Before listing your items for auction, you need to determine their price and condition. The price you set should be close to the actual price you paid for them. Otherwise, you will waste your listing fees. It is also important not to set the starting price too high. A high starting price will discourage bidders. Besides, you must keep in mind that the market for a specific item can go up and down.
When it comes to pricing, the more detailed your descriptions are, the higher the bids. For example, if you’re selling an antique chest, include the maker’s name and the date of purchase. Also, mention any repairs or restorations that may have been done to it. Taking photos is also an excellent way to highlight the condition of an item.
When setting a starting bid, it is best to set a price that is between 30 and 50% of the fair market value of the item. The amount you set at the start is an important step in building a relationship with your buyers. For instance, if a potential buyer gives you positive feedback, make sure that you emphasize this and offer to solve any problems they may have. This will make you appear more human and help you resolve issues quickly.
Once you have established your reputation and gained a customer base, you can increase your prices and profits by increasing your product range. Investing in a brand-name product will help you to get more customers. However, if you can’t afford a brand-name item, you can start selling cheaper ones. You should also take the time to research what comparable items cost and what kind of description your customers will be using to find your products.