Need to make some extra $$$? eBay is a great way to do so without having to empty the garage and set up tables and waste an entire Saturday afternoon or bargain shoppers. You can accomplish the same goal, if not more successfully, by selling your belongings on eBay. You’d be surprised by what the public will buy and what they will pay for it.
Why Sell on eBay?
The majority of people who sell on eBay have full-time jobs just making a little extra cash on the side from things they would not use again. It is great for a hobby and great if you are a college student with no job. I know from personal experience. Selling is fun, and you have the satisfaction that something of yours that you could find no use for has a new home with someone who wants it. Plus the added bonus of lining your pockets with some extra cash doesn’t hurt.
Registering on eBay
If you have not yet done so, you must register and create an account with eBay in order to buy or sell products. For buyers, all that eBay requires is your name, address, e-mail and telephone number. There is also no charge to purchase on eBay. For sellers, you’ll also need to provide credit card information. eBay uses a secure system to receive your credit card number, so there is no risk that anyone can seize your information. Selling on eBay requires a small charge to your credit card. This will be done on a monthly for listing fees and commission. Insertion fees and commission fees are as follows (provided by the eBay website):
Insertion Fees
Starting or Reserve Price
| Insertion Fees | |
| $0.01 – $0.99 | $0.25 |
| $1.00 – $9.99 | $0.35 |
| $10.00 – $24.99 | $0.60 |
| $25.00 – $49.99 | $1.20 |
| $50.00 – $199.99 | $2.40 |
| $200.00 – $499.99 | $3.60 |
| $500.00 or more | $4.80 |
Final Value Fees
Closing Price
Final Value Fee
Item not sold
No Fee
$0.01 – $25.00
5.25% of the closing value
$25.01 – $1,000.00
5.25% of the initial $25.00 ($1.31), plus 2.75% of the remaining closing value balance ($25.01 to $1,000.00)
Over $1,000.01
5.25% of the initial $25.00 ($1.31), plus 2.75% of the initial $25.00 – $1,000.00 ($26.81), plus 1.50% of the remaining closing value balance ($1,000.01 – closing value)
Find Stuff to Sell That People Will Buy
Now, eBay is not full of the normal crap people could and would sell from the comfort of their own driveway. Yes, people out there would buy some crazy things, but it is best to stick with something that you know will sell (e.g. electronic equipment, collectables, DVDs, books, cell phones, designer anything, etc.). Most would recommend leaving old clothes at the Salvation Army or another charity (unless it is designer… the odds of it selling are slim to none). The majority of these items should be in good to semi-good condition, preferably still working/wearable.
Setting the Price
Here is where one must be reasonable. It is not logical that someone will buy your used and partially scratched camera for close to what YOU paid when it was new. Mark down the item to a respectable price. When you go about listing the price, you have three options:
1. List the price at $0.99 and see where it goes during the seven-day auction (there is also the option of a three-day auction… but it isn’t worth it. Do the full seven days). Please note that in this scenario, whatever price it is sold at is the amount you will receive. You may not back out (well, it is not like they would arrest you, but eBay will make difficult for you to sell again).
2. List the price at what you wish to sell it for. For example, the used and partially scratched camera could be listed at $20.
3. Put a reserve price on the item. When you please a reserve price on an item, it will list the starting price low ($0.99); however, you may set the price (secretly) at the price you need to sell it at. Essentially you can make it so that is the reserve price doesn’t get met by the bidders, you do not have to sell the item.
Option 1 is the best chance for selling your item successfully. While you would be taking a risk that your item wouldn’t trade for much, it is the best option from a buyer’s perspective. If a buyer sees that there is a reserve price, he or she may be hesitant to bid, since they wouldn’t know how high they would need to go to meet the reserve. Also, with option 2, if the price is set so high, to begin with, it is unlikely that you will receive many if any, bids (especially if the rate is too high). Bottom line, if the item sells for a meagre price, it probably wasn’t worth much, to begin.
Listing Your Item
It is the tricky part. Now, you want to make your item as appealing as possible, without lying. Yes, this is “lawyer logic”, but it is the best way to sell your product for the most profit. Again, we will use the example of the used and partially scratched camera. When listing this item, I would finesse the details, but still, mention the imperfections. Example:
You are bidding on a Casio EX-Z40: 4.0-megapixel digital camera with 2″ LCD. It features an audio playback + voice recording, built-in lens cover PictBridge compatible and includes 10MB built-in memory, Li-ion battery. As a bonus, I will throw in the USB cradle and cable, AC adapter, strap, and software CD. There are minor nicks on the left side and bottom right corner. Purchased in 2003.
By listing all of the detail, you are providing the bidders with the excellent information, leaving the imperfections until the end. Listings with pictures and snazzy titles (not necessarily in all CAPS) sell the quickest and for the most money. Please consider that. Adding one picture is free. There is a small fee for extra pictures.
There is also a space to list your payment options and shipping fee. Paypal, cashiers checks, money orders, personal checks, and cash can all be accepted. It is based on your preference. Please make shipping fees reasonable. Do not put a $10 shipping fee on an item you only expect to sell for $20.
How to Attract Bids?
The best way is to present your auctions as professionally as possible. If there are spelling mistakes and bad grammar, one tends to think the seller is unreliable. Also, answer any and all questions about your product if e-mailed by prospective bidders. No-brainer… if you blow them off, they won’t bid! As you become a frequent seller/buyer on eBay, your feedback will speak for itself. Buyers and sellers can leave feedback on your account, positive or negative, which will reflect on your performance. If you would like to continue to sell on eBay, try your hardest to get good feedback. This all loops back to your professionalism.
Someone Bought My Item… Now What?
Congrats! eBay will send an automatic reply to the winner and yourself via e-mail relaying information about each other (e.g. your addresses and contact information, as well as the total, including shipping). It is now in your hands to make sure the transaction happens. Using PayPal (an account where the buyer can purchase your item via credit card directly into your checking account) or other forms of payment are available. Cashiers checks or money orders are the best options if you want to avoid the PayPal route. Send an e-mail to the buyer, reiterating your information and remind them of your due date for the payment. Now you wait….
Once you receive payment, ship your item. Are you done? Almost. Make sure to contact the buyer again and ask for feedback. The more, the better.