Ways to Earn Money with Online Auctions
What is an Online Auction?
Have potential customers bid for your products
Participating in an online auction is a fantastic way of making money. These are different from classified ads as you allow people to bid to win the items that you are selling.
Why do people sell using online auctions?
There are many reasons why people like to use online auctions, the main being that you could actually get allot more money for your product than if you were to sell for a fixed price. This all depends on how many bidders you have of course. You have to make sure your lot is worth bidding on, below are some great tips for maximizing your final bid price
Types of Online Auctions
Everyone would of heard of the most popular online auction website, Ebay. This is the biggest one online. It pulls in millions of hits which is why people find it a success. There is allot of growing speculation amongst its users though, and people are now looking elsewhere.
I am going to give you a few tips to help you sell more on ebay but in fact you can use the tips for any other auction site. It is best to start with Ebay as it has more features and more visitors, once you become a pro you can list with other sites.
Tips - Always list when people are in, avoid soaps and popular tv programs.
Take note of the times your listing will finish, will people be online? Most people bid in the last few minutes!
Be accurate and honest in your item descriptions, if the product has a scratch then mention it and try to include a picture of the damage. A damaged item wont stop people bidding but it will result in you having to refund and getting a negative feedback
ALWAYS include pictures. Would you buy what you cannot see?
Don't rip off people with postage. They will only leave you bad feedback and not buy off you again.
Answer all messages with politeness and efficiency
When you see a start price make sure you have allowed for final valuation fees, many people sell on Ebay for a loss and don't realize. Keeping records will help you to watch your profit margin.
Familiarize yourself with the listing fee structure, for example it is cheaper to list an item for £4.99 than to list for £5. This is just one example, ebay has a help page that tells you the listing fee structure.