This Guide will Provide Some Key Points That allow a Seller to extract and Maximize his/her Selling Price When Listing Auctions on eBay.
Timing Your Auction to End During Peak-Time:
- 0.0.1 Timing Your Auction to End During Peak-Time:
- 0.0.2 Take Photos of Your Product:
- 0.0.3 Provide an Excellent Description:
- 0.0.4 Set Low Posting Price:
- 0.0.5 Include the Original Manuals and Box:
- 0.0.6 Make the Title of Your Auction Very Catchy:
- 0.0.7 Above the Fold Listing:
- 0.0.8 Monitor Your Account and Answer Queries Made by Potential Bidders:
- 0.0.9 Do Not Set Reserve Unless It’s a High Value Item:
- 0.0.10 Start the Bid at the Lowest Price Possible:
- 0.0.11 Open it up to International Bidders:
- 0.0.12 Monitor Other Listings Before Placing Your Own:
- 1 Wrapping Up
This is simply to ensure you get the most possible bidders. The higher the number of bidders the more likely bids you will receive. It is no coincidence that the most bid come during the evenings. Of course, a lot of people will have gotten back from work and sit around their computer and log on to eBay if they wish to purchase something.
Take Photos of Your Product:
This is one of the best ways to increase the perceived value of your product you are auctioning because actual photos provide the bidders with evidence of the actual condition of the product and what it comes with. If you cannot take any photos, provide a photo from another site or a link so people can see it instantly what they are bidding on. This is especially true for products that people are not familiar with.
Provide an Excellent Description:
This is also very crucial in ensuring you get a high number of bids because people want to know a description of the products you are selling. Include all peripherals
Set Low Posting Price:
Many people spoil their auction by setting a very high postage cost. This figure is often far higher than necessary because the actual cost of postage by the method specified is far lower then set. Their argument is, by setting at higher rate, it would compensate if bids weren’t that high. However, this also puts many people off from bidding. They are reluctant to pay such a postage price. There are more likely to bid on other similar auction but with far lower postage cost.
Include the Original Manuals and Box:
This will always increase the value of a sale. For example if you are selling an electronic device, you will always accrue higher number of bids as well as the bids of greater value because it increases the perceived notion of newness.
Make the Title of Your Auction Very Catchy:
This can result in higher number of views of your auction and thus potentially resulting in a higher number of bids. You get the option to make your auctions stand out by paying a little extra for options such as having bold letters. It may or may not seem worthwhile, but research done by eBay (if you want to believe them) suggests auctions with these extra options increases the number of bids. It certainly can make them stand out in the list of auction on the auction pages.
Above the Fold Listing:
This means your listing – for a higher listing fee – will be placed above the fold. This will mean your auction will be visible right away when people search for the product that you’re selling above all other auctions for the product who have not taken this option. Again, this means, at least according to eBay, result in a far higher number of bids. There may be some (or a lot) of truth in that because the auctions are in view all the time as opposed to the others which have to be scrolled down or clicked on to other pages before they can be viewed.
Monitor Your Account and Answer Queries Made by Potential Bidders:
Always answer questions that people have for you. Monitor your eBay account from time to time and answer questions from potential bidders promptly. This will increase the likelihood of them bidding. If you do not answer, you are unlikely to receive bids from them.
Do Not Set Reserve Unless It’s a High Value Item:
A reserve can always put people off from bidding on your products. Yet, on high value items people do not mind a reserve price is often expected because people are fearful of selling too cheaply. Low value items will always incur the wrath of potential bidders because it gives the impression that you are not willing to sell at any price, which, essentially, what auctions are all about.
Start the Bid at the Lowest Price Possible:
Starting at the lowest price possible means it often draws the highest number of bidders.
Open it up to International Bidders:
Be careful with this approach though as many international bidders will be from countries like Nigeria where a lot of fraud on eBay originate. However, by limiting your auction to only the country of your residence means you will probably miss out on potential bids from coming from abroad. For example, someone based in America selling an electronic device should not limit his or her auction to the US market only. It is sometimes the case that you will get bids from places like Britain, Canada and other places. This will increase the competition on your auction and also could result in higher eventual price for your item.
Monitor Other Listings Before Placing Your Own:
A good idea is to monitor listings of other products like your on eBay and see how much they go for. This will provide you with a good idea on how much you can expect and see what makes certain auctions go for more than others.
Following these tips may not necessarily ensure your final sale price is very high but it sure will increase the likelihood of the same. However, it’s no good just implementing one or two of the points.