If you decide to determine the fair market value for your piano yourself, research how much pianos from comparable brands and in similar appearance, condition, and age have recently sold for. Most buyers will ask you to explain how you arrived at your asking price, so it may be a good idea to have comparable, successful listings handy. Piano technicians are usually trained in piano appraisal and are generally considered the best option for appraisal. [1] X Research source However, having a technician appraise your piano can cost about $250. [2] X Research source
Some cities also have their own local piano classified websites, so you might want to look into these as well. Be aware that potential buyers will, in many cases, want to see your piano in person before agreeing to purchase it. This may require you to host a stranger in your home, or arrange to transport your piano to another location for the potential buyer to inspect it.
Because this type of valuation is far less extensive than a full-on appraisal, the valuation will likely be much less. Wholesale can also be a great option if you are worried about hosting potential buyers in your home. While a potential buyer on Craigslist will likely want to come see and test out your piano before purchasing, you can usually skip this step with a wholesaler.
When deciding who to contact about consigning your piano, read reviews and keep in mind the business’s location. You want to ensure that your piano is well taken care of to earn as much profit as possible, so make sure that you choose a business with sufficient foot traffic and a good reputation.
When negotiating your consignment contract, make sure that you work out how to transport your piano to the business. Pianos are very large and heavy and can be difficult and expensive to transport, so you want to make sure this is clearly worked out. While most consignment businesses will only agree to sell your piano on a percentage basis (they take a certain percentage of whatever they can sell it for), in some cases, you may be able to negotiate a fixed share of the profits. This means that regardless of what your piano sells for, you will know ahead of time exactly how much you will make when it sells. [7] X Research source If your piano needs some work, some consignment businesses will tell you exactly how much of the resale you will pocket when it sells, and they will then do the work to fix it up. Such situations can be mutually beneficial, but are usually only offered by piano technician businesses. [8] X Research source
If your consignment contract contains a fixed amount of time, you may need to arrange to pick your piano up again if it does not sell in the allotted time.
