Profiting on EBay Online Auctions

So, you've signed up for eBay, built up some positive feedback through purchases, and now you're ready to plunge into selling. Sooner or later it happens. I've been dabbling in eBay for quite some time now, but the truth be known, I'm still getting my feet wet.

Research

I've learned a lot cruising around the site and through trial and error. For all of my listings I do a ton of research. I want my descriptions to be as accurate and informative as they can be. The better your description, the better the sale. During your research, take notes and develop lists of keywords to use in your title and description.

For eBay research, find the advanced search section. This is where the gravy is and will help you in your quest for a sale. In this section you can research past sales of similar items, popularity, pricing, and even get a look at current sales.

While your looking at listings, scroll down to see if the seller used a counter; this will help you determine the kind of traffic you can expect. Read seller's descriptions and information, it may help guide your outside research. Again, don't forget to jot down those keywords.

Another aspect to consider during an advanced search is timing. Check the dates of the listings and correlate them to the amount of traffic received and the amount it sold for. This information may give you insight for what time of year you should list.

If your item is a rare antique, search Google for the makers mark, mark, insignia, and any keywords you found in other seller's descriptions. If there is no maker mark search the description and you may get a hit. If you know the history of origin, where it came from, or was made, add that information to your search and description.

I have spent many hours researching items and it pays off. I sold a vintage item for $187.50, the research took two hours; that's $93.75 per hour. Had I not done the research I would have taken $10.00 for it.

Listing

This is the nitty gritty to selling. The sell your item (SYI) page is pretty self explanatory, you must click "sell your item" or "sell" in order to start listing. Use concise, accurate titles

Your main title should have the most information you can pack into the 55-character limit. If your item is a name brand, name it here. If it is gender specific, state that. Does it have a size? State it. Note here if it's antique, rare, vintage, collectors and so on. Keywords will increase your traffic, think search engine optimization (SEO). Serious buyers search for exactness and keywords

Examples:

Belleek Parian China Shamrock Teacup and Saucer

Girls 4t Gymboree, Carters, Old Navy Lot

Common Acronym Definitions

I'm not the biggest fan of acronyms, but I can remember scratching my head wondering what some of these meant:

NWT: New With Tags
NWOT: New Without Tags
EUC: Excellent Used Condition
NIP: New In Package
MIP: Mint In Package
NOS: New Old Stock

Selling Formats and Pricing

Basically, you have two main selling formats to choose from: Auction and Buy-it-Now (BIN). I prefer auction style so anxious bidders, especially towards the end, can drive up the initial price. BIN is nice for buyers because they can gain instant gratification.

Pricing is a sticky subject. Keep in mind your initial investment. So, you've done your research, what did you find? Is it selling? For how much? Is it worth your efforts and fees to list? Is it the right time? Will you make a profit?

Did you say yes? Then now is the time to determine what you want your item to sell for. I have found that a low auction starting price is the best way to go. It generates interest, traffic, watchers, and eventually bidders. If you start too high, your item may not sell.

For items of interest, I pick my starting price based on my research. For instance, I sold a set of Belleek china. I found a similar item in an eBay store BIN for $65.00. During my advanced search, I saw that similar sets selling price averaged at $29.00. Outside of eBay the sets were selling in the $80.00 range. My set had damage so I opted to start the bidding at $19.99. The result: my set sold for $53.00!

For BIN you have to consider all of the above, competition, and your shipping and handling.

Pictures

Invest in a digital camera, or borrow one. Your camera does not have to be fancy. I started with an old HP 215 digital with only 1 mp and no real zoom. Now I use a Kodak DX 3600, which makes beautiful images for eBay, is easy on the budget, and easy to use.

Remember, items without pictures are hard to sell. Would you buy something you couldn't see? We've already lost the touch factor. Here are some things I learned from experience:

1. Take lots of pictures from many different angles so you have lots to choose from.
2. Use a tripod if you have one, especially if you item is smaller or has lots of detail, it will help eliminate blur.
3. Try the macro or close up setting to capture details.
4. Use natural lighting when ever possible.
5. Use neutral backgrounds and backdrops.
6. Load your pictures onto your computer and crop out unnecessary details such as yesterday's mail or your finger.
7. Discard pictures with poor lighting or bad reflections.
8. Use the tools that your photo imaging software provides to make the pictures pop.
9. Upload the pictures to your listing.

Item description

Go in to detail! State any flaws, measurements, sizing, and give the item history if you know it. This is where all of your research is going to really pay off. If a buyer sees that you know your stuff they will be inclined bid higher than if you just say "here's my glass."

Be polite, be personal, and be interesting. Write your description in a manner that it speaks to the buyer. Relate not only the features of your items but the benefits too. Something I learned in a marketing course: features are what the item does; benefits are life-changing qualities. Try to make the description convey a message that the buyer needs what you've got.

Remember to use the spell check. I cannot tell you how many times I have passed by a listing with blatant spelling errors. Errors make you appear incompetent. After all, spell check is readily available on eBay and editing software.

Terms of sale

This is your business section. Tell people what kind of payment you will accept: Paypal, Personal Check, Money Order, Cashier's Check...Do you accept returns? Will the returns be store credit or money back? Who pays for return shipping in the case of a return? What shipping method do you use? Do you require insurance?

While we're here let's discuss a little about shipping. I have found that calculated shipping works the best for me. If you have a scale, you enter the item weight and the calculator does the work based on zip codes. If you don't have a scale, invest in one if you intend to sell on a regular basis.

You can do flat rate shipping by determining the weight of the item and the cost to the farthest zone from you. But you may find yourself limited on buyers due to the higher shipping charges.

Handling charges. Well, you have to pay for supplies: tape, ink, packing materials, gas to transport the package to the post office, etc. How are you going to make up those costs without a handling charge? Just be aware that your buyers may be sellers too and they can spot outrageous handling charges. I charge handling fees not to exceed $2.00 and sometimes as little as $0.50. It all depends on the amount of packaging involved for the item.

Your best bet here is to look at how other sellers have their terms, shipping and handling, and payments--draft what suits you.

Communication

Even with the most accurate description you can get questions. Be sure to answer inquiries as quickly as possible, within 24 hours or sooner. Be courteous. After a sale be sure to forward invoices, shipping information, and follow-ups. When the transaction is complete issue appropriate feedback.

All and all the selling experience has been rewarding for me. I can drum up increased numbers with a little more effort. I learn something new every time I log on to eBay. The best advice I can give you is to take some time to visit the community pages and read them, get to know other sellers, and learn from them.

Good luck with your sales!