You must use the correct keywords in your title of your auction to increase your chances for a successful outcome. There are many keywords the are overused and practically worthless. These include antique, vintage, large or small, rare, scarce, beautiful, gorgeous and many others. Also the acronyms HTF (hard to find), OOAK (one of a kind) and COA (certificate of authenticity). These words are almost never used when buyers are doing a site search on eBay.
Words that are good to use have a specific word or words that people will use to search. If you are selling toddler clothes you want words like toddler, size such as 3T, form such as pants and you can also add color. Brand names are very important as this narrows peoples search. If selling electronics then Sony, Vizio, Kenwood, JVC are to be included. Also very important is model number as this further narrows their search. There is an app available on eBay called Terapeak Keywords which can help you if you need to find some good keywords. It can be located under "My eBay" and the tab for applications. Using the best and the correct keywords will dramatically increase your chances of your item selling.
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I have been selling on eBay for 15 years and there is one pattern that you need to be aware of. I sell in the Glass and Collectibles categories and I almost always use auction format. I have noticed that my items always bring less money over any holiday. I guess the reason seems obvious as more people are away or not at their computer on the holiday weekends. It has gotten to the point were I not longer sell upper end items on these days. Let me know if you experience the same pattern .
I have also noticed that you need to have your starting price at a low number to generate interest in your item. I have even tested this theory. I listed an item for $75 dollars with the hope of getting $100 - $125 for the item. No bids and even the number of views were low and very few watchers. I have then taken the very same item and auction with no changes except for changing the starting price at $9.99. I then got many views and watchers and the item sold for $115. Sometimes you have to take a chance and list it at a low starting price but it is well worth it and your sell through rate will go up significantly. My goal is to have a sell through rate of at least 50% every week. What are your goals and what strategies do you have to sell successfully on eBay? I have been to hundreds of estate sales and have noticed 4 styles of bidding at an auction.
1) Standard Bid - This is when you start the bid low and take it up to your highest limit. 2) Obvious Bid - Sometimes when the bidder wants to show their intense interest in an object being auctioned they will hold up their card and just keep it held up till they win the bid. The downside to doing this is you can be very easily bid up to a level higher than you could have won the bid if you used one of the other styles. 3) Knock Out Bid - One style that works sometimes is when you start the bid much higher than where most bids have been starting. So if most of the starting bids are around $5 and you start off the bidding at $20 many times the other bidders will drop out before even getting started. The potential downside to this is you might end up spending more than what you could have bought the item for. 4) Snipe Bid - There is a small group of bidders that will not place a bid until the very last second. They will wait for the bidding to almost stop then at the last second they will bid. This is successful sometimes as the person who thought they have won the bid will relax and then when this last bid comes they decide that they not longer want to pay that much. The potential downside to this style is that you might wait too late and the auctioneer will end the auction. In summary there is no style that will guarantee you will be able to get the item you want at the price level you are willing too spend. I have used all 4 styles and all have been successful with them. When I go estate sale hunting I peruse the listings of all the estate sales in my area via auction zip. I look at all the photos and read all the listings looking for the type of items I like to buy. But you can never really know what will actually be at any particular auction. I recently was going treasure hunting on a Saturday but was unable to find a auction that really appealed to me. So I picked out one that I was familiar with the auctioneer and set off to try to buy something that I might be interested in reselling. Well I showed up 5 minutes after the auction started and as I walked in the door what was there was a complete surprise. There in the box lots was box after box of Victorian gas lamp shades. These were never pictured or mentioned in the auctioneers ad. This has happened to me numerous times so don't give up just because none of the auctions seem to be selling what you are interested in.
One of the biggest temptations you have to resist when buying items for resale is wanting the item so bad that you lose sight of what you can actually sell it for. Now we all have our specialties and main area of interest. When you find something that you have only see in a book , your excitement level goes up. This is when a red flag should go up in your head telling you to back away and access what you think how much you can sell it for. Just remember that you are in this to make money and you are not buying for your personal collection.
Once a year I have a yard sale to clear out all the inventory that did not sell the previous year. I always price the items so they will sell. You need to make the items attractive to flea market dealers and other pickers as they will be reselling the items in a different venue. You need to remember that the inventory that is sitting on shelves collecting dust are worthless to you. CLEAR IT OUT and make room for new and fresh inventory. When the yard sale is over I pack up what is left over and I donate it to an appropriate charity. This is an important step as it completes the cleansing and truly does provide you with a fresh start. Now you can go out and start gathering up new and fresh inventory. What do you do to keep your inventory f
As any experienced buyer or seller can tell you that when you are buying or selling on ebay is that there are many misidentifications. Sometimes it is outright fraud when the seller is trying to deceive the buyers but it is much more likely to be the sellers ignorance instead. Many sellers in the collectibles categories may use ebay as a source on identifying their items. I am also guilty of this as sometimes the reference books you have only go so far. When you do have to use ebay as your reference source you must be very careful. I have seen many times an item as being listed being made by the wrong manufacture. Usually when this happens the seller is giving their best guess (or it could be deception) on who made it. It fact I firmly believe that these misidenfications can end up getting a life of their own as others sellers may jump "on the band wagon" on identifying their item. You can not just merely find an auction where something is the same shape or size as reproductions are numerous. When I have to use Ebay as my research tool I try to find an auction from a knowledgeable seller in the category I am trying to sell. Also, try to find an auction where there is clearly an identification such as in the original box, paper labels or clear Hallmarks. I have made mistakes and I am embarrassed any time it happens. When and if this happens simply admit your mistake and give the buyer a full refund.
There will be many times that you do not win the bid on the item you wanted to purchase. But, there is still hope that you can still get the item that you wanted. If the item is on a tray lot with more than a few items there is a chance that the person who won the bid bought the tray for a different item. Feel free to approach this person and ask them if they want the item that you were bidding on. Many times when I have done this the person actually gives me the item I want for nothing as they may not recognize any value in the item you wanted. If they do want something then let them make the first offer on how much. Somethings it is as little as a dollar but if they really want it they will put a high dollar value on it. My motto is NEVER GIVE UP without asking.
What is OPI? It is Other Peoples Intelligence. How do you use this tool at estate sales? Auctioneers are paid to know what they are selling and the good ones not only know what they have but also have an idea of it's worth. If you listen closely to an auctioneer when they are selling you can tell when they think an item is worth more than it is selling for. They will stretch out the ending of the sale of the item almost begging someone to place more bids. This can be a good time to jump in and take a chance on an item you may not be familiar with. I have also heard auctioneers say things like "isn't anyone looking" or "hello you're not looking". When this happens you may want to jump as an experienced auctioneer knows what they are doing. Another way to use OPI is by asking questions to people who have an obvious interest in certain categories. Many times just striking up a conversation you can get an education about the item they are looking at because it is their passion.
Buying box lots is fun but the experience is obviously much more enjoyable when you win the boxes that you like. I have learned that with a few tips on how to buy that many times you will actually spend less than you were willing to spend.The following is my top six tips on buying box lots.
1) Wait till the end of bidding to jump in as this strategy prevents you from spending more than you want to spend. 2) Know your ceiling. You need to know ahead of time what you are willing to spend on a specific box. I give myself a false ceiling which is what I want to spend but gives me the flexibility to go slightly higher if I feel that the other bidders at near their ceiling. 3) Note the other bidders location in relation to the box lots that are being bid on. Many times the bidders will stand near the box that they want. Also note that many times as they are bidding they will look at the boxes they are interested in. This is not foolproof but is true of many inexperienced bidders. 4) Know the competition. Flea market dealers love box lots so you will find them at most estate auctions. If you see one person buying many boxes then they are one of the dealers. Note that #3 does not pertain to dealers. 5) Learn the auctioneers cadence and steps. Sometimes you may have a very low ceiling on what you are willing to spend. Lets say that you do not want to go over 5 dollars and the auctioneer always starts at $1 and goes up in $1 increments. You will want to get in on the bidding at $1 so you can go to your highest amount of $5. 6) Start high to knock out the competition. I have seen this strategy work but beware of the dealers as they have seen this strategy before. This will work sometimes but be careful as you may end up spending more than you need to spend. If you have a specific strategy that you would like to share then comment below. |
AuthorDavid Graham Archives
July 2015
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