Where can you find items ranging from the mundane immunology book, a 1960’s Rolls Royce, to an image of the Virgin Mary on a grilled cheese sandwich?  eBay™ of course!  For first time users of eBay, the process may seem a bit daunting, but by the end of this series you will have a fuller understanding of the workings of eBay and will soon be bidding and selling with the best!

Created by Pierre Omidyar  in September, 1995, eBay originally called Auction Web, was primarily used to buy and sell pez dispensers and beanie babies.  Omidyar’s intent was to build an auction utopia, cutting out the middleman, leaving only the buyer and seller.  Since its’ birth, eBay has continued to grow and as of 1999, eBay boasts a fifty-five million dollar revenue based on merchandise sales.

"Let’s be honest:  eBay is the most fun you can have and still be legal," says Neil J. Salklind, author of eBay™ Online Auctions:  Effective Buying and Selling with eBay™.

Several books and magazines have been created to help new ebayers, called newbies, providing them with a guide to navigate what can be a hectic home page and listings.  In order to view the types of items selling on eBay, simply click on the listing links.  The opening page features items according to catgegory and a separate link that shows top selling items, called hot items.  If you do not feel comfortable with layout of the homepage, eBay has a site map link that gives a tour of the entire site.  Furthermore, there is an entire  page of eBay dedicated to different chat rooms where you can swap bargain stories and get tips from other eBayers around the world.  The chat rooms are set up by category and lists members by usernames.

Nitty Gritty of eBay

For first time bidders here are a few guidelines that you should follow:

#1 Take the Site Map Tour.  This will take you through the entire eBay site and show you a few shortcuts that might make the difference of whether or not you win the bid on a signed copy of Ernest Hemingway’s Old Man and the Sea.

#2  Observe and Familiarize Yourself With Auction Process.   View the different conditon of items and their average selling price.  Note the bidders, many are regulars that you will go up against in future auctions.

#3  Create a Username and Password and Keep It Secret.   A username can reflect the items you like to bid on, but it should be a name and password you will remember.  If you are like most of us, yard.  Never select direct cash as a ou already are inundated with too much information to remember; therefore, write your username and password down and keep it in a secure place.  Never divulge this information to anyone online since it can be used in identity theft.

#4  Set up Your Payment Method, Billing and Shipping Address(es).  Again, keep this information secret.  When selecting a preferred metod of payment make sure it is something you are comfortable with.  Sellers typically seek buyers who select payment via check, credit card, or debit card.  Never select direct cash as a payment method.  If you choose to pay by credit or debit card, this method will be completed through Paypal.  Paypal is an electronic service that insures that your credit card or debit card has sufficient funding and prevents the seller or buyer from opting out of the deal. Additionally, It protects the buyer with recourse should the merchandise be misrepresented by the seller or never received.  Keep in mind not all sellers offer Paypal as an option and a check or money order will slow delivery down.

#5  Do Your Homework.  The more you know about an item, the better bidder you will become.  Research the value of the item, range of prices if applicable, condition, and how badly you want it, i.e. rarity, etc.  Remember if it sounds too good to be true, it usually is.  Investigate the sellers history by reading their feedback profile.  A feedback profile shows how many positive, negative, and neutral comments his/her buyers have had and, thus, determines the sellers reliability and reputation.  Especially look at the negative and neutral comments. 

If the seller has a pair of sunglasses next to his/her username be wary as this could indicate a potential problem.  the sunglasses means that the seller has changed his/her username and is trying to close his/her past profile.  This could mean one of two things:

(a).  the seller was unhappy with his/her username because it impacted adversely sales, or more dubious

(b).  the seller has accumulated quite a negative feedback and wishes to hide that fact.  Still unsatisfied?  Then check out the eBay chat rooms to see if there are more postings on that seller.

#6  Set a Top Dollar Limit.  Sometimes in the heat of an auction, buyers overbid which can lead to feelings of regret and feelings of being "taken."  unless you can afford to go over your set price, don’t!  Plan your strategy before executing it!

#7  Be Sure To Include Shipping and Handling In Your Bid.  The seller lists the price of shipping and handling underneath the item description.  MDM always considers these fees as part of her bid because you may find that the additional fees takes the item from bargain to full price.  In that case, you may as well buy it locally if possible.

#8  For Big Ticket Items, Consider Escrow Service.  For items valued at $5,000+, use an escrow service to handle payment.  An escrow service acts as a middleman between you and the seller and insures both protection.  This is how it works:  the buyer sends his/her money to the escrow service and they send the money to the seller when the check or other means of payment clears.

#9 Lock and Reload.  The last 10 minutes of the auction continue to reload the item page.  You will be quite surprised how many buyers bid at the last few minutes.  Buyers wait until the last minute to pick-up a good bargain are called snipers. No one likes to lose the bid to a sniper.  Additionally, be aware of the closing time and the timezone it is in.  Before you hit the item description, there is a countdown clock that also lists the time zone.

#10  Hard Core eBayers.  When you become a diehard eBayer, there are several software programs you can buy   to increase you chances of winning that bid.  These programs  bid on your items at set times and by bidding in the last remaining items you can become a sniper.  Remember snipers can be winners, but seldom are loved!

Follow these 10 Top Gulidelines and you will be winning auctions left and right by the click of your mouse.  For those of you who are a bit more bold, consider taking a dip into the pool of Selling and in Part 2 of this series, MDM will review Selling on eBay.

Click Here to Begin Your Online Auction at EBAY™

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