Set a Starting Price for eBay Auction Item(s)
There are a myriad of opinions of exactly where to start your bidding level on eBay auctions. We won’t try to persuade you to use any one method. We recommend you do some research and some experimentation. The process and success is different with just about every item listed on eBay. There are additional factors to consider, too, besides the starting price–the item itself, and how much demand there is for it; the descriptive write-up you use to entice potential buyers, to name a couple of the variables.
Setting a starting price for your eBay auction item(s) is another of those crucial decisions you have to make, however. If you set your starting price too high buyers may become disinterested. Most eBay browsers would prefer a “bargain” if they can find one. That’s what eBay is know for. If you set your starting price too low you may not have enough bidding action to move the price of your item high enough for you to make a profit, and there are listing and “final fee” expenses to consider.
As with many other aspects of engaging in internet marketing using eBay, we recommend you do some research right on eBay. Look to see what the starting price of other like items are. See what the bidding action is on those items at different starting prices. Check the closing prices–what price they sold for– of these items. You can also see the sales back 14 days by clicking on ”completed items.” This will help you get some historical perspective on what like items have recently sold for.
We recommend you set your selling price at a starting level you feel most comfortable with, but not a “gimmicy” one–like 99 cents. Most buyers know you really aren’t wanting to sell at 99 cents. They may even get the impression there is something wrong with your item(s). You would be better served with a price that is more representative of your cost. That way any bidding you get will create your profit. As an example, we have list items at moderate prices with hopes for some bidding action. When the bidding closed the buyer paid two to three times our starting price . . . not a frequent occurance, but it does happen. As a seller this is when your adrenaline gets a lift. Buyers have been happy to pay their closing price too. Such auctions were a success because both buyer and seller got what they were after.
We also recommend not using the “reserve” feature. This option tends to cause turn off potential buyers. It immediately tells a potential buyer that it will cost more to get the item, but they have no clue what that minimum price might be. You loose the “get a bargin” euphoria that often drives bidding higher–somethime significantly so! Don’t tease or try to trick your potential buyers. You’re far better off by starting at the minimum price you will accept. If buyers are interested and feel there is good value there, they will bid–bidders become buyers–a win win situation.
Recognize that eBay for some items–antiques, collectibles and other “high ticket items”–may not be the best place to market your wares in order to get the best value and price you are seeking. Brick and mortar consignment shops like antique and collectible stores may get you the value you are seeking from your item(s). That doesn’t mean you can’t sell them on eBay, just evaluate the best opportunity, and understand the process and expenses for using eBay for these type items.
As a summation, buyers are looking for bargins. You need to make a profit. Start your items at fair values, and you’re more likely to makes sales–more of them–and buyers will give you more positive feedback.
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