3 Tips for Using Online Auctions


September 8, 2011
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Some people are so good at finding a good bargain that you go green with envy when they gleefully admit to what they paid for their new electronic gadget or designer purse or high-end sports car. They have done the research necessary to spot the deal and swoop in to take advantage.

You, too, can laugh with the sheer, unadulterated joy of locating a vintage, mint-condition whatsit for bargain basement prices. All you need to do is get familiar with online auctions. These websites allow people to both buy and sell such a variety of items that you’re sure to find whatever you are looking for, and you’ll probably get a good price for it, too.

If one man’s trash is another man’s treasure, nowhere else does this play out quite so truly as in the auction. The most popular sites allow global participation, and you’ll be amazed at what people are offering. Conversely, you can make some money by putting up your own odds and ends or new products for sale on online auction sites.
Here are three tips for using online auctions well:

1. Research. It doesn’t matter if you want to list Grandma’s crocheted doilies for sale or you’re looking to buy a copy of the Beatles on 8-track, you’ll need to target the best price. Look at what others are asking for their items, and then, depending on how much profit you want to make and the condition of the item, come up with either an asking price or a buying price you’re willing to accept. It does no good to sell something that holds great sentimental value to you at a sentimental price if no one is willing to purchase it. Nor are you going to do yourself any favors by diving in and offering your entire chunk of change the minute the auction starts.

2. Make sure there are details available. Again, buyer or seller, it’s the same: details matter. The buyer doesn’t want to purchase something sight-unseen in most cases. They want the honest, unvarnished truth. If the latch is broken, list it. If there is a scratch on the surface, include it in your description and take pictures of it. Buyers want to know what they’re getting, and they’ll often demand a refund if it’s less than advertised. Plus, your ratings will go down as a seller, decreasing the likelihood others will purchase from you.

3. Pay up. If you win a bid, you have to be prepared to follow through. This means you need to know your budget and stick with it.

These tips will help you get good ratings and make good deals on online auction sites. Gaining experience and knowledge over time will only improve your game.

 
 
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