eBay Sales – How To Price Your Items For The Best Cost
Most new sellers do not understand how imperative pricing is when it comes to eBay auctions. A lot of them don’t even comprehend that ‘pricing’ should be be done. eBay is an auction site after all! The cost should move up to fair market value on it’s own. But eBay auctions are not really the same as physical auctions. In fact, a lot of work goes into deciding and setting prices.
Effectively there are just prices that can be assigned for an eBay auction: the ‘buy it now’ price, the reserve price, and the starting bid price. Out of these three, the beginning bid price is the only one that is required for an eBay auction. The reserve price and the ‘buy it now’ price are optional. The starting bid price is fairly simple – never set it higher than $50 or so – no matter what your item is really worth. This low opening price will get bidders to your auction.
Deciding on low beginning bid prices creates the need for a reserve price. A reserve price is the uncontitionally lowest price that you want to get in return for your item. You could sell the item under the reserve price, but you won’t be forced to. In other words, if you assign the reserve price at $100, and the highest bid is only $50, you do not have to sell the item to the highest bidder. You can close the auction without any negative feedback or results. Set your reserve price at the complete lowest price you are willing to sell your item for. Keep what the item is worth, as well as what it cost you in mind.
The ‘buy it now’ choice will allow you to choose a price, and buyers can purchase the item right away, without bidding, for that fixed price. This decision can be used for any type of item, and it should to be set to match your reserve, give or take a few dollars. This decision is perfect if you have multiple identical items to sell.
Shipping has a cost, and potential buyers take this into consideration when they are deciding on an auction. If you can see your way clear to give out free shipping, you will find that bidders are placing more bids. Make sure that your possible buyers realize that you are giving away the shipping.
Before setting any prices, you need to find out what the item is really worth. The worth of the item in different markets might be quite large. However, you are selling on eBay, and it is a different world altogether! Find out the price that similar items sold for on eBay before deciding any prices. If it is a collectable, or a high cost item, have the item evaluated to ensure that you are not going to lose money!
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