Online Auction Tips
Online Auctions are an easy and profitable way to sell your unwanted items. There are listing formats to fit just about everybody’s needs. Options include classic auctions, Dutch auctions also known as multiple item auctions, bulk lots, classified ads and fixed price sales. Each one of these options offers different benefits and limitations. Before you start posting items take a minute now to learn about these options and which would work best for you.
Traditional Auction
When you use a traditional online auction you specify the start price and a reserve price; that is the minimum price that must be met in order for a sale to occur. This is generally how it works in a live auction except the auctioneer sets the start price. The real advantage is the ability to set a buy it now price which might be higher than the auction price
Dutch Auctions
Dutch Auctions have two very different meanings. In the live auction world a Dutch auction is a process of descending price where the first bidder to accept a stated price wins the auction. An online Dutch Auction refers to the sale of several identical items are offered for sale together, and bidders have the option of buying any number of them, from a single unit to any combination they desire. Online Dutch auctions provide the seller the benefit of listing the many identical items at once rather than having to pay for several postings. If there are more items than bidders, then the items are sold at the minimum price. When there are more bidders than items, then the last bid will increase the original price of the item. This may also be considered a Multiple Item Auction.
Bulk Item Listings
A bulk item listing is much like a traditional auction except it is composed of a lot of items that are sold at once for one price to the final bidder. This is a greatchoice if you have a bunch of low value items that are related, an example would be 5, 10, 20… different pots and pans.
Fixed Price Sales
Fixed price sales provide another alternative to auction formats. These sales provide an easy way for buyers to locate and purchase you item instantly. Using this format also allows you to sell multiple quantities of the same at a set price. An example would be selling 30 pair of shoes at $29.99 each. You could sell 4 pair to buyer A and 8 pair to buyer B or any other combination of transactions. Additionally there are a lot of individuals who prefer to buy this way for many reasons.
Classified Ads
Unlike all live and online auctions, agreeing to buy or sell something through this method does not create a legal contract. The advantage here is that classified ads leave room for negotiation of price or the possibility of a trade. This is a way to showcase your business, car, boat, home or any large item.
When it is time for posting your item follow these simple tips
1) Choose the appropriate category
While many shoppers use the main search box many search specific categories, put yours in the right place!
2) Provide an accurate title
This is key to your item being found by potential buyers. The search boxes in most websites search by title. Take for example a cell phone charger. Rather than just saying cell phone charger be precise. In the above video I described this charger as a “New Blackberry 8700/8700g Cell Phone Charger”. With that title my item would be found by searching any word or word combination above.
3) Give a detailed description.
By providing a detailed description you can eliminate unnecessary questions from buyers that could have been answered in a description box. This will save everybody time and ensure a positive experience for all parties.
4) Use Quality Photos
Don’t worry if you’re not a professional photographer, anyone can take a good photograph. Just find a background (a sheet works fine) use a well lit space, fill the camera frame, steady you hands and shoot, that’s all there is to it!
5) Know the value of your item
If you price too high it won’t sell. If you price too low you’re going to loose money.
6) Shipping
Don’t forget about shipping! How much will you charge, is it free? Who will you use, UPS, USPS, FedEx, or is pick-up only?
Follow these simple tips and you should have no problem turning your unwanted items into some extra cash!
Read my Article All online Auctions are Not Created Equal
Excellent post..Keep them coming
Thanks for sharing.