Selling expensive items on eBay is really no different
than selling low cost items. Essentially, no matter
what you are selling, it all comes down to how you
market the item. This doesn’t mean you have to
surf around the Internet placing ads here and there –
when it comes to eBay auctions, the marketing is
all done at the eBay website. Basically, when you
set up your auction, you are setting up an
automated marketing campaign.
First, you must determine what the value of your
item is, in three different ways. This will help you
determine what your reserve price is. On eBay, the
reserve price is the lowest price that you are willing
to accept for your item. First, have your high priced
item evaluated to determine what the actual market
value is. Next, research similar items from past
auctions at eBay to see what price those items sold
for. Finally, determine what the value of the item is to
you. With this information, you should be able to
determine the lowest amount you are willing to sell
the item for.
Set your reserve price, and then set your opening bid
price lower than $50 – no matter how high your
reserve price is. This is a marketing tactic. It will be
hard to attract potential buyers to an auction for an
item selling for hundreds or thousands of dollars –
but getting them to an auction where the opening
bid is only $50 is quite simple. Remember, 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.’
Work hard on the description for your listing. Use
words that really describe your item well. 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. 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.
eBay has partnered with an escrow service that is
commonly used for high ticket items.
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