Online Auctions How to Bid and Sell with the Best-Part 2

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25 years shopping thrift stores, estate, garage, rummage, flea markets and tag sales. 10 years in interior design. Current DIY projects have been renovating two turn-of-the century brownstones and commercial/residential property development.
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Online Auctions How to Bid and Sell with the Best-Part 2

July 24th, 2006 by markdownmom

In MarkDown Mom’s previous post, 10 guidelines were described to win auctions on eBay ®. For the intrepid MarkDownMom blogger, why don’t you try your hand at selling? In order to sell items on eBay®, eBay® charges the seller approximately $3-$6 (money ranges depend on items for sale) for listings. To get started, look at the following rules:

#1-3- Use the same rules as those listed in how to become a buyer. Note items you wish to sell.

#4- Set up a payment method. When you are completing the username and password information, decide how you would like to be paid. Choose a method that most buyers will be able to comply with, such as check or money order. If you go with credit card, you must set up an account with Paypal. The most Paypal asks of you is your checkings routing numbers so that they can pay you via direct deposit.

#5- Describe your item to a T. If your item has a hairline crack on the rim, list it. It benefits no one to knowingly misrepresent your product. The buyer will feel cheated and alienated. He/she will ultimately give you negative feedback, report you to eBay®, and to other members via the eBay® chat rooms. Hence, you will lose future sales and need to deal with eBay’s® representatives.

A picture is worth a thousand words.

#6- Use photos. Like the mantra states, “a pictures is worth a thousand words.: If you have a digital camera, take pictures of your item and load it on the computer. If not, use a regular camera and scan the developed picture and load it to your description page. Take pictures of the sides (front and back included) and the bottom. The more pictures you take, the safer the buyer feels about your description and consequently you will receive more bids.

#7- Do your research. Research, research, research is possibly the most valuable lesson you will learn in this article. Determine the value of your item and set your price approximately 20-35% lower. Remember you not only want to make a profit on it, but also you want the buyer to know that they got a deal. Also, research your buyer and make sure you know how reliable he or she is and check out his/her feedback profile.

#8- Set a reserve. A reserve is the minimum price you are willing to sell your item. If you do not place a reserve, you are essentially saying “I am willing to sell this for even a penny.” Keep in mind that this should be a reasonable reserve.

#9- List the shipping and handling cost. The buyer needs to be aware that he/she knows how to bid accordingly. By listing this information, the buyer will not be tempted to back out of this deal. Also, list if you offer shipping insurance.

#10- Use additional eBay programs. Auction Informant allows sellers to keep track and analyze sales. Furthermore, eBay contains listings that have html pages created by sellers. In order to create a flashy listing for your item, use Dominant Ad Creator.

Besides bidding on items, there is a buy now option, which allows buyers to buy the product at a fixed price. This method usually occurs when a seller is listing more than one of that particular item. Ultimately it saves the buyer and seller valuable time and insures the sale and receipt of product.

Whether buying of selling, you are now sufficiently prepared to enter the world of eBay®. Enjoy the hunt!

Click here to enter eBay®!

For more information about eBay® and eBay® programs, check out the following sources that were used in this article:

Salklind, Neil J. and Frey, Bruce. EBay® Online Auctions: Effective Buying and Selling with eBay ®. Muselea and Lipman Publishing; Cincinnati, Ohio, 1999.
Fisher, Laura and Kaiser, Micheal. The Official eBay Guide to Buying, Selling, and Collecting Just About Anything. Fireside Publishing; New York, 1999.
Neild, David. “PC Magazine’s How to eBay: BECOME AN EBAY MASTER.” ; 34.
“eBay.” http://www.ebay.com/