kid's clothes, which makes it the perfect for solution for making some extra cash on the clothes your school age kids have outgrown like school blazers.
Once you found a renter, you can either meet with the renter in person to hand off the garment, or you can send it through the mail. Right now the service is only available in the UK, but they hope to later open it up to the USA.
Either way, if it's an expensive item, you'll want to ask for an upfront deposit. (If you're meeting in person, make sure to meet in a public spot and let others know where you'll be for your own personal safety or have a friend with you) If you're shipping out the garment, the renter/buyer will have to pay the full amount in addition to shipping fees before you send it.
You can also share your listing from you listing page to your friends on Facebook using the Facebook share button on your listing page, this will display your item and the title of your listing on your Facebook page for your friends to like and share getting your listed item for hire/sale even more exposure.
How Does It Work for Those Renting/Buying?
Simply browse the clothes and hire or purchase the item you would like. Before doing so, you're free to ask the owner questions about the garment. Then, place your order, if hiring the owner can decide if they would like to rent to you or not.
Pay upfront to have the item shipped to you or collect in person. A deposit may be required if it is for hire. If you would like to meet the owner in person and receive the garment you’ll be required to pay reserve fee first to get the owners contact details and pay the rest of your fee when you meet the person, this is usually a small fee for the owners time and is deductible on the full price when you receive the item.
When you return the item in the same condition you received it, you'll get back your initial deposit.
Here's an example of what a listing looks like:
How Much Does It Cost?
Unlike eBay, for people who are listing and renting or selling their clothing on Hire My Clothes, there is no listing or selling fee both for individuals and businesses who list clothes for sale. Businesses who want to gain further exposure can pay a monthly fee to have their internet address and shop details displayed on the results page.
For people who are renting or buying, Hire My Clothes offers a distinct advantage to buying new or renting at a rental store–usually Hire My Clothes' prices are much more affordable.
If you have items in your closet that are gathering dust, Hire My Clothes is the perfect way to make some extra cash. Plus, you're helping other people who don't have to spend so much money to look great at a formal event. Even as a seller, you, too, might want to rent out a dress instead of buying yet another one to sit in your closet.
Why not spend this weekend looking through your closet for all of the unused clothing that might be able to make you some cash!
Good luck Penny Hoarders!