Take a glance at other auctions being conducted for similar
items as yours. This will give you an idea of the prices and the volume of
interest (measured in actual bids or even page-views displayed at the bottom of
many auctions). If a chess set you have to sell is a rare antique, it might not
be such a great idea to offer it at $1.00 with no reserve. On the other hand,
you don’t want to chase away people with a starting price that is too high. Let
the market forces work their magic and encourage people to get involved at a
level that is comfortable for them. Be realistic, be aware of what is going on
with other auctions, be fair, and start the bidding at a point that is
attractive and enticing to the general public.
Remember that “Buy It Now” is an option with some auctions,
and if you know exactly what you want to sell something for, go ahead and place
the price at this fixed mark. In general, you will find buyers using the “BIN”
on an item that is a great value to them at this point and you achieve an
immediate sale with no hassle, no waiting.
Go ahead, look through your closets, clean out the garage,
and get up those auction listings! Everybody wins!