We’ve all heard of the success stories where young students manage to resell thousands of dollars worth of sneakers and wonder how do they do it? With some rare sneakers going for incredible prices such as Kanye West’s Nike Air Yeezy that sold for over a million at auction, the sneaker resale market is very lucrative and has been valued at over a billion dollars. Being able to merge your interest in sneakers with making money is a tempting idea to many but how exactly do you get started and where can I sell my sneakers? It is simple as Ox Street shares some tips and tricks in our “Guide To Sneaker Reselling”.
For starters, you cannot sell any old sneakers you have in your collection. You have to know and get your hands on limited releases, like exclusive collaborations or rare rereleases. Do your research on what are the latest upcoming drops and observe the trends. Subscribe to mailing lists of sneaker sites like Hypebeast and Sneaker News, download apps, and queue up at the sneaker stores even if it means for hours for the latest drops - you got to commit the time and effort, and you have to of course know your products before getting into any form of reselling.
When you do get a pair, you can make the choice to either wear them, sell them off immediately, or keep them in mint condition to sell off at a later date. The first choice will cause the sneakers price to drop drastically and make it much harder to resell unless you are lucky enough to have a rare sneaker in a rare size like Nike Yeezys or original Air Jordans from the 90s, and even then they might not fetch the best prices compared to unworn ones. For those who are wondering whether you should keep the original shoebox, the answer is always yes as the value drastically drops without the box. Sneaker reseller Suhan said in an interview with Ox Street:
“I personally feel like reselling gives more value to a shoe not necessarily based on the price but the thrill for collectors to obtain them. If everyone can just get every single pair they dream about for retail, it would definitely not mean anything compared to saving up for a year to buy the sneaker you’ve always wanted. As a collector, resell keeps the journey interesting for me as pairs are hard to obtain and it makes me work harder and obtaining my favorite pairs more meaningful with so much hard work behind it.”
The second and third options are more of a gamble much like with any investment. Those who are looking for a quick buck and have models that are in demand will resell immediately often at 200 - 300 per cent mark up from its retail price. But those who choose to hold are confident that the kicks are rare and in-demand enough such that it will sell for a much higher price in the future.
There are many different sites to resell your sneakers with the common ones like GOAT, StockX or even social media. But you can buy and sell sneakers easily on Ox Street as well. With a more targeted audience focused on the Asian market, we make reselling sneakers much easier and more accessible for sneaker resellers from the region. With an easy-to-use interface and making the process easier for both buyers and sellers by creating a trustworthy platform, Ox Street is easily one of the best apps to use for sneaker reselling especially for those based in Asia.
Sites like StockX can be used as a tool to help you in sneaker reselling by looking at the stats, previous sale resale prices, and current average resale prices of different types of sneakers. Its ‘market watch’ function also allows you to track the demand for the shoes, some of them even before they are released. Ox Street also allows you to easily see the prices listed by other sellers down to the different prices for different sizes as well to ensure you list the sneakers you wish to sell at a competitive price.
The trick is to buy low and sell high, and really knowing which sneakers will fetch a good price in the secondary market and spending all your efforts trying to cop them. For new resellers, new releases are probably your best bet because of the amount of luck and capital you would need to cop vintage Air Jordans. While you can make a few dollars from new releases every week that you also choose to hold, there are a handful of shoes throughout the year that everyone has their eyes on which will immediately go for several times their retail price. Usually, these include either entering raffles (like a lottery where one fills up their details and the retailer will randomly draw the winners) or queueing up at the sneaker store physically even for days to get your hands on them.
While it seems like it is based on luck to get your hands on these well-coveted kicks, and admittedly a lot of it is based on luck, there are ways to boost your chances. For starters, cast your net wide by scouring resell sites, social media like Instagram and Facebook, and other sites like eBay because you will never know what you will find. Of course, for the riskier sites and social media you will have to be experienced enough to be able to tell real from fakes, as well as the condition of the sneaker.
Using a trustworthy site like Ox Street is best for beginners and even veteran resellers just to be safe, as we authenticate every pair of sneakers that are sold through our platform. This guarantee makes Ox Street one of the fastest growing online marketplaces for sneakers in the region, as it looks to expand into Australia followed by New Zealand in the future.
The next level and necessity to be the fastest will be getting bots to really speed up your buying process to ensure you are fast enough by doing things like auto-fill payment and delivery details to make the purchasing process as quick as possible. While this does not work for most raffles, there are bots designed to put mass entries to boost your chances of winning it and be able to cop a pair of rare kicks. Be prepared to pay developers for the software’s use, take it as start-up costs.
Next will be to join ‘cook groups’, online communities where users pay a fee to access exclusive insider info about upcoming drops. They are hosted on platforms like Discord and are made up of collectors, resellers and the top dog sneakerheads.
Before actually reselling your sneakers after getting your hands on them, especially those that are not deadstock sneakers you have to clean them. This step is especially important if you want to maximise the price of the sneakers you want to sell by making sure they are in the best condition they can be. You should clean the entire sneaker if possible, but especially the midsoles and outsoles as those are the most obvious.
You might be wondering, what do I use to clean sneakers? This depends on the material your sneakers are made of. Mid and outsoles can be cleaned with a brush and some soap, but the uppers are the ones that might be trickier. Depending on whether it is leather or suede, you will have to use material-specific cleaning products while canvas and knitted materials are a bit more forgiving. There are also brands specialised for sneaker cleaning that you might want to check out like Jason Markk and Crep Protect.
Sneakers become most valuable after they have sold out, and most of them even more so after that. Basically the harder they are to get due to exclusivity and rarity, and the higher the demand, the more expensive they are. The trick is trying to figure out when is the best time to “flip” the sneaker and sell it, but it also depends on your individual risk appetite.
The sneaker reselling industry is certainly attractive, with the potential to reap huge profits and also enjoy the sneakers we love. Coupled with the pandemic and many working remotely from home, it has become a viable side hustle or even full-time job for many as we start exploring more of what the digital can do. Give it a shot and sell your sneakers at Ox Street today!