FAQs
Frequently Asked Questions
While there are many questions regarding selling an item on eBay, one in particular is always asked. What about pricing? The answer can vary depending on the item and its value at auction. However, the real answer to this question deals with strategy for successfully selling your item at auction.
Pricing
A fundamental principle of the auction process is to create excitement around your item, which in turn develops into a bidding frenzy among buyers resulting in excess returns for you!
Getting that first bid is critical, as other buyers are generally more likely to jump in if they see there are already bids on an item. To do this, many sellers prefer to set an opening bid below what the item is actually worth. This can jumpstart bidding activity, and ultimately produce a higher selling price.
If not used properly, a reserve price on your item can often result in the same problems as an excessively high opening bid. Buyers will often lose interest in an item if they place a bid and find it doesn't meet the reserve. Because they do not know the reserve price, they may assume the seller is simply asking too much for the item. They may then move on to similar items that they feel they have a more realistic chance of winning.
To prevent this from happening, you may want to list your item with "No Reserve.” Items sold with "No Reserve" typically attract more buyer interest, as buyers know that they will actually win the item if they are the high bidder. In addition, statistics show that items listed without a reserve usually sell for more than comparable items listed with a reserve.
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eDROP LLC
630 Forest Avenue
Portland, Maine 04101
Phone
207-221-5772
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