Auction Style Action

For the majority of the items we broker, we use a seven or ten day auction format. With over two hundred million users on eBay, there are almost always two or more people interested in and willing to fight over your item. In most cases, our strategy is to take an item that we know is worth - let's say $100 - and start the bidding at $10. I'll create a random example:  let's say you have a 'gently used' Coach handbag. Let's say that this purse cost $200 new and it's still in nearly perfect condition. The question is; what is it worth now? The answer is: it's worth exactly what someone will pay for it.

Right now, if you were to do a search for 'Coach Tote' on eBay, you would get about ten thousand listings. Wow - that's a lot of choices for shoppers to consider! Many of these listings are simply selling their items for a 'fixed price' and they could sell in a a day or maybe not at all. By auctioning your item - which we guessed is worth around $100 - we create a sense of urgency and get people interested in your handbag because of the low ($10) starting bid. For the most part, shoppers know what things are worth and are willing to pay a fair price for something. Very few desirable items get 'stolen' on eBay with this strategy. In fact, we find that sometimes people will get emotional about the bidding and wind up paying more than what might otherwise be considered fair! We know that things like artwork can run the gambit value-wise and generally won't auction such. We know that something like a car part or printer ink is as-needed and we won't auction things like those either. In any situation, we know the best strategy for whatever you have for sale. 

 

Submitted by Mike on September 9, 2012

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