So here's the secret....mystery auctions. These are auctions where you sell something like an envelope (that just might have a monetary prize in it) for a small price, giving the buyers an opportunity to make some money, kind of like a raffle or the lottery. I'll give a detailed example later, but people will buy these envelopes simply for the chance to make some cash. Now eBay has some strict rules regarding these auctions, so being aware of them is essential. Here's an example of the auction you'd set up...
You're going to offer 2000 envelopes at $1 a piece.
One (1) envelope has $500
Five Hundred (500) envelopes have $1.01
One Hundred (100) envelopes have $0.50
Potential Gain: $2000
Potential Loss: $1505
Potential Profit: $495
As you can see, this can make you almost $500 just for selling a bunch of envelopes. I'd suggest sending and receiving all the money through PayPal, so you can handle it all electronically and don't need actual envelopes. From this example, people will obviously want the $500 prize, but they'll feel comfortable knowing they have a 25% chance of at least making their money back + a penny. Now one thing to remember, there's going to be some eBay and PayPal fees, but still, a nearly $500 profit makes it well worth it.
You can always lower the number of envelopes sold and increase the price per envelope to make better odds for the buyer so they're willing to pay a higher price. This will mean a bigger profit, as shown in this auction set up...
Sell 500 envelopes at $20 each
One (1) envelope has $2000
Five (5) envelopes have $200
Twenty (20) envelopes have $50
One hundred (100) envelopes have $10
Two hundred (200) envelopes have $5
Potential Gain: $10,000
Potential Loss: $6000
Potential Profit: $4000
A much larger profit as you can see, and buyers will still be interested in purchasing the envelope because of the possibility of winning $2000 and the fairly good odds of getting it. For both examples I gave, you can exchange the cash for prizes that people would actually want, like maybe an Xbox 360/PS3 or a laptop or something.
I think this method can be used by almost anyone to make some nice money off eBay. If you don't have the money to start drawing for the mystery prizes during the auction (which is recommended), set a date, and mention it in the auction, when you will draw for prizes after the auction is over so you'd have the auction money to deal out the prizes.
So if you're interested in trying it out, go for it. I'd suggest looking through some of the current mystery auctions to get a feel for them, maybe buy a few, read the eBay rules, and just see how they go. I'd also suggest getting your eBay seller rating up to at least 100 or so, just so the buyers can trust you that you're not going to just run with the money. Good luck, and if you become rich using this method, you can go ahead and send me a check if you'd like...
Enjoy!
Published by Paul Greene
Just a regular joe who loves to write. View profile
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2 Comments
Post a CommentI've heard a little about this and read a little. Welcome information.
Mystery Auctions? hmmmmm...