posted on February 4, 2001 08:46:29 PM new
I am trying the 1.00 No Reserve on several auctions. Two days to go and 2 are at 1.00 and the third is at 2.75.
I have a store and sell also at an occasional show. I know I could easily get 30.00 to 40.00 on the third item which is at 2.75 where the bidders are bidding in .25 increments. My pictures are good and the auction is presented nicely. But this particular auction category has 80 pages of items and I do not think bidders have time to open so many pages.
I like the idea of having the listing be for a real auction with no reserve, but I make my living at this and I can not afford to give away good merchandise, let alone the time to pack it, emails and post office runs. So I will be selling it for less than I paid, plus I have to send emails, pack it, possibly accept bad payment, and mail it. What a deal!!
I could hold a garage sale and get more for these items than what the bids are at.
Maybe I am jumping the gun with two days to go, but watching .25 increases is so sad and frustrating. I knew the risk when I put it up so I accept that. I just had hoped that the bidding would be reasonable.
At this rate is would have been simpler and less work to have stopped out on to the side walk of my shop and given the item to the first person that walked by.
posted on February 4, 2001 09:08:01 PM new
maybe with these particular items, you should just end the auctions. you don't need to give the real reason, just do it. maybe by starting it at a dollar, you were letting everyone know you didn't think very highly of your item. you can always relist it starting at a higher beginning bid, knowing it'll go high like you want it to.
have you tried putting it into two categories?
my .02 worth
posted on February 4, 2001 09:12:50 PM new
Whatever happened to the "item is worth what someone is willing to pay for it"?
Maybe the bidders are telling you something about your items. Not worth what you think they are.
Ain't Life Grand...
posted on February 4, 2001 09:13:39 PM new
Do you have counters on these auctions? If so, have they been getting lots of hits?
Last week I started a fairly collectible item out at $1, no reserve since I had no investment in it. It sat at $3.25 until the last day. Everyone must have had it on watch, because there was a last-minute bidding war & it ended up at $32, which was more than I had expected it to go for. I had lots of page hits all through the auction, so I knew that people were interested in it...Perhaps you will be pleasantly surprised as well.
posted on February 4, 2001 09:17:19 PM new
I don't get it either. I see tools start at $1.00 knowing they cost $250.00 in the stores. These are brand new in the box and always end up at near full retail. It amazes me ... bidding strategies should be studied! Tools with $12.00 shipping fees... I am amazed at this category while the collectibles categories even though saturated tend to do less!!!
posted on February 4, 2001 09:18:49 PM new
There is a risk involved in starting auctions at 1.00. I tried some starting at 2.50 and the bidding in the beginning of the auction was absolutly pitiful. On one auction in particular, I found that the first bidder has a proxy, it is slowly inching its way up....25, .50. 2.00 at a time.. then in the end BAM Bigger jumps. I would sit a wait it out... ya never know if others are watching it til the last day.
I wound up getting my "mental" minimum, they didnt go much higher than I would have started them out originally. I knew the risk going in and decided it was the cost of advertising if I lost out on the deal.
Auctions actually save you alot of advertising dollars when compared to B&M businesses. So be patient hope for the best and prepare for the worst.... Thats my motto!
posted on February 4, 2001 09:21:57 PM newmildreds
Have you thought about the buy-it-now option??? I now use this option on about 90% of my auctions and so far i'm very pleased.
I list my widgets with a reasonable profit and set the buy-it-now price at the same price.
I had rather sell ten items with a profit of $100 than to sell two with a profit of $30.00 as I have a never ending supply ot the items I sell. This may not be the case with some sellers.
The name of the game is trying different angles to see what works for you. Checking past auctions to see what your merchandise has been selling for may also help.
posted on February 4, 2001 09:39:20 PM new
I have used the "buy it now" feature yet, either selling or buying. But. . . I've noticed something very interesting. In the collectibles areas I specialize in and buy in, when I scroll down the "completed" auctions, frequently the BINs have no bids. I don't know if it's buyers who don't understand it or if it's just off-putting in those categories. Whatever, now that I've begun to notice that, I'm going to be pretty hesitant to use BIN.
posted on February 4, 2001 09:51:46 PM new
I think it depends what you sell?
I've used the $1 opening bid strategy on items I had very little $ invested in, and that I expected would do fairly well.
So far, so good. On a few of them the price went much higher than what I was expecting, and the rest finished at about what I was hoping they would.
2 days is 2 lifetimes on eBay, so I wouldn't start sweating yet.
Re: BIN auctions. I never use them on items that are scarce, or unique, but I've used BIN with great success on numerous collectible items. Some of the BIN prices I've set at almost absurd prices, just to test the waters, and sure enough those items sold within the first 24 hrs of being listed.
There are many buyers that don't want to wait 7-10 days just to find out they've been outbid/sniped. Those buyers will often times pay a fair bit extra for the peace of mind BIN gives them.
posted on February 4, 2001 10:04:07 PM new
As stated the BIT option isn't for everyone, but in my case it's great.
There are so many different ways to sell and also many different opinions on how and wnen to sell there is no way of knowing which way is best without trying all the different avenues. You can't swim until you get into the water.
I don't use the $1.00 no reserve option any more as I know what my merchandise is worth. I put a reasonable price on it and the same BIN price. If it sells i'm happy. If if don't I list it again. It's working well for me.
The one advantage I have is that some of the merchandise I sell isn't sold by anyone else on eBay. Thats the 10% that don't get a BIN price but still has a reasonable starting price on it without a reserve.
posted on February 4, 2001 10:22:18 PM new
Hang in there- you'll get last day bids.
Sometimes with $1 NR, you need to do some marketing and cross promotion so that folks know to check your auctions in hopes of getting deals. This generates interest and sufficient eyeballs and bids that most things will find a fair price, while some will do better than if you priced the item at about retail.
I'd suggest that anyone who wants to try this, include a mention of it in each auction description (Something like: This week, most of my items are being listed at $1, NO RESERVE! Real auctions, not auctions with some inflated mystery reserve!). Add a note to your sig line of your email that promotes the auctions, with a link. Include it on all your EOA emails, and your responses to queries, and your "item shipped" eamils. If you've got a good relationship with a few repeat customers, drop them a personal note to let them know.
posted on February 5, 2001 05:29:09 AM new
Hi - I am experimenting with offering most of my auctions (books) at a dollar and no reserve. So far, I am very pleased. A few things have sold for a dollar, but others have gone so much higher than I expected that I can only believe the extra attention is paying off in more bids. You will be happy with this method, IMO, if you look at your total sales rather than breaking it down and fretting over each auction.
I do put in each auction that most of my listings are one dollar/no reserve. Also, when there is room, I put NO RESERVE, or abbreviate it, in the title. I think that helps especially if it is an item that might normally have a reserve on it.
'Course, I'm also one who believes that "the item is worth what someone is willing to pay".
posted on February 5, 2001 05:44:43 AM new
Hi -- good topic.
I've been using the under $10.00 (or under $5.00) for quite awhile on some pretty collectible items. Dolls, glass, watches...
No new items
It's worked...last couple of days.
Don't use Buy It Now - simply because there'll be fees later - and I don't want to get aggravated again...
Plus - regardless how collectible an item is, its only worth as much as one will pay..
hang in there
posted on February 5, 2001 08:44:13 AM new
Hi Everyone,
Most of you already know how I feel about the $1 NR auctions.
But at the risk of repeating myself, here goes again for those that don't know.
If you are going to do $1 NR auctions you can't just do it on a COUPLE of things. Because for the buyer that checks your other auctions are going to see that most other of your items are starting much higher, so they will assume your $1 auctions must be JUNK!
Make a FULL commitment to it. ADVERTISE in ALL auctions that your policy is to START bids at $1.00 NR. (I liked the suggestion of putting that in the e-mails also).
Heres my attitude(and you definantly need one to do this) to keep from biting my fingernails to the wick.
Most recently I went to a live auction in town.
I spent $400 on goodies. I get it home and sort through it(what a rush). I go through and pick out about less then 1/4 of it. I decided with the postage increase I would just put on some small stuff that could go 1st class.
Anyway I listed 28 items from this particular auction.
$1.00 NO RESERVE.
28 items listed
24 sold
164 total bids (active bidding the whole time)
To equal = $306.18
SEE WHAT I'M SAYING.........
I paid $400.00 total for this LIVE AUCTION, I list LESS the 1/4 the stuff ~ and I still have the very best stuff yet to list ~. Already I about have that auction paid for......MOST OF THE REST IS AND WILL BE GRAVY!!!!!!!!
Here is what I have observed since doing this $1.00 thingy.
At live auction I too can get carried away bidding. I get home and right away I start doing my search to get the pulse on how this or that thing is selling. Only to see that I got carried away in MY bidding.
Well we can't win them all I guess. HOWEVER......I've gone ahead and listed anyway for the $1.00 as that is my advertised *trademark*. You know what I'm absolutely amazed that I more often then not get way more for it then I paid.
After auction ends I'll do another "search" there are 3 or 4 listed as ended, their bids are $4-5(reserves not met) mine is $35-40.
WHAT DOES THAT TELL YOU??????
Here is what it tells me, people LOVE the THRILL of a REAL auction!
Get rid of the RESERVES and get rid of the mentality that you have to start your bidding out at BOOK prices.
Thats my success story....for what its worth!!
packer
P.S. Of course there is a number of other things that will make your auction a success. GOOD PICTUES(4)usually, get some close-ups in there.
GOOD complete descriptions....don't make the buyers guess or speculate about sizes.(never get e-mails asking for more detail).
Put your Shipping costs in the auction. If its heavy and you need their zip to determine cost, give the weight, your zipcode and a link to UPS calculator.
DON'T leave anything for them to have to wonder about.
posted on February 5, 2001 09:21:39 AM new
After auction ends I'll do another "search" there are 3 or 4 listed as ended, their bids are $4-5(reserves not met) mine is $35-40.
WHAT DOES THAT TELL YOU??????
Here is what it tells me, people LOVE the THRILL of a REAL auction!
Get rid of the RESERVES and get rid of the mentality that you have to start your bidding out at BOOK prices.
...........................................
Hiya Packer
Here's what the above tells me, bidders don't deal too well with reserves on low $ items, and they shouldn't have to.
For the 1000th time, it DEPENDS ON WHAT YOU SELL.
I use reserves, and seldom ever have items finish where the reserve is not met. Many times they end at 2-4 times what my "secret hidden reserve" amount was.
Why do I use reserves?
Because on higher end items, THEY WORK. It's really as simple as that. I've also been selling on eBay long enough [3+ yrs] to know that the bidding can be very fickle from week to week. I've had items fizle at $40 one week, end at $185 two weeks later on a relist.
I'm not in the habit of giving the good stuff away.
Here's a prime example:
I recently listed 8 Fire-King Jadite mugs, started them at $1, no reserve. They finished at $50.00
1 week later I list 4 Fire-King Jadite mugs, started them at $1 no reserve, they finish at $51.00
I had next to nothing invested in these mugs, so it was no biggie to me what price they ended at, but it's a good example of jusy how screwy the bidding can be from week to week.
Both items had plenty of bids from start to finish, but in BOTH cases,in the end the Jadite mugs went to Antique DEALERS. Hmmmmmmm.
I've also mixed plenty of $1 no reserve items in with items that didn't start low, and with auctions that had reserves.
No difference, I've still had plenty of bids on the $1 no reserve auctions.
Although I do have many repeat customers, the majority of them only collect one thing, so listing ALL of my items at $1 with no reserve wouldn't make much of an impact on the bidding. My items are scattered from A-Z on eBay, and everywhere in between.
posted on February 5, 2001 09:50:41 AM new
You're jumping the gun. The last day you will get the most heavy action. The bargain hunters are the first one's who come in thinking they'll steal this at $2.00, then the next cheapo thinks he'll outbid the next person for $2.50. The serious bidders are waiting towards the last day of the auction.
I've had items sit at $2 until the last hour and I can't believe my eyes, then I check back after the auction and notice that there was a bidding war that drove it all the way up to $16. Don't underestimate the bidding wars that tend to happen in the last 30 minutes of an auction.
posted on February 5, 2001 09:50:43 AM newAfter auction ends I'll do another "search" there are 3 or 4 listed as ended, their bids are $4-5(reserves not met) mine is $35-40.
Hi reddeer,
We don't know what their reserve was, heck maybe they thought they should get $75 for it.
My point is, I don't fixate on what I should get for each individual item. Its what I can get over all.
I've been doing this also for 3 years. And I sell anything and everything from soup to nuts in the "vintage/collectable" categories. When I was setting prices I was lucky to get 1 bid. It just plain quit being FUN.
I am fully aware of how fickle the market is.
And its to darn bad we can't all be mind readers as to when a particular group of people are going to be on that may be interested in what we sell.
The fact is we don't
In my searches of "ended" auctions I have seen and expierenced your jade-ite mug senerio many times.
But I just haven't figured out yet WHEN the best time to list a particular item is. So I just list and hope for the best...I haven't been dissappointed yet.(knock wood)
I currently have nothing listed...
The reason being I think right now people are concentrating on TAXES and HEATING BILLS.
My type of stuff is not a MUST HAVE. So for now I'm just getting stuff ready for launch. I'll keep watching and doing searches and try to get a general feel of how things are selling.
Right now doing searches on ended items is scary, in my category of search there are pages and pages of stuff with no bids. I don't know how sellers are making it, paying all those fees and still not making a sale.
Its just plain sad!
posted on February 5, 2001 10:16:05 AM new
Thank You Everyone for your thoughts. I posted and then turned off the computer.
I just wrote a reply and then my computer froze and I lost it, here goes again.
twelvepole : Whatever happened to the "item is worth what someone is willing to pay for it"?
I conditionally agree with this.
Case 1- I sell a line of collectibles that I start low and I am comfortable if my reserve is met. This is anywhere from 500% - 1000% below book price. However I do not agree with the book price for this particular line of items and feel the auction end prices I get is more of a true value.
Case 2 When I sell antiques I think of the following, Picture a farm auction. There is a rare Ming Dynasty Vase (brought by a traveler years ago). Nobody at the auction has any knowledge of this item. It sells for $20.00. Yes that day, with that audience, that was the value.
However if the auctioneer suspected it was something special and sent it to Soethby (Spelling??)and it was placed in an auction with similar items, advertised to people interested in Ming Dynasty items then a more true value would be established.
debbielennon : The item has had 42 hits. So not a lot but not terrible.
packer: After auction ends I'll do another "search" there are 3 or 4 listed as ended, their bids are $4-5(reserves not met) mine is $35-40. WHAT DOES THAT TELL YOU?????? Here is what it tells me, people LOVE the THRILL of a REAL auction! Get rid of the RESERVES and get rid of the mentality that you have to start your bidding out at BOOK.
Great Thoughts
I have searched auctions and observed the same thing, So that is why I decided to try it. Will you list your other Ύ of the lot from your $400.00 auction for the 1.00 no reserve??
I do have good pictures, descriptions, service etc. I would like to increase my percentage of items sold ratio. That is why I have been thinking about starting low with no reserve.
reddeer Great Thoughts.
I use reserves, and seldom ever have items finish where the reserve is not met. Many times they end at 2-4 times what my "secret hidden reserve" amount was.
Why I have been trying to figure out how to approach this is, because two weeks ago I listed a number of good pottery items with reserves ½ of book and the items did not sell. I can easily sell these items at a show or in my store for the ½ of book. If I had not had the reserve on, I would have had to let them go for 1/15th of book. The items were mint and not that easy to find, so I am not willing to sell for 1/15th. Hence the fickleness of the market as you pointed out.
quickdraw29 I hope you are right. I am not as worried about this one auction. Rather the whole dilemma of to reserve or not, start the auction at a price I am comfortable with receiving, etc. and how to increase my first time around auctions selling.
Packer : Right now doing searches on ended items is scary, in my category of search there are pages and pages of stuff with no bids.
I am watching this also. I am currently trying to supplement my B&M to pay MY $700 heating bill and deal with winter, tourist slow down.
Oh yes the auction is still at $2.75. It is for a lot of items that could be bagged easily and sold at a garage sale for $20.00 minimum. This lot of items is something I myself collect so I know the market and what a fair reasonable price will bring either at a garage sale($20) or my shop/show ($30- $40).
posted on February 5, 2001 10:39:42 AM new
It's no mystery really. To do well with $1 no reserve the item has to be really desirable, rare, valuable or something along those lines. Like a $250.00 tool going for $1, or a $1500.00 guitar going for $1. That'll draw the bidders in. A $30.00 or $40.00 retail item doesn't have nearly the excitement level, right?
Even so, keep your fingers crossed--you'll probably be OK on the items. Good luck.
[ edited by loosecannon on Feb 5, 2001 10:42 AM ]
posted on February 5, 2001 11:07:06 AM new
Mildreds,
Yes ALL my auctions are listed with $1.00 NO RESERVE and NO EXCEPTION.
I've been doing this since August. I'm trying to build a reputation with "MY" buyers and lookers as well that they can always return to my auctions and maybe get a deal for a $1.00.
Let me give you a betterr example of things ending low with few bids or not reaching reserve.
This past summer I went to an Live Auction and bought a Fenton Slag bowl that I though was Gorgeous. I paid $75.00 for it. I come home and do a search.
Only found 2, both were ended. One went $20.00 and the other one had like a $15.00 bid but didn't reach reserve.
There picture(1) was CRUMMY it was non-descript. It said very little about the bowl.
Well I was just sick that I had paid so much to find out it was worth so little.
I kept it in my hutch for several months debating what to do.
I had bought a lot of Fenton at that auction(and really none was going for the prices I had paid). Well I decided to go ahead and list it all to make room and at least get it outta here and recover some of my money.
That particular Slag Bowl went for $112.++.
I took detailed pictures(6), gave a glowing description. I was shocked. I was shocked at what I got for the other pieces as well. When it was over the buyers were buying 2-3-4 pieces and all have a bidding war at it.
I don't know...this may be not for everyone. I don't count on this income to pay my bills, I have 2 other part time RL jobs as well.
All I know is I WASN'T making ANY money(only paying fees)and not having any FUN before I took the plunge and went to the $1.00 NR.
It's not just what categories you list in, what's most important is WHAT the item is.
Is it common, easy to find, even easier on eBay? Chances are it won't do well on eBay, no matter what the starting price is.
Is it fairly unique, rather hard to find, even on eBay? Chances are it will do well, and sometimes MUCH better than what it would fetch at a specialized brick & mortar auction house, yes, sometimes even better than at Sotheby's & Christie's. Trust me, I've had it happen enough times to know.
I don't "fixate" on anything. I simply know my merchandise, and what it should fetch on a fair to middlin week on eBay, and what I paid, and I go from there.
If I bought it dirt cheap, I let it fly with no reserve at a very low price.
If I have $100 or more invested in it, I'm not about to simply let if fly with a $1 opening bid & no reserve, no matter how hot the item may sell from week to week.
From Feb 1-5, I've listed 56 items. I've had a total of 212 bids, with $1,757 total showing thus far.
9 items still have 6+ days to go.
10 items still have 5+ days to go.
7 items still have 4+ days to go.
1 has 2+ days to go
1 has 1 day to go
and 1 is ending tonight.
Out of the 56 items 6 did not sell.
4 items recieved no bids & 2 the reserve was not met.
On the reserve auctions it was a total eBay fluke, BOTH of the items would fetch over twice their ending amounts on a good week. They're also something that I always use reseves on, and in that particular category reserves are the norm.
I decided that everything else was selling so well that I would relist the 2 reserve items, slice what I wanted in half, and list them with no reserve & see what happens.
BOTH items had a bid within the first 24 hrs, and BOTH of them were bid on by the buyer/seller who was high bidder at the end of the auctions.
Should be interesting to see what happens.
The bottom line is, not everything can be purchased at a boxlot sale at auction.
Some dealers spend hundreds/thousands of $$$ on their merchandise each month, and for those sellers, simply going on blind faith of what may, or may not happen on eBay on any given week is not a great idea.
IMO selling on eBay is somewhat of a science, the more knowledge you have, the better your sales will be.
I also believe that when selling on eBay, *timing* is *everything*.
posted on February 5, 2001 11:31:53 AM new
packer-
The other bowl:
One went $20.00... There picture(1) was CRUMMY it was non-descript. It said very little about the bowl.
Your bowl:
That particular Slag Bowl went for $112.++. I took detailed pictures(6), gave a glowing description.
Can you be sure that $1/No Reserve is the reason for the difference in prices? Maybe a better description and pictures had something to do with the higher ending price, too.
posted on February 5, 2001 11:43:14 AM new
Here is a story from a buyer: Don't know if it will help or not)
A few weeks ago I was looking for an item. Found several listed. One was for 4 of the item (I could use 4 of them, no problem!) BUT the buyer had 0 feedback and I hesitated.
Ended up paying $20.00 bucks for 1 item (from another seller) and the auction for 4 ended with a price of $5.00 per item. Sooo....I kept track of that seller. Sure enough, that seller racked up the positive feedback and now I'm kicking myself in the butt.
This week I'm looking for another item. Again find one seller with 0 feedback. This time I bite the bullet and bid what I can afford to 'kiss off' if the seller takes the money and runs. This sellers auction started at $1.00 (no reserve). Damned if that auction didn't go over $100.00! Of course, the bidding was around $25.00 until the last four hours....then it took off.
So, I've seen it both ways....the seller doesn't get what the item is 'worth' (or what other similar items are going for), BUT that seller has at least one bidder (me) who has book marked their auctions and who is ready to spend some money! On the other hand, I've seen an auction where the seller gets top dollar for an item even though 'conditions' were not all that great.
You just never know!
Best of luck, and let us know how the auctions end!
posted on February 5, 2001 11:54:25 AM new
reddeer,
Its obvious to me that you must be selling real "antiques" to bring those kind of prices. ME...I would never claim my "junk" to be antiques. I think there is a huge difference between "antiques" & "collectables".
Last month I sold some paperdolls from the 30' - 40'. I paid $45 for a shirt box full.
I sorted & regrouped them by sets. Took lots of great pictures. I ended up with OVER(haven't taken an exact count yet) $500.00 PROFIT on those.
Most of them were cut, a lot of the sets were incomplete, but I'm telling you there is a "REAL" passion out there for "vintage" paperdolls. Would I call them "antique" NEVER. They were fillers for someones existing collection.
I'm not an ANTIQUE dealer, I wouldn't know an antique if it slapped me in the face. However I AM A COLLECTOR. I know about needing that 1 or 2 piece to finish a set.
mrpotatoheadd,
Yes I'm sure it was the combination of Good pictures, Good description, and the $1.00 opener to give everyone a fair chance at it.
If I would have listed it for say even $50.00, I may have gotten 1 bid just on pictures & descrition, and I'm sure I would have had a LOT of LOOKER(key word) wishing they COULD bid on it. But already thier thinking, oh gosh $50.00 right out of the gate...thats a lot of money to commit all at once. However, get them hooked by bidding on it when the price is low, it don't hurt as much to outbid by $1.00 or $2 at a time. Pretty soon you end up with "I got to have" bidding war.
posted on February 5, 2001 12:12:30 PM new
Lately I'm noticing...
By the same token that the $1 No Reserve thingy excites bidders and encourages bidding wars, I see the BIN option working for a lot of my competition, probably because there is an equal number of buyer's who don't want to wait and want instant gratification.
I've been tempted to go the high opening bid/BIN route...but I'm worried about pissing off my regular bidders/buyers.
FYI - The majority of the items I sell are just that, collectibles. I do sell items that are 100+ years old, but 90+ percent of what I sell is "stuff" from the last 60 years or so. I just buy much more selectively than I did 3 yrs ago.
Julesy
probably because there is an equal number of buyer's who don't want to wait and want instant gratification
I agree, there's a lot of buyers that don't want to wait DAYS for a sale to be completed, and if you don't offer BIN, they'll simply go off in search of another seller that does.
Why not try selling some of your items with both methods? Traditional, and BIN auctions?
posted on February 5, 2001 12:32:01 PM new
Loosecannon...Right ON!
One catagory I bid in has an average of 6 pages, max. Auctions start at full price, half price, and even a buck.
Depending on the item, I mean year made, condition etc, it will go for full price based on it's condition.
One aucton had over 700 hits recently.
Other catagories have lots of stuff and I can snatch lots for a buck or two.
And Empires, you are so right! The last bidding war I watched, I ended with a two second snipe. I can just imagine those two wondering who was that????
I have to say if you are selling one type of item, you may have more luck with Packer's method, I keep a few low opening sellers bookmarked because I like to browse. But there is one guy I watch who mixes it up and his closing prices are pretty even.
(spelling edito)
[ edited by Capriole on Feb 5, 2001 12:33 PM ]
