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eBay is an online auction site so it stands to reason that most users will tend to auction off their items aiming to get a high price.
The problem with auctioning items is that eBay can be a very fickle place, one week an item may sell for hundreds of pounds but the next week the same item may sell for pennies.
Your success rate on eBay is affected by the number of people who are willing, and able, to bid large amounts on your items. If the buyers can't, for some reason, bid high amounts on one particular auction, you run the risk of losing money.
There is no way of telling when an item will sell for a high amount. If there was, there would be many more very successful eBayers out there.
One way you can almost guarantee you will sell an item for a good price is to use a Buy It Now (BIN) listing.
In order to use BINs successfully, you have to get the price right. Too high and it will not sell. Too low and it will be bought almost immediately, probably by a competitor who will relist it to try and profit from your mistake.
So, how can you use a BIN listing to profit?
If you've got a good idea how much the item is worth, list it for that price as a BIN. If you don't know how much it is worth, try searching for it in the Completed Listings searches.
In my case, I was quite successful selling DVDs with BIN listings. I simply searched for the DVD I was selling in the completed listings section, sorted by Highest Price and then listed my item at the highest price I could find which had sold.
At times, I also added a little more to the price. Why? Because the great benefit of BIN listings is that impatient buyers can get them almost immediately without having to wait for an auction to end and without running the risk of losing out to another bidder.
If you cannot find the item in the completed listings section or it is very rare and you are unsure of the value, list the item with a very high (almost ridiculous) price. Any potential buyers will find the item, provided you have listed it correctly.
Let the listing run for the full 10 days; it is a very good idea to always use 10 day BIN listings as you pay the same price as a 1, 3, 5 or 7 day listing and get more coverage.
If the item doesn't sell, don't be tempted to drop the price or auction it off. Too many people do this and lose money. Remember, patience is a virtue.
Instead, list it again but this time add more text to the description telling viewers that you are open to offers. You may well find that someone will contact you through the "Ask Seller a Question" link offering you a quick payment if you are prepared to sell for £x.
If the offer is not good enough, reply to the sender and politely refuse but suggest a price you would be willing to sell for.
On the other hand, if you are holding out for the maximum you have already specified, tell them why and justify your answer. You may well find that they relent.
At the end of the day, if you do have a high value item then it will cost you a maximum of £2 per listing. Each time you place it on eBay you are attracting more potential buyers. This means that you can have your item available to billions of potential bidders for 100 days for a reasonable £20.
And, when a buyer finally comes and offers the correct asking price, you will not have lost much whatsoever if it is a high value item.
One point to remember; if you give up and auction the item off or sell at a lower price, you may well find you sell it to someone who will actually do the above and profit from your mistake.
Ben Catt is an active eBay buyer and seller and runs an eBay Tips and Tricks website found at http://www.BenCatt.com. He also runs a business opportunity information site - http://www.BizOppsUK.com
The Australian Financial Review
No buyers for Paddington terrace once owned by Malcolm Turnbull
The Australian Financial Review
There were plenty of onlookers and some buyers, but no one wrote a cheque at three auctions The Australian Financial Review attended on Saturday. Nearly 80 people turned up for the sale of 44 Goodhope Street, Paddington, once owned by former prime ...
Fitzroy terrace soars $340000 above reserve in Melbourne's 'Super Saturday' of auctions
A terrace house in Fitzroy soared $340,000 above reserve on Saturday as property sales in the inner suburbs got a shot in the arm from a surge in auction listings. The renovated Italianate balcony terrace, at 32 Gore Street, was quoted at $3.2 million ...
Value-hunters thick on the ground at Sydney's weekend auctions
The bidding at some auctions was slow and cautious. But young buyers, in particular, are engaging in wide-ranging research of price trends and swooping on any listing that looks like a bargain. Cunninghams' managing director John Cunningham said all ...
The Australian Financial Review
'Some resilience' in auction market amid spring surge
The Australian Financial Review
The spring housing market has shown a degree of resilience as a surge of properties flooded in, ahead of football and rugby finals next week. With 2,404 homes taken to auction across the combined capital cities this week, the preliminary results show a ...
Comcast outbids Fox in a $39 billion takeover of Sky
Comcast outflanked rival Twenty-First Century Fox in a $39 billion takeover of British broadcaster Sky on Saturday, submitting a much higher bid in a rare three-round auction that pitted two of America's largest media companies against one another. The ...
Comcast outbids Fox in auction for Sky valuing media company at £29.7bn
for immediate release - Investors
Comcast beats 21st Century Fox with $53bn bid for Sky in rare auction
Because of the auction's setup, a sealed-bid auction in which neither side knew what the other was bidding, Comcast paid £1.61 per share, or about 10 per cent, more than needed to beat Fox. Professors of game theory, the branch of math that studies how ...
Wall Street Journal
Comcast Beats Out Fox to Acquire Sky
Wall Street Journal
If Fox had won this weekend's auction for Sky, Disney would ultimately have taken 100% control of the pay TV company. Instead, attention will now turn to whether Disney will sell the 39% stake in Sky—its value has increased by the bidding competition ...
We're betting on India's middle market of art: Edward Gibbs of Sotheby's
Indian clients are spending more on art auctions these days, so it's “a good time for us”, says Edward Gibbs, chairman for Middle East and India at auction house Sotheby's. Gibbs, who advises private, corporate and institutional collectors worldwide ...
Stay Golden: Ford Mustang GT Gets Vegas Hockey Makeover For Auction
One of the best places to pay it forward is through auctions. Here, you'll be able to extend a helping hand, as well as bid for a valuable thing that could be close to your heart – such as this 2018 Ford Mustang GT that's customized to wear a golden armor.
'Boceto for Spoliarium' by Juan Luna sells for P63M at auction
Going once, twice, and it's sold. The recently unveiled "Boceto for Spoliarium" by Juan Luna on Saturday fetched P63 million at the Rigodon Ballroom as part of the "Important Philippine Art" of "The Well-Appointed Life" by the Salcedo Auctions. GMA ...
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A Dropshipper is someone who will anonymously send the goods you order to your customer! There are no markings on the box and no invoices enclosed! Finding a reliable dropshipper can prove to be a strenuous task. When selecting a Dropshipper you want to be sure to find someone that has a large inventory and quickly replenishes items that become sold out! You also want to find someone that is helpful and knowledgeable about the products they are selling! Make sure to contact them before you consider reselling their items, see how quickly you get a response and how helpful the response is! Remember this is the same service you can expect once you are in business with them! If it is less than your standards consider using someone else! How do you find a Dropshipper? There are several ways to find a Dropshipper perhaps the easiest is to purchase a list from an online auction! Thoroughly read the context of the ad and ask questions if need be.
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