Great video clarifying things. When you said "I don't need to run an auction if I know the price... " it basically answered my question perfectly about when to use BIN vs. Auction. I had been doing auctions on the comics I sell and almost always getting under FMV... I know what the FMV is, so why am I doing auctions??? lol Thanks! I only wish I had found you sooner.
I truly appreciate the kind words. Obviously, I don't know everything. But I try to keep it simple for myself. The only upside in running an auction would be if the value had changed and you were aware of it. Still, if you're staying up on things, that's no likely to happy very often.
I appreciate your auction versus by now video. Thanks for explaining that. It has been a bit of a mystery to me. I do have a question about determining the value of a piece of artwork. My question is authentic versus replica, how do I find out if it’s an unsigned piece? I see the statuette online and the value of it ranges from $100 to over $1000. Thanks for any help you can give me an advance.
The first thing I would check is whether or not someone has created a video showing the differences between an authentic one and a fake one. Beyond that, you may have to check with an expert. Perhaps there is someone online who is an approachable expert.
Auctions are always a high risk it'll sell for less than what you expect. The best strategy is do it for a Buy It Now at an average between the low end and high end prices you would expect at auction.
I've sold for 3 years on ebay now and this question popped up many times for me. I must say this is the best explanation I've heard on this subject. Just one question though: from what percentage on would you consider a "ridiculously high sell-through rate"?
Once something passes up a 100% sell through rate, I consider that really high. Anything below that point and I probably wouldn't auction it. Does that help?
@@TheChaChingKing Another thing though regarding the auctions: what if something passes 100% but there are still for example 20-30 items up? Wouldn't be better to just do a BIN instead, since there is still some supply?
@@carlagraca6022 I literally just saw this follow up question. Sorry for the slow reply! How many are listed doesn't impact my willingness to auction it a great deal If there are 30 listed, but 90 sold, there are many more people looking for them than there are available. Still, you're correct that I would take that in to consideration. If mine was much nicer than anything else available, I might still auction. Or, like a clarinet I'm auctioning now, mine has damage. I'm not sure what mine is worth simply because the damage is extensive. So, I start the auction at my minimum and see where it goes. I just made sure to really point out the damage.
Hi! BOLO Buddies sent me, and I'm so glad they did! I've been binging videos all day! So, I won a Twitter giveaway from Roku. It was a pair of Everlast Boxing Gloves signed by Errol Spence vs Ugas from the April 2022 match. They didn't include anything in the box except the gloves wrapped in tissue, no card of authenticity etc. I just have the original tweet and DM from Roku saying I won. I'm worried about proving authenticity and there are not many comps on this item. Would you auction in this case? (I'm a small, new seller, no store and few sales) Thanks so much!
Oh boy...I'm not sure. I don't think I'd do an auction. I'd price it high and accept offers. Explain what you have for verification purposes. Check the feedback carefully on any offers to try and find a good buyer
When you search for an item, it will bring up all of them that are listed. Let's say there are 100 listed. Then, you see how many of that item are sold. Let's say ebay shows 50 sold. That would be a 50% sell-through rate. Does that help?
Two questions: When there are already 15-20 similar items already on Ebay why should I list mine then? Second question, I see all these Ebay seller videos with hundreds of listings, so what percent of your listed item do not sell?
Looking at how many are listed is only half the story. If there's 15 listed and 30 sold, there's twice as many selling as there are items listed. If there's 15 listed and 1 sold, that's probably not worth your time. We sell about 1% of our items a day. We have about 800 items listed and sell about 8 items a day. Obviously, it varies depending on what you are selling. Some items are more desirable than others. Some sit and wait for the right buyer. Does that help?
Hi there, thank you for another informative video. Few questions: 1) is auction sell final ( no returns)?, 2). If I list item for example 50$ and bidders put 10$ and it is end of auction day… am I obligated to sell it 10$? Or I will have another chance to re list it with the next round? 3) shipping pay by buyers or seller for auction? Appreciate feedbacks
A buyer can always return an item if they state that it wasn't as described. If you have the opening bid on something at $50, a buyer can not bid lower than that. So, it would end without a bid, and you could relist it. I hope that helps some! Thanks
What's been people's experience with listing items on auctions with the starting price set at the least amount you'll take for it? Meaning you'll be alright with selling your item with only one bid if that happens.
Because we only list items on an auction that have VERY high demand and VERY little supply, our experience is normally pretty good. We will usually get competitive bids like that. But, if not, we are happy that someone gets it for our lowest dollar.
I rarely do auctions but that is what I do. Reasonable starting price that I can live with if I only get one bid. One of my glassy baby's only had one bid so I was glad I set a higher start price.
When you use Buy it Now, do you put the toggle on for immediate payment or leave it off?If you leave it off, does the buyer have 4 days to pay? Thanks for another great video"
I use immediate payment. If you have items that are often combined, like post cards, comic books, photos...etc., you wouldn't want immediate payment turned on. But, 99% of my sales are for 1 item. So, I turn on immediate payment. Without that turned on, a buyer has 4 days.
If I create an auction with buy it now for $200 and also second option auction with starting bid 100 without a reserved price what will happen after 7 days if the highest bid will be $120? I have to sell it for 120? or I don't have to sell it because my buy now price was $200??
Yes, it would sell for $120. If you aren't willing to sell it for less than $200, you have 2 choices. You could set the starting bid at $200. Or, you could set a reserve of $200. If you set the reserve at $200, it won't sell unless it reaches at least that price.
@@TheChaChingKing but to set that reserverd price they asking almost $40 for that so I deleted that auction and relist it with buy it now. Thank you for your time.
I still love eBay. But the landscape has definitely changed. Back in the late 90's, I'd ship as soon as the person promised the had mailed me a check. I didn't get burned once. @@Voltomess
I remember the good old days on eBay with only auctions. .kinda miss that but 🤷
No lie. There was something exciting about running auctions back in the day.
Do what works for you… best advice! I think I need to do buy it now and if I sit on it too long I’ll go to auction. Thank you!
Perfect plan!
Thank you for the walk through on Auctions vs Buy it now.
Thank you so much for watching!
Great video clarifying things. When you said "I don't need to run an auction if I know the price... " it basically answered my question perfectly about when to use BIN vs. Auction.
I had been doing auctions on the comics I sell and almost always getting under FMV... I know what the FMV is, so why am I doing auctions??? lol
Thanks! I only wish I had found you sooner.
I truly appreciate the kind words. Obviously, I don't know everything. But I try to keep it simple for myself. The only upside in running an auction would be if the value had changed and you were aware of it. Still, if you're staying up on things, that's no likely to happy very often.
Excellent advise. Thank you
Thank you!
great video. very informative. Thank you for sharing!
Glad you enjoyed it!
I appreciate your auction versus by now video. Thanks for explaining that. It has been a bit of a mystery to me. I do have a question about determining the value of a piece of artwork. My question is authentic versus replica, how do I find out if it’s an unsigned piece? I see the statuette online and the value of it ranges from $100 to over $1000. Thanks for any help you can give me an advance.
The first thing I would check is whether or not someone has created a video showing the differences between an authentic one and a fake one. Beyond that, you may have to check with an expert. Perhaps there is someone online who is an approachable expert.
Auctions are always a high risk it'll sell for less than what you expect. The best strategy is do it for a Buy It Now at an average between the low end and high end prices you would expect at auction.
That is almost always what we do. And I never run 99 cent auctions. On the rare occasion I do run an auction, I start it at a number I can live with.
Thank you!
I hope it's helpful!
Thanks for this!!
Thanks for watching!!!
I've sold for 3 years on ebay now and this question popped up many times for me. I must say this is the best explanation I've heard on this subject. Just one question though: from what percentage on would you consider a "ridiculously high sell-through rate"?
Once something passes up a 100% sell through rate, I consider that really high. Anything below that point and I probably wouldn't auction it. Does that help?
@@TheChaChingKing Thanks! It does help!
@@TheChaChingKing Another thing though regarding the auctions: what if something passes 100% but there are still for example 20-30 items up? Wouldn't be better to just do a BIN instead, since there is still some supply?
@@carlagraca6022 I literally just saw this follow up question. Sorry for the slow reply! How many are listed doesn't impact my willingness to auction it a great deal If there are 30 listed, but 90 sold, there are many more people looking for them than there are available. Still, you're correct that I would take that in to consideration. If mine was much nicer than anything else available, I might still auction. Or, like a clarinet I'm auctioning now, mine has damage. I'm not sure what mine is worth simply because the damage is extensive. So, I start the auction at my minimum and see where it goes. I just made sure to really point out the damage.
Thanks
Hi! BOLO Buddies sent me, and I'm so glad they did! I've been binging videos all day!
So, I won a Twitter giveaway from Roku. It was a pair of Everlast Boxing Gloves signed by Errol Spence vs Ugas from the April 2022 match. They didn't include anything in the box except the gloves wrapped in tissue, no card of authenticity etc. I just have the original tweet and DM from Roku saying I won. I'm worried about proving authenticity and there are not many comps on this item. Would you auction in this case? (I'm a small, new seller, no store and few sales) Thanks so much!
Oh boy...I'm not sure. I don't think I'd do an auction. I'd price it high and accept offers. Explain what you have for verification purposes. Check the feedback carefully on any offers to try and find a good buyer
Hello great training Video. Question where did you get the Snap's program /App.?
Thanks! The people who made the SNAP tool kind of disappeared. It was Snapsellertools. But they quit responding to messages quite a while ago.
@@TheChaChingKing Ok Thanks, I still can do it the old fashion way :)
You mentioned the Sell Trhough Rate several times but I did not hear a clear explanation of exactly what the heck that is.
When you search for an item, it will bring up all of them that are listed. Let's say there are 100 listed. Then, you see how many of that item are sold. Let's say ebay shows 50 sold. That would be a 50% sell-through rate.
Does that help?
@@TheChaChingKing Yes. Thanks.
Great video and host
That's so nice! Thank you very much
Two questions: When there are already 15-20 similar items already on Ebay why should I list mine then? Second question, I see all these Ebay seller videos with hundreds of listings, so what percent of your listed item do not sell?
Looking at how many are listed is only half the story. If there's 15 listed and 30 sold, there's twice as many selling as there are items listed. If there's 15 listed and 1 sold, that's probably not worth your time.
We sell about 1% of our items a day. We have about 800 items listed and sell about 8 items a day. Obviously, it varies depending on what you are selling. Some items are more desirable than others. Some sit and wait for the right buyer.
Does that help?
@@TheChaChingKing That helps, thanks.
Hi there, thank you for another informative video. Few questions: 1) is auction sell final ( no returns)?, 2). If I list item for example 50$ and bidders put 10$ and it is end of auction day… am I obligated to sell it 10$? Or I will have another chance to re list it with the next round? 3) shipping pay by buyers or seller for auction?
Appreciate feedbacks
A buyer can always return an item if they state that it wasn't as described.
If you have the opening bid on something at $50, a buyer can not bid lower than that. So, it would end without a bid, and you could relist it.
I hope that helps some!
Thanks
It helped. Thank you, and I liked your quick responses 🙌
BOLO Buddies sent me!
Courtney is awesome. I'm truly humbled she said all that.
And I REALLY appreciate you coming here. It matters to me.
@@TheChaChingKing Very kind of you to reply. Thank you! ☀️🌵
What's been people's experience with listing items on auctions with the starting price set at the least amount you'll take for it? Meaning you'll be alright with selling your item with only one bid if that happens.
Because we only list items on an auction that have VERY high demand and VERY little supply, our experience is normally pretty good. We will usually get competitive bids like that. But, if not, we are happy that someone gets it for our lowest dollar.
I rarely do auctions but that is what I do. Reasonable starting price that I can live with if I only get one bid. One of my glassy baby's only had one bid so I was glad I set a higher start price.
When you use Buy it Now, do you put the toggle on for immediate payment or leave it off?If you leave it off, does the buyer have 4 days to pay? Thanks for another great video"
I use immediate payment. If you have items that are often combined, like post cards, comic books, photos...etc., you wouldn't want immediate payment turned on. But, 99% of my sales are for 1 item. So, I turn on immediate payment.
Without that turned on, a buyer has 4 days.
Thank you! I sell clothing & currently have it on immediate payment.
If I create an auction with buy it now for $200 and also second option auction with starting bid 100 without a reserved price what will happen after 7 days if the highest bid will be $120? I have to sell it for 120? or I don't have to sell it because my buy now price was $200??
Yes, it would sell for $120. If you aren't willing to sell it for less than $200, you have 2 choices. You could set the starting bid at $200. Or, you could set a reserve of $200. If you set the reserve at $200, it won't sell unless it reaches at least that price.
@@TheChaChingKing but to set that reserverd price they asking almost $40 for that so I deleted that auction and relist it with buy it now. Thank you for your time.
That sounds like an awful lot! @@Voltomess
@@TheChaChingKing yep it's ridiculous what happened to that ebay? it wasn't like that when I was selling stuff 15 years ago
I still love eBay. But the landscape has definitely changed. Back in the late 90's, I'd ship as soon as the person promised the had mailed me a check. I didn't get burned once. @@Voltomess
Hi there where you get the snap app for checking the sell-thru rate thanks.
They are working on redoing the app and making it much more dynamic. When it comes back out, I'll try to let everyone know.