Jun 10, 2014

Know The Right Selling Price Before You Buy

Last weekend, after browsing through a live auction preview, I sat cross-checking my notes against my online research service. As my research progressed, I made notes for each item that I was interested in: high selling price, low selling price, how many were offered on eBay, how many of those sold. The item’s sell-through (number sold divided by the number listed) would tell me what my chances were of selling an item quickly.

I hate to have money sitting in inventory. I’d rather sell an item quickly and make a little money than sit on it for months hoping it will sell for big bucks. I can only leverage an inventory investment if I sell it; having it sit on a shelf doesn’t make me a dime. So, I check my research service before I buy anything. I know before the bidding starts how much I should bid, how I should price an item and about how long it will take to sell it.

The gentleman sitting behind me was curious. “What’s that you’re doing there?” he asked.

“I’m deciding how much I should bid for the lots I’m interested in,” I replied. “Do you ever look items up online?”

“Nope! I know what my customers will buy and how much they are willing to pay. It’s all right here,” he said, tapping a finger to his head.

“Good for you.” I smiled and went back to work. >> Read More

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