Thank you for the shout out. You illustrate perfectly how as resellers we are all different in how we approach this issue. In your example you pulled out a rare adidas London Olympics jacket. It is highly unlikely you will ever see one of these again. Quite possibly the same situation with the Mahjong set. In my situation, rarely do I get one offs like this. For instance toilet safety seats. We get these very often and I know that I will be getting more of these every week. So in my mind I need to know my cost and I set a bottom line number that I will take and we keep the sales churning. This is a huge part of my business model yet at least 60% of my sales are at full ask which relies on 90 day sold comp data. I rarely find “home run” items but when I do I tend to handle these differently because chances are I will never see these again. Couple this with high historical demand/sales history and I will be more apt to set my range much higher than I will a common item (I may not even have offers set up on said item). With all this said it is importance to have your cost in the SKU field in your listings to help determine the lowest you will accept for an item and in some cases you should be willing to take a somewhat low offer on a longtail item provided you can make a profit to move on from it. One final factor is space. Due to the size of many of my items I am forced to be more aggressive to make my model work. It all boils down to one thing regardless of where you stand…. Flippin Aint Easy
No doubt size plays a big role in your model. I listened to your last podcast while I traveled yesterday. I think it was my favorite one yet. I love the thoughts you guys gave on looking g at the future of your business. All a bit different but each of you made me think a stitch differently than I had before. Great show. I still don’t believe beard reads though. 😉
I agree with Jon pretty much. Same thing with giving an item away. I gave my buddy a Nike driver worth a few hundred for free because I only paid $10. If I paid $50 I wouldn’t give it for free. I kind of use that same thinking on selling the item. I care less about top value than how much I paid
An old saying - you make your money when you buy, not on the sale. If you pay too much you'll never get your money back out. Know what you can pay for something and then you'll know what you can take on an offer and still at least break even. I was always a Fast Nickel turn-and-burn kinda gal. I was at a tag sale this morning in a church parking lot. Some sellers sold low and fast (and got my money) while others wanted full wholsale to retail (kept walking). The only inventory you want to sit on are things you bought so low, you can't help but make money when you sell it. I do do tie up capital in precious metals bought well under current melt. Call it a bank account that can' be hacked and that keeps up with inflation.
I agree buy cost is pretty irrelevant as to what something will sell for UNLESS your buy price allows you to undercut everyone witch is giving money away imo unless you have unlimited supply.
I price based on recent solds with minor adjustments based on current listings. I used to be after the top dollar but space is becoming an issue for me (6,700 listings) so this year I've been doing aggressive offers and higher promotion rates to increase my sell-through. (My sales $ are up 45% over this time last year as a result).
I accept offers based on when I first listed it and how much I have into.I keep this info in the SKU field so easy to access it. Also How Big the item is and how much room its taking in my house. Higher priced items - I will take a peek at recent sales to see if I may be overlisted. Happy Fathers Day
My biggest pet peeve is other sellers telling sellers this is what you should do...this is what you shouldn't do. Because, as you said, everyone is different and what the need, what they can do, what they can store. One reseller in particular "stop racing to the bottom....I'll get off my soap box"...good, get off your soap box and stop saying it. I stopped watching her yt videos. Everyone is different and some resellers have a core buyers who are looking for xyz items and those sellers know what their repeat buyers are looking for. That determines on price point on selling items. I'm more likely to give a bigger discount to someone who is a repeat buyer. As you said...everyone different. Everyone business model is different. Everyone's sources options are different. Do what works for you (and that may take a while to figure out) vs what works for others. What works for Kevin (CWP) and Kat (Nurse Flipper) is different than the ave seller. Both of you have multiple social media platforms. Both of you have income coming in from abc....Kat can stop intentionally sourcing things that flip cost is less than $25. Someone who just lost their job, cannot. She knows that, you know that...you both express this. Sellers need to stop comparing themselves to other sellers.
Problem is people are getting more desperate as sales slow due to economic times. Therefore feel to reach goals they have to liquidate more items with less spreads. 3 years ago it wasnt uncommon to sell a rare tshirt for $500 plus. Now its rare as those shirts sit and rarely sale unless you drop the price significant but then buyers write to say is this fake or you get hate mail from other tshirt sellers.
Coin collecting seems to be taking a beating too. More often now I put a item on my watch list and the dealer will shoot me an offer within an hour. Several years ago, I might put a watch on a hundred items and I'd get no discount offers. Dealers are also more likely to take my 20-30% discount offers now. I used to ask for 10% off, but because of the slumping market I will ask for a minimum of 20% off. I find out quick which dealers want the cash flow.
@jeffw1267 Yep unless something is an exceptional piece you can get deep discounts now. I stop going after higher end items now unless I get them exceptionally cheap. People dont have the cash flow to support their hobby like even in 2019 pre pandemic.
Something that is also a huge factor in selling quickly and for a good price is how many folks actually see your item. You have an edge because you have a huge UA-cam following etc. and that certainly helps your sales.
i just take offers all day long, low or not low, doesn't matter. move product. move money. I am not a museum, i'm a business. cash flow is the most important aspect of any business. sitting and waiting for the "right price" is useless. at most points you end up having nothing in a product from other sales snowballing so who cares.
Total agreement on the points you put out in this one Kevin. I changed my business model recently in many of these areas and expect it will be one of the best business moves I have made in a while.
I budget all my bills and that is what I pay myself. I’ve tracked what I spend on groceries, gas, for fun money. I use to spend my money like nothing so now I’m strict. I source about twice a week. I don’t have a cap on what I can source to sell. I usually stress when I have just pulled money to pay myself so I’ll go to the bins instead of a thrift because I’ll spend $30 instead of $200z
For items that are very common it seems its a race to the bottom or Nitch new items it can also be a race to the bottom. I had a new item that I imported once I could get $15.00 plus shipping that my cost was on average $1.60 I could list 200 in one listing and make a killing. over the years the price kept going down to where now you can get it from a China seller ship to you for less then it cost me to ship it in the USA
What gets me is sellers that decline taking ONE dollar off a $20 item. Why even list offers? I think they feel they get better exposure when offers are listed? Maybe they're right but it's bad practice.
I get your point, but it seems like people asking for a dollar of 2 off is few and far between. I’m constantly getting 25-50% off offers and they want free shipping. It’s hard not to respond and just tell them that I’m not going to give them an item for free. Both sellers and buyers need to be more realistic in their processes.
@@SpeedX3877 free shipping is likely the culprit of the confusion here. Most buyers do not know the exact shipping costs, and when making offers, eBay tends to not remind sellers that listing incldues free shipping. Most listings charge shipping, so you will continue to get offers in the range as if you were charging shipping. Drop the free shipping, and your offers should stay the same and the listings will become instantly more profitable. Just my 2 cents, based on free shipping failing me in every attempt to make it work. People do not seem to grasp how good of a deal free shipping really is, even with discounts on top. The discounts on top also look weaker, even when they're better, because the % off simply "looks" like less of a bad deal. Yes, perception matters more than reality sometimes.
My current model as I approach my 25th year on eBay; Most important is how much work an item is. I purchase Lots of small items like charms, that don't take up much space. Often there are multiples, so the cost and cost of TIME decreases.My largest items are Xmas ornaments but that is as big as I go. I currently have 3500 listings and would max out my space at 5000. I sell on eBay to supplement my full time job but I love the research & history involved in items!
Jumping out of your niche can help and is a must in rural areas sometimes. Like you said, it can be a time consumer so you have to be smart and careful.
Since I'm doing a One & Done thing by getting rid of my comics, I'm trying to get the most I can but I'm actually trying to get what I paid for when I bought the books.
I do that too, I go to the listing and see if i would take it the offer, because the prices could have changed by the time that it sells. This is why i go through my ebay store often but i have a small store only 500 listings. I de list and sell similar at least 10 items per day and make adjustments accordingly. It's my daily routine now. I try to not go past my 500 and it has been working for me but I do have several other sources of income.
What was paid for an item doesn't ultimately matter when it comes to what it sells for. The market is the market, whether or not the reseller got a screaming deal when sourcing or if they overpaid.
Fantastic jumper 🇬🇧 👏🏻 I'm almost certain I seen you pick it up, I'm not 100% certain, anywho{it's from 1980} and great sales, Have a fantastic fathers day tomorrow... Jayne 🇬🇧
Thanks for the info. I recently started reselling and am learning the ins and outs. I am getting watchers and views, but sales have slowed. I send offers but nothing. I am still figuring out the pricing of my items. This video came at the perfect time. Love the comments also.
A TALE OF TWO RECENT BUYS - Item #1 is a pallet lot of electric wall plugs 24 boxes of 100 = 2400 plugs. Buy cost was $.07 cents each. I will not be undersold on these - Please take advantage of my hugely low price! - There is no race to the bottom here - My price is the bottom and will remain so until they are gone. At which time I will celebrate my huge profit. These take up a large amount of space. Item #2 Is a vintage Waltham 17 Jewel 14K White gold pocket watch in running condition. My cost is $300.00. My estimate of gold melt value is $700.00. Premium value above the gold melt value for a working piece of vintage quality in gold is variable but I suspect it's value is around $1,100.00. I will list on the high side of value and not accept less. This takes up almost ZERO space. Some would say on Item 1 You are ruining the market. Some would say on Item 2 You are price gouging. Either way It does not matter to me - I will make a large profit on both. So in my opinion price is determined by a very wide variety of factors.
Kevin this is one of your best videos. We live a lifestyle and business Lifestyle of it's all in the buy. We learned that many years ago. Business model not much capitol invested and not selling saturated items. We are not volume sellers and never have been. We look at an item with a sell through rate of over 65% and look at average sale price and deduct 15% of what we are willing to take, that usually equals out to 20 to 25 x ROI. Years ago we took out a % to pay off debt and ourselves. Let sales work for you and your goals so in the future you will have less worries, less bills, less or no debt and you can enjoy your hard work in ways you see fit. but you have to put in time at the beginning. Do what is right for you and your goals, there is no right or wrong way just be smart in what you do with your earnings.
If, I couldn't afford to do that, like most newer sellers, I would undercut the market and once established, then better quality items would get a higher premium.
I fully agree with your position on the pricing issue. Eventually the FAE approach will erode market value, as each succeeding new listing will rely on past solds for guidance on how to price new listings. As the new listing prices drop, accepted offers will get lower and the market prices will continue to spiral downward. What you pay for an item should determine your profit, not the item's market value.
Everyone's situation is different. The seller needs to figure out what is the best model for themselves. The way I source works where I live, but if I live in a different region, my sourcing will not work. As for pricing, I know the average price before I buy so I know not to overpay even though mistakes are made sometimes. Quality/purchase price/shipping/sell through rate are all taken into account when pricing and taking offers. I agree that when something has been on the shelf for a while, it is time to undercut the market and get it out the door. Breaking even is not a bad thing and sellers can't let emotions get the best of you.
I can name that video in 3 seconds! I love the Traveling Wilburys. Too bad they didn't do more jamming. I'm going to see ELO then end of the summer..... WOOT!
So many variables go into each thing we do as resellers, it’s important for all of us to remember that. Everyone and everything is going to be different. I think my goal is always to just do what I can to help other resellers be the best reseller they can be, by doing what’s best for them! My list of order I think is pretty much identical to yours, but may change depending on different situations.
Hi Kevin 😺 when youtube resellers come down hard on resellers who sell based on the fast nickel, I unfollow them because of their holier than thou attitude, as if they know what’s best for everyone. 😤That’s why I like you and your balanced approach to reselling 💯💯✅✅🎉🎉
I have been selling on eBay since 2001. When I first started selling I was interested in making ends meet with our budget with 4 children. Now they are out with all children. I have 12 grandchildren & my money goes to help our children or grandchildren. I am trying to sell off my reseller late hoarder items . She bought everything. As I am Writing this I just sold a purse of hers . I begged to sell it all & her answer was just think it will like Christmas to you . 😂 in away yes when I discover more when I open it up . I am now sending in offers & put a summer sale of 30 % on to get rid of some items of hers . She passed 2 yrs ago . I will probably have her things for yrs more . I also my keepers from her .
It’s always slow summer months. Plus shipping is getting so costly. I’ve sold on EBay for 25 years the influx of cheap Chinese junk has taken over all online platforms I take offers if I can make even 2 dollars profit I sell it
Great vid Kevin! Turner said something that you don't hear from kids his age too much nowadays. You asked him what he was doing, and he said, " playing outside". Sure beats playing video games all day. That's great!
19:29 kevin you briefly talked about your budgeting and scaling of your business. I think this would make for a great topic in a future video if you dove into this a little deeper.
I have a system in my store. First 15 days listed, no deals - up to 15 to 30 days at 5% - 1 to 3 months at 10% - 3 to 6 months at 15% - 6 to 9 months at 20% - 9 to 12 months at 25% - over a year 35%. I also sell oot of a building on my farm and am always cycling thru auctions as well as I am a Live Auctioneer. To say you won't get at auction what one can with a store is true on most items but there are some out there that will sell at auction for more because of gotta have bidding wars. Just have to research. I sell vintage mainly, what may be dead in one area may not be worth much but in another area may sell for 10 times more of the dead area. To many, unfortunately, think they are going to have instant riches on Ebay. Here today, gone tomorrow syndrome. Sellers that last the long run from my observations are the ones that know the value before they buy and have the patience to wait for that value price. Jus' my 2 Cents !!!
I only buy things I know I can make money on, and generally most of my inventory moves within 90 days. I will occasionally have a long tail item, but I will slowly drop prices on items that don't sell.
I do enjoy your videos! You have made me look at my estate sale job in a different light. But I have an admiration for old PYREX and things. So that is fed by the side job. I have thought about reselling more and have done some on Poshmark. I do like the ease of the process over there. I plan to go to a garage/yard sale later. I do buy for friend and family who are looking for certain items. I get the itch scratched, sell something and do a favor.
There are a lot of factors that go into this and everybody is different what I will say is if I have a unique rare item I will hold out for top dollar other than Those items, if I can get 50% or more of my list price I’m good I buy in bulk my buy cost is irrelevant
For Context , 2 stores with around 12k listings in a 12x32 shed. Space is a somewhat a factor, how long it sat is a somewhat a factor and my purchase price is never a factor. I buy in bulk and have pennies into most items so price to comps is probably the biggest factor. I sell lots of longtail and dont need the capital this minute. Best spot to be in IMHO.
I set some of my items up to give room for offers. For others, I price somewhere around sold prices. I sell part time since still work a full time job. I just tend to do like many others in that I love the sourcing too much.😂 The posting not so much. I do list daily though.
I collect coins, and some of them are pretty expensive. It seems that the highest volume dealers on eBay put everything up for bid, starting at 99 cents, and they move a LOT of product. One dealer in Texas has over 300K feedback ratings. I imagine when he first started doing this, he had to basically give away some of his items. But people like to get good deals and they gravitated to his site. His listings end every hour of every day, and now he's got so many bidders that none of the items go for too cheap a price. And he's got cash flow going all the time. Many other dealers will list a $200 coin at $300, and keep the same listing up for years. It is VERY unlikely that a sucker will ever come along and overpay by 50% for such a coin.
I wonder if we are “training” buyers to expect sellers to accept low, sometimes very low offers by being too flexible. I’ve been receiving really low, 20% of the listed price, for items that are priced in the middle of the market. I often counter slightly higher and they do not purchase. This is a recent issue and is frustrating. Anyone else experiencing this?
Sell-thru rate is for the birds. It only tells you about the past, not about the future. "Skate to where the puck is going, not where it's been" - Gretzky
What drives me crazy are books sold for 3 or 4 bucks with free shipping. There's no way there's any profit left. They ruin the market. That being said, i have priced books higher than others and they still sold.
That happened to me with some cosmetics I was given. Went to list them and most were listed for 1.99 free shipping. No way they’re making any profit in them. I didn’t even list them, I just gave them to my Granddaughter.
Easier said then done about "making money when you buy" not when you sell if your stuck buying in NYC where everything is so high priced. It impossible to find stuff for a quarter or a dollar like all these resllers who live down south. There are almost no garage/yard sales only tons of estate sales and the estate sale people know their stuff and its hard to make money when they price things so high and i buy lots of stuff at estate sales but cant make 10x profit like all the UA-camrs. Wish I lived in Virgina, South Carolina or Kentucky where you guys buy stuff for a quarter.
@@commonwealthflipper yes if there was meat on the bone. I always buy in bulk at estate sales, make huge piles and those piles are priced mostly at over 1k most of the time. I can get them down to hundreds usually but high hundreds. No goodwills here,and they are not like down south. There are not asiles of metro racj=ks with hard goods on them, only clothes. There are several in mnahattan and one in Brooklyn that i know of. None have hard goods. Not a lot of homes compared to apt buildings so garage/yard sale are far ans few between. Only estate sales because over 10 million people live in NYC 5 boroughs so Lots of people passing away. There is an estate sale every day of the week somewhere here but professionly run, not family run. The last 3 I went to were so hard to chew down the price. She wanted $1200. I got her down to $750. The other she wanted $650. I got here down to $375. The another one she wanted $550 and I got here down to $320. This was all the same company. I have not even made my money back on 2 of them and not even doubled my money on the third but im close. I told her last sale, I'm keep paying you too much and i can't profit. Her answer was.... so put the stuff back. I said you have to work with me so i can make money. She said I am. I'm considering giving up. Not to mention people push their way into the doors to get to the sale even with a numbers system most people pile by the door and push in when the door opens regardless f your number. You have to run and grab before the next vulture gets their hands on what you want becasue 100 people are at the sale. I see so many of the youtubers videos of estate sales and I'm like you will get crushed or runned over getting inside the door here. You don't have to time too breathe, or closely look at things, nevermind take video lol. Cut throat is an under statement. Then you go and get a ridiculous price for your pile. Sorry for long reply. Im so jealous of the things you youtubers buy for .25, .50 and a $1. It does not exist here. I do enjoy watching you. I'm so jealous when you pick something at $3 and you get them to give it to you for $1. Here it would be $6 lol for the same item. But then again you have a $700 mortgage to my $1250 rent. More power to you!
The argument that the seller needs to sell an item at below market (the quick nickel) so he can deploy the capital to buy more inventory is specious at best. Whether or not an item sells quickly or not should not has any influence on his decision to continue buying inventory. Most have more than enough capital to continue buying, and many have credit. If a buyer is so strapped for cash that he can't purchase inventory unless he sells quickly below market, then he should get a job and sell part time.
I believe the term is a quick buck. What is a "quick nickel"? Funny you say that when Amazon has used this model (predatory pricing) to penetrate and dominate every market they dipped their toes in. Should Jeff Bezos have just gotten a job, then?
Tell that to the Wal-Marts, Costcos, and Amazons of the world. There are also about a dozen factors driving down the price of items that aren't the selling themselves just "racing to the bottom" - but everyone seems to think the seller is in control of the sold price. Talk about delusional. You are at the mercy of the buying power of the US Dollar, interest rates of the FED, eBay's increasing % of the sale (through Promoted Listings), and also what the potential Buyer's willing to pay at any given moment. But keep thinking sellers are in control. They are in fact at the mercy of market forces they have no control over, hence the drops in price. If sellers had all the power, we could all just collectively raise prices to the moon and collect the rewards. PS: past sales data is just that, data from the past. "Skate to where the puck is going... NOT where it's been" - Gretzky
Kevin. You have a list perfectly code. Do you have a number we can contact them? My list perfectly has not been working. I can only import it 1 listing at a time. I have been online with them for hours only to have them tell me i have to now wait for an update I need to contact someone. Do you know how?
Space is a HUGE factor in taking offers. Knowing I am moving out an item that may make room for 5 or 10 more items in my storage is a giant plus!
I accept offers mainly on how long i've had it. I hate lowball offers, but if I've had it over a year, I welcome them.
Wow, I try to turn over every single item I buy inside of 30 days for max value. I hope I have exactly no item for a year.
Thank you for the shout out. You illustrate perfectly how as resellers we are all different in how we approach this issue. In your example you pulled out a rare adidas London Olympics jacket. It is highly unlikely you will ever see one of these again. Quite possibly the same situation with the Mahjong set. In my situation, rarely do I get one offs like this. For instance toilet safety seats. We get these very often and I know that I will be getting more of these every week. So in my mind I need to know my cost and I set a bottom line number that I will take and we keep the sales churning. This is a huge part of my business model yet at least 60% of my sales are at full ask which relies on 90 day sold comp data.
I rarely find “home run” items but when I do I tend to handle these differently because chances are I will never see these again. Couple this with high historical demand/sales history and I will be more apt to set my range much higher than I will a common item (I may not even have offers set up on said item). With all this said it is importance to have your cost in the SKU field in your listings to help determine the lowest you will accept for an item and in some cases you should be willing to take a somewhat low offer on a longtail item provided you can make a profit to move on from it. One final factor is space. Due to the size of many of my items I am forced to be more aggressive to make my model work.
It all boils down to one thing regardless of where you stand…. Flippin Aint Easy
No doubt size plays a big role in your model. I listened to your last podcast while I traveled yesterday. I think it was my favorite one yet. I love the thoughts you guys gave on looking g at the future of your business. All a bit different but each of you made me think a stitch differently than I had before. Great show. I still don’t believe beard reads though. 😉
I agree with Jon pretty much. Same thing with giving an item away. I gave my buddy a Nike driver worth a few hundred for free because I only paid $10. If I paid $50 I wouldn’t give it for free. I kind of use that same thinking on selling the item. I care less about top value than how much I paid
An old saying - you make your money when you buy, not on the sale. If you pay too much you'll never get your money back out. Know what you can pay for something and then you'll know what you can take on an offer and still at least break even. I was always a Fast Nickel turn-and-burn kinda gal. I was at a tag sale this morning in a church parking lot. Some sellers sold low and fast (and got my money) while others wanted full wholsale to retail (kept walking). The only inventory you want to sit on are things you bought so low, you can't help but make money when you sell it. I do do tie up capital in precious metals bought well under current melt. Call it a bank account that can' be hacked and that keeps up with inflation.
I agree buy cost is pretty irrelevant as to what something will sell for UNLESS your buy price allows you to undercut everyone witch is giving money away imo unless you have unlimited supply.
I price based on recent solds with minor adjustments based on current listings. I used to be after the top dollar but space is becoming an issue for me (6,700 listings) so this year I've been doing aggressive offers and higher promotion rates to increase my sell-through. (My sales $ are up 45% over this time last year as a result).
I accept offers based on when I first listed it and how much I have into.I keep this info in the SKU field so easy to access it. Also How Big the item is and how much room its taking in my house. Higher priced items - I will take a peek at recent sales to see if I may be overlisted. Happy Fathers Day
My biggest pet peeve is other sellers telling sellers this is what you should do...this is what you shouldn't do. Because, as you said, everyone is different and what the need, what they can do, what they can store. One reseller in particular "stop racing to the bottom....I'll get off my soap box"...good, get off your soap box and stop saying it. I stopped watching her yt videos.
Everyone is different and some resellers have a core buyers who are looking for xyz items and those sellers know what their repeat buyers are looking for. That determines on price point on selling items. I'm more likely to give a bigger discount to someone who is a repeat buyer.
As you said...everyone different. Everyone business model is different. Everyone's sources options are different. Do what works for you (and that may take a while to figure out) vs what works for others. What works for Kevin (CWP) and Kat (Nurse Flipper) is different than the ave seller. Both of you have multiple social media platforms. Both of you have income coming in from abc....Kat can stop intentionally sourcing things that flip cost is less than $25. Someone who just lost their job, cannot. She knows that, you know that...you both express this. Sellers need to stop comparing themselves to other sellers.
Problem is people are getting more desperate as sales slow due to economic times. Therefore feel to reach goals they have to liquidate more items with less spreads. 3 years ago it wasnt uncommon to sell a rare tshirt for $500 plus. Now its rare as those shirts sit and rarely sale unless you drop the price significant but then buyers write to say is this fake or you get hate mail from other tshirt sellers.
Coin collecting seems to be taking a beating too. More often now I put a item on my watch list and the dealer will shoot me an offer within an hour. Several years ago, I might put a watch on a hundred items and I'd get no discount offers.
Dealers are also more likely to take my 20-30% discount offers now. I used to ask for 10% off, but because of the slumping market I will ask for a minimum of 20% off. I find out quick which dealers want the cash flow.
@jeffw1267 Yep unless something is an exceptional piece you can get deep discounts now. I stop going after higher end items now unless I get them exceptionally cheap. People dont have the cash flow to support their hobby like even in 2019 pre pandemic.
Something that is also a huge factor in selling quickly and for a good price is how many folks actually see your item. You have an edge because you have a huge UA-cam following etc. and that certainly helps your sales.
Double edged sword but yes overall an advantage. The view rate with no sales on an item can kill it however.
@@commonwealthflipper I wonder if lots of watchers can counter that?
Appreciate you trying to educate the negative Nancy's. Some people no matter what you say they will have a negative view. Keep up the great work.
i just take offers all day long, low or not low, doesn't matter. move product. move money. I am not a museum, i'm a business. cash flow is the most important aspect of any business. sitting and waiting for the "right price" is useless. at most points you end up having nothing in a product from other sales snowballing so who cares.
I like that model 💪🏽💪🏽
What’s your store so I can go low ball you? I need more inventory.
Tell us your store so I can go lowball you, as well. I can also use additional inventory... waiting for a reply....
@@Ir-of4zn
I suspect you'll be waiting awhile.
@@WellnessWizdom Yep...I figured that ..People get on the internet and do all that cheap talk...😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣🤣😂😂😂
Total agreement on the points you put out in this one Kevin. I changed my business model recently in many of these areas and expect it will be one of the best business moves I have made in a while.
Good Morning! Happy Father's day, we hope you have a great weekend.
I budget all my bills and that is what I pay myself. I’ve tracked what I spend on groceries, gas, for fun money. I use to spend my money like nothing so now I’m strict. I source about twice a week. I don’t have a cap on what I can source to sell. I usually stress when I have just pulled money to pay myself so I’ll go to the bins instead of a thrift because I’ll spend $30 instead of $200z
For items that are very common it seems its a race to the bottom or Nitch new items it can also be a race to the bottom. I had a new item that I imported once I could get $15.00 plus shipping that my cost was on average $1.60 I could list 200 in one listing and make a killing. over the years the price kept going down to where now you can get it from a China seller ship to you for less then it cost me to ship it in the USA
Rarity and sell through rate play a huge part, I agree, the rarer the item the higher the price I’ll put on it
What gets me is sellers that decline taking ONE dollar off a $20 item. Why even list offers? I think they feel they get better exposure when offers are listed? Maybe they're right but it's bad practice.
I get your point, but it seems like people asking for a dollar of 2 off is few and far between. I’m constantly getting 25-50% off offers and they want free shipping. It’s hard not to respond and just tell them that I’m not going to give them an item for free. Both sellers and buyers need to be more realistic in their processes.
@@SpeedX3877 free shipping is likely the culprit of the confusion here. Most buyers do not know the exact shipping costs, and when making offers, eBay tends to not remind sellers that listing incldues free shipping. Most listings charge shipping, so you will continue to get offers in the range as if you were charging shipping. Drop the free shipping, and your offers should stay the same and the listings will become instantly more profitable. Just my 2 cents, based on free shipping failing me in every attempt to make it work. People do not seem to grasp how good of a deal free shipping really is, even with discounts on top. The discounts on top also look weaker, even when they're better, because the % off simply "looks" like less of a bad deal. Yes, perception matters more than reality sometimes.
My current model as I approach my 25th year on eBay; Most important is how much work an item is. I purchase Lots of small items like charms, that don't take up much space. Often there are multiples, so the cost and cost of TIME decreases.My largest items are Xmas ornaments but that is as big as I go. I currently have 3500 listings and would max out my space at 5000. I sell on eBay to supplement my full time job but I love the research & history involved in items!
Jumping out of your niche can help and is a must in rural areas sometimes. Like you said, it can be a time consumer so you have to be smart and careful.
Since I'm doing a One & Done thing by getting rid of my comics, I'm trying to get the most I can but I'm actually trying to get what I paid for when I bought the books.
I do that too, I go to the listing and see if i would take it the offer, because the prices could have changed by the time that it sells. This is why i go through my ebay store often but i have a small store only 500 listings. I de list and sell similar at least 10 items per day and make adjustments accordingly. It's my daily routine now. I try to not go past my 500 and it has been working for me but I do have several other sources of income.
What was paid for an item doesn't ultimately matter when it comes to what it sells for. The market is the market, whether or not the reseller got a screaming deal when sourcing or if they overpaid.
Fantastic jumper 🇬🇧 👏🏻 I'm almost certain I seen you pick it up, I'm not 100% certain, anywho{it's from 1980} and great sales, Have a fantastic fathers day tomorrow... Jayne 🇬🇧
Found 3 B-52 records for my collection this week and thought of you haha. One of which is the one you have framed.
Thanks for the info. I recently started reselling and am learning the ins and outs. I am getting watchers and views, but sales have slowed. I send offers but nothing. I am still figuring out the pricing of my items. This video came at the perfect time. Love the comments also.
I look to see what I paid for it to determine if I take the offer and how long it's been.listed
A TALE OF TWO RECENT BUYS -
Item #1 is a pallet lot of electric wall plugs 24 boxes of 100 = 2400 plugs. Buy cost was $.07 cents each. I will not be undersold on these - Please take advantage of my hugely low price! - There is no race to the bottom here - My price is the bottom and will remain so until they are gone. At which time I will celebrate my huge profit. These take up a large amount of space.
Item #2 Is a vintage Waltham 17 Jewel 14K White gold pocket watch in running condition. My cost is $300.00. My estimate of gold melt value is $700.00. Premium value above the gold melt value for a working piece of vintage quality in gold is variable but I suspect it's value is around $1,100.00. I will list on the high side of value and not accept less. This takes up almost ZERO space.
Some would say on Item 1 You are ruining the market. Some would say on Item 2 You are price gouging. Either way It does not matter to me - I will make a large profit on both.
So in my opinion price is determined by a very wide variety of factors.
Your last sentence is no doubt the truth of the matter.
Kevin this is one of your best videos. We live a lifestyle and business Lifestyle of it's all in the buy. We learned that many years ago. Business model not much capitol invested and not selling saturated items. We are not volume sellers and never have been. We look at an item with a sell through rate of over 65% and look at average sale price and deduct 15% of what we are willing to take, that usually equals out to 20 to 25 x ROI. Years ago we took out a % to pay off debt and ourselves. Let sales work for you and your goals so in the future you will have less worries, less bills, less or no debt and you can enjoy your hard work in ways you see fit. but you have to put in time at the beginning. Do what is right for you and your goals, there is no right or wrong way just be smart in what you do with your earnings.
When I get an offer, my cost is the first thing I consider. The second thing is how long I've had the item. It's a case-by-case thing.
List high, adjust as needed.
If, I couldn't afford to do that, like most newer sellers, I would undercut the market and once established, then better quality items would get a higher premium.
I fully agree with your position on the pricing issue. Eventually the FAE approach will erode market value, as each succeeding new listing will rely on past solds for guidance on how to price new listings. As the new listing prices drop, accepted offers will get lower and the market prices will continue to spiral downward. What you pay for an item should determine your profit, not the item's market value.
My area, they don't let those rainbows go.
My varies by item, how long I've had it... basically all the points you've made.
Everyone's situation is different. The seller needs to figure out what is the best model for themselves. The way I source works where I live, but if I live in a different region, my sourcing will not work. As for pricing, I know the average price before I buy so I know not to overpay even though mistakes are made sometimes. Quality/purchase price/shipping/sell through rate are all taken into account when pricing and taking offers. I agree that when something has been on the shelf for a while, it is time to undercut the market and get it out the door. Breaking even is not a bad thing and sellers can't let emotions get the best of you.
I can name that video in 3 seconds! I love the Traveling Wilburys. Too bad they didn't do more jamming. I'm going to see ELO then end of the summer..... WOOT!
So many variables go into each thing we do as resellers, it’s important for all of us to remember that. Everyone and everything is going to be different. I think my goal is always to just do what I can to help other resellers be the best reseller they can be, by doing what’s best for them!
My list of order I think is pretty much identical to yours, but may change depending on different situations.
Hi Kevin 😺 when youtube resellers come down hard on resellers who sell based on the fast nickel, I unfollow them because of their holier than thou attitude, as if they know what’s best for everyone. 😤That’s why I like you and your balanced approach to reselling 💯💯✅✅🎉🎉
I have been selling on eBay since 2001. When I first started selling I was interested in making ends meet with our budget with 4 children. Now they are out with all children. I have 12 grandchildren & my money goes to help our children or grandchildren. I am trying to sell off my reseller late hoarder items . She bought everything. As I am
Writing this I just sold a purse of hers .
I begged to sell it all & her answer was just think it will like Christmas to you . 😂 in away yes when I discover more when I open it up . I am now sending in offers & put a summer sale of 30 % on to get rid of some items of hers . She passed 2 yrs ago . I will probably have her things for yrs more . I also my keepers from her .
Good Morning from NC 😊
It’s always slow summer months. Plus shipping is getting so costly. I’ve sold on EBay for 25 years the influx of cheap Chinese junk has taken over all online platforms
I take offers if I can make even 2 dollars profit I sell it
Great vid Kevin! Turner said something that you don't hear from kids his age too much nowadays. You asked him what he was doing, and he said, " playing outside". Sure beats playing video games all day. That's great!
19:29 kevin you briefly talked about your budgeting and scaling of your business. I think this would make for a great topic in a future video if you dove into this a little deeper.
But you’re a nerd. 😉
@@commonwealthflipper that’s true lol
Hello good Saturday morning Kevin and family have a great weekend 😊😊
I have a system in my store. First 15 days listed, no deals - up to 15 to 30 days at 5% - 1 to 3 months at 10% - 3 to 6 months at 15% - 6 to 9 months at 20% - 9 to 12 months at 25% - over a year 35%. I also sell oot of a building on my farm and am always cycling thru auctions as well as I am a Live Auctioneer. To say you won't get at auction what one can with a store is true on most items but there are some out there that will sell at auction for more because of gotta have bidding wars. Just have to research. I sell vintage mainly, what may be dead in one area may not be worth much but in another area may sell for 10 times more of the dead area. To many, unfortunately, think they are going to have instant riches on Ebay. Here today, gone tomorrow syndrome. Sellers that last the long run from my observations are the ones that know the value before they buy and have the patience to wait for that value price. Jus' my 2 Cents !!!
Fun idea would be to show what are those keywords & photo techniques you used to differentiate yourself from the others
Look at his store to see what he's doing.
I can't take a payday unless I've covered the cost of the storage unit, and have covered some sourcing.
I only buy things I know I can make money on, and generally most of my inventory moves within 90 days. I will occasionally have a long tail item, but I will slowly drop prices on items that don't sell.
I do enjoy your videos! You have made me look at my estate sale job in a different light. But I have an admiration for old PYREX and things. So that is fed by the side job. I have thought about reselling more and have done some on Poshmark. I do like the ease of the process over there. I plan to go to a garage/yard sale later. I do buy for friend and family who are looking for certain items. I get the itch scratched, sell something and do a favor.
There are a lot of factors that go into this and everybody is different what I will say is if I have a unique rare item I will hold out for top dollar other than
Those items, if I can get 50% or more of my list price I’m good I buy in bulk my buy cost is irrelevant
Profit is always made on the buy side.
Hey Oh!!! Ran into Shad Juice this morning, gave him my thanks and support
I like him a bunch.
For Context , 2 stores with around 12k listings in a 12x32 shed. Space is a somewhat a factor, how long it sat is a somewhat a factor and my purchase price is never a factor. I buy in bulk and have pennies into most items so price to comps is probably the biggest factor. I sell lots of longtail and dont need the capital this minute. Best spot to be in IMHO.
I set some of my items up to give room for offers. For others, I price somewhere around sold prices. I sell part time since still work a full time job. I just tend to do like many others in that I love the sourcing too much.😂 The posting not so much. I do list daily though.
Happy Fathers Day 💕
Hi! Good to be here.
That jacket wowie.😊 Big huggicates!😊
I have some awsome railroad retired. Thrift books vs library.
I collect coins, and some of them are pretty expensive. It seems that the highest volume dealers on eBay put everything up for bid, starting at 99 cents, and they move a LOT of product. One dealer in Texas has over 300K feedback ratings.
I imagine when he first started doing this, he had to basically give away some of his items. But people like to get good deals and they gravitated to his site. His listings end every hour of every day, and now he's got so many bidders that none of the items go for too cheap a price. And he's got cash flow going all the time.
Many other dealers will list a $200 coin at $300, and keep the same listing up for years. It is VERY unlikely that a sucker will ever come along and overpay by 50% for such a coin.
Good job kids!
I wonder if we are “training” buyers to expect sellers to accept low, sometimes very low offers by being too flexible. I’ve been receiving really low, 20% of the listed price, for items that are priced in the middle of the market. I often counter slightly higher and they do not purchase. This is a recent issue and is frustrating.
Anyone else experiencing this?
I think it’s just part of the game now.
What's your sell-thru rate % threshold? What percentage do you use as the determination of to buy or not to buy....unless it's Tupperware 😊
Sell-thru rate is for the birds. It only tells you about the past, not about the future.
"Skate to where the puck is going, not where it's been" - Gretzky
The rgs story. Rio grande Southern. If you want to see😊
my opinion: price your items at what they've sold for within the last 6 months
25:19 more than likely to get what!😂😂😂 bro! I usually can keep up
Oh less money 😂 ok I got it. I'm jumping around with you
Why do you have two cabins for your ebay business that are so far apart?
It's a race to the bottom. Unless you are a slave to the site and have thousands and thousands of items. Which is unrealistic.
What drives me crazy are books sold for 3 or 4 bucks with free shipping. There's no way there's any profit left. They ruin the market. That being said, i have priced books higher than others and they still sold.
That happened to me with some cosmetics I was given. Went to list them and most were listed for 1.99 free shipping. No way they’re making any profit in them. I didn’t even list them, I just gave them to my Granddaughter.
Undercutting the market hurts the rest of us resellers. Dont undercut the market by more than 15%...i.m.o.
Thanks
Nice joke Turner... you should come join our improv company ;)
Content comment for the algorithm gods.
Happy Fathers Day 👨
😂 Most of the people here will be happy to make $3 lol it is pathetic. That same clie I sold for $300 😂😂😂 you did good on the Olympics thing though.
Easier said then done about "making money when you buy" not when you sell if your stuck buying in NYC where everything is so high priced. It impossible to find stuff for a quarter or a dollar like all these resllers who live down south. There are almost no garage/yard sales only tons of estate sales and the estate sale people know their stuff and its hard to make money when they price things so high and i buy lots of stuff at estate sales but cant make 10x profit like all the UA-camrs. Wish I lived in Virgina, South Carolina or Kentucky where you guys buy stuff for a quarter.
So would you buy things in bulk from resellers in areas where sourcing is cheap if there was meat on the bone?
@@commonwealthflipper yes if there was meat on the bone. I always buy in bulk at estate sales, make huge piles and those piles are priced mostly at over 1k most of the time. I can get them down to hundreds usually but high hundreds. No goodwills here,and they are not like down south. There are not asiles of metro racj=ks with hard goods on them, only clothes. There are several in mnahattan and one in Brooklyn that i know of. None have hard goods. Not a lot of homes compared to apt buildings so garage/yard sale are far ans few between. Only estate sales because over 10 million people live in NYC 5 boroughs so Lots of people passing away. There is an estate sale every day of the week somewhere here but professionly run, not family run. The last 3 I went to were so hard to chew down the price. She wanted $1200. I got her down to $750. The other she wanted $650. I got here down to $375. The another one she wanted $550 and I got here down to $320. This was all the same company. I have not even made my money back on 2 of them and not even doubled my money on the third but im close. I told her last sale, I'm keep paying you too much and i can't profit. Her answer was.... so put the stuff back. I said you have to work with me so i can make money. She said I am. I'm considering giving up. Not to mention people push their way into the doors to get to the sale even with a numbers system most people pile by the door and push in when the door opens regardless f your number. You have to run and grab before the next vulture gets their hands on what you want becasue 100 people are at the sale. I see so many of the youtubers videos of estate sales and I'm like you will get crushed or runned over getting inside the door here. You don't have to time too breathe, or closely look at things, nevermind take video lol. Cut throat is an under statement. Then you go and get a ridiculous price for your pile. Sorry for long reply. Im so jealous of the things you youtubers buy for .25, .50 and a $1. It does not exist here. I do enjoy watching you. I'm so jealous when you pick something at $3 and you get them to give it to you for $1. Here it would be $6 lol for the same item. But then again you have a $700 mortgage to my $1250 rent. More power to you!
I meant $2050 rent. $1250 rent does not exist here lol
Cute bear!!
The argument that the seller needs to sell an item at below market (the quick nickel) so he can deploy the capital to buy more inventory is specious at best. Whether or not an item sells quickly or not should not has any influence on his decision to continue buying inventory. Most have more than enough capital to continue buying, and many have credit. If a buyer is so strapped for cash that he can't purchase inventory unless he sells quickly below market, then he should get a job and sell part time.
There are more opportunity costs to not having capital working for you than just new inventory.
I believe the term is a quick buck. What is a "quick nickel"? Funny you say that when Amazon has used this model (predatory pricing) to penetrate and dominate every market they dipped their toes in. Should Jeff Bezos have just gotten a job, then?
Tell that to the Wal-Marts, Costcos, and Amazons of the world. There are also about a dozen factors driving down the price of items that aren't the selling themselves just "racing to the bottom" - but everyone seems to think the seller is in control of the sold price. Talk about delusional. You are at the mercy of the buying power of the US Dollar, interest rates of the FED, eBay's increasing % of the sale (through Promoted Listings), and also what the potential Buyer's willing to pay at any given moment. But keep thinking sellers are in control. They are in fact at the mercy of market forces they have no control over, hence the drops in price. If sellers had all the power, we could all just collectively raise prices to the moon and collect the rewards. PS: past sales data is just that, data from the past. "Skate to where the puck is going... NOT where it's been" - Gretzky
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👍
Insane number of commercials 😢
He has no control over the commercials, that's the price you pay for using UA-cam for free.
@@willwinl ?????
I too get a lot on my iPhone but here on my iPad, for some reason, I nvr ever get commercials. It’s somehow commercial free.
Kevin. You have a list perfectly code. Do you have a number we can contact them? My list perfectly has not been working. I can only import it 1 listing at a time. I have been online with them for hours only to have them tell me i have to now wait for an update
I need to contact someone. Do you know how?
Send me an email.