How to Sell Expensive Items on eBay
Posted on November 15, 2007
Filed Under Making Money Online, eBay |
Selling expensive items on eBay such as TV’s, computers, or jewelry is really no different than selling lower priced items. It all comes down to how you market the item.
The first thing you must do in order to sell expensive items on eBay is to determine what the actual market value is. Remember, eBay buyers are looking for a good deal, so you can’t set the price of a relatively in expensive item too high.
For example, don’t expect to sell a pair of socks for $50 (unless they’re made with gold thread). After that, research similar items from other auctions at eBay to see what price those items sold for.
Finally, determine what the minimum amount of money you are willing to sell the item for. This will be your reserve price.
Now you’re ready to set up your auction ad.
Many power sellers begin by setting their reserve price, and then setting their opening bid price lower than $50 – no matter how high their reserve price is.
Why do they do this?
For one thing, it is hard to attract potential buyers to an auction for an item with a start bid for hundreds or thousands of dollars. However, getting them to an auction where the opening bid is only $50 is quite simple. The beauty of setting a reserve price is that you don’t have to sell the item to anyone who bids less than your reserve price – unless you choose to do so at the close of the auction. This method of price setting resembles marketing gimmicks used by offline businesses that are simply designed to ‘get customers in the door.’
The description of the item will be what makes or breaks you. If you are selling diamond rings, for example, provide a full description and photos to let the buyer see exactly what he or she is bidding for.
Work hard on the description for your listing. Remember to provide as many details as possible, including details that prove the authenticity of collectible items. Include pictures of the item as well. Do not try to deceive potential buyers! If the item has marks or scratches, simply be honest about it, and make sure that the pictures convey this as well. State how the item will be packed and shipped. Also let potential buyers know that shipping insurance must be purchased as well – in case the item is damaged once it leaves your possession.
For higher priced items, most eBay buyers feel more comfortable using an escrow service. eBay recommends that you only use Escrow.com. Offer this as an option in your auction, with the understanding that the buyer must pay for the service. This protects both parties from fraud, and it makes many buyers more open to spending the money to obtain the item.
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