101 Tips For Making Money On Ebay
94. Keeping Good Records
94. Keeping Good Records
You need to establish a sound recording system. This system would consist of the item name, any associated reserve price (although not recommended for your auction), description, flaws, buyer's name, price sold for, payment received date, etc. This helps to ensure the entire transaction for that item is complete from beginning to end and provides you with information should you need to list that same item or a similar item. Additionally, the record will help you know what your income was, based solely on your specific auctions.
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95. Terms & Conditions
You will run into all types of buyers that try to move past the terms and conditions provided by eBay. Know the T&C's inside and out and if you have problems, contact eBay immediately. A few examples of the insider secrets are listed below:
§ Bid Shielding - Two buyers work together. One person bids high to protect a low bid place by the other person. Right before the auction closes, the high bidder cancels, meaning the low bidder gets your item(s) for a huge bargain. § Bid Shilling - This is where the seller actually uses a separate ID set up to inflate the number and price of the bid. § Deadbeat Bidder - The deadbeat bidder bids on your auction and then simply fails to pay. § Sniping - A "sniper" is a bidder that waits until there are only minutes or seconds left on an item and then quickly bids just a little higher to get the item(s). Although not against the T&C's, it is considered unprofessional and limits competing bidders from driving a high price.
96. Test, test, test
To avoid costly mistakes, test yourself. When you get started, try something a little bit different to see which auction gets the most attention. Take note of what is working by putting different options to the test. This will help you build a strong, working process that will make your auctions sell.
97. Small but Expensive
One of the best ways to make good money on eBay is to sell small but expensive items. This allows you to move more items without the bulk of heavy shipping and to move fewer items while making more money. This type of selling provides you with a much higher profit margin.
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