Now, I’d like to refer to the concept of the eBay reserve price. Within just an auction-style listing, the seller can set a minimum price for an item, such that if bidding never reaches that price, the eBay public sale will end with the item unsold. That least amount is the book price. eBay for dummies
Why set a reserve price?
Sometimes vendors decide that, for whatever reason, they simply are not able to sell an item for less than a given price. But they’re worried that their minimum starting price will be just sufficient to scare off potential bidders. Using the eBay reserve price option allows those to set a lower starting price-in expectations of inspiring that public sale fever-but still assures them that, if they no longer get their minimum, they don’t have to sell the item and so will be able to relist it later… and perhaps get their reserve price, or more, at that later time.
The ebay listing for such an item will note only that a reserve price exists, and set up latest bid has attained the reserve; the book is never displayed to bidders, nevertheless they are permitted by eBay’s policies to ask the seller about the reserve price. The retailer, subsequently, is free to release that information to the bidder, or not.
As with choosing your starting price, you need to be genuine about setting a hold price if you choose to use that option. Keep in mind that setting a very low starting price in regards to your eBay reserve-for example, starting bidding at $1. 00 when your reserve price is 500 usd. 00-could backfire; bidders may get tired of putting in a bid if they see 35 or 40 bids that contain yet to reach the reserve. Your starting price should be far enough below your reserve to inspire people to bet, but close enough to it to provide them a realistic hope of getting or surpassing the book with their next wager or two.
If your reserve price are significantly higher than the average ebay selling price you find in pursuit of completed listings, you really should consider having on to the item a little while, to see if the closed auction prices increase over time – or to see if your aspire to set such a high reserve changes. There is, after all, no law that says you have to sell it right now, or at all. A tendency to set a high reserve price may be your psyche’s way of telling you that you quite ready to let that item go. Hear to yourself and work accordingly.
Last but not least, you must do the necessary research to ascertain a reasonable price range for your item – while also keeping in mind individual nature and our inclinations both to look for bargains and be untrusting of too good a bargain. You must picture you will not get the price you most want, particularly if you are selling something with sentimental value… but understand that it is possible to let human characteristics work in your favour to nonetheless maximize your potential profit.
Greg Kusch is considered the most widely quoted ebay expert and one of only 23 certified ebay trainers. Have questions? Request The eBay Expert.
Greg Kusch has been called “the eBay expert”. This individual is the most estimated eBay expert on countrywide news. You can ask him questions about how precisely to earn more income on eBay on his blog.