Most new sellers do not realize how important pricing is in eBay auctions. Many do not even realize that pricing needs to be done. eBay is an auction site after all and getting pricing correct is important! But eBay auctions are quite different from the auctions you attend in the offline world. In fact, a lot of work goes into determining and setting prices.
Basically, there are only three prices that can be set for an eBay auction buy it now, reserve, and a starting bid. Of these three, the starting bid price is the only one that is really required. The other two are optional. The starting bid price is fairly simple: never set it higher than $50 or so (no matter what your item is really worth). It is this low opening price tack tick which will get bidders to your auction.
Setting a low starting bid creates the need for a reserve price. A reserve price is the absolute lowest price that you want to get for your item. You can sell the item for less than the reserve price, but you do not have to. For example, if you set your reserve price at $100, and your highest bid is only $50, you do not have to sell the item to the highest bidder. You can close the auction without any negative feedback or repercussions.
The buy it now option allows you to set a price for someone to buy the item immediately. This option can be used for any type of item. It should be set to match your reserve, plus or minus a few dollars. This option is great if you have a number of identical items to sell.
Potential buyers take shipping into serious consideration when they are looking at an auction. If you can find a way to offer free shipping, more people will bid. Make sure that your potential buyers realize that you are offering free shipping by flagging it up clearly!
Before setting any prices, determine the value of each item. The items value in might be quite high in different markets. However, you are selling on eBay, and it is a different world altogether! Check out the price for similar items sold on eBay before setting any prices. If the item is a collectable or a high ticket item, have the item evaluated to ensure that you are not going to lose money!
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