Great. You're ready to start selling on Ebay. But what should your opening bid be?

Let's think for a moment. Good things happen when we take a minute to stop and think. If you're selling an item for at or near its retail price, you are almost automatically sunk. Unless you're dealing with the hottest new toy or electronic that simply can’t be found in stores, you need to have a price that's going to attract buyers. If you're the only person who has their hands on some new gaming system or the latest toy that every child has to have, go at it and charge whatever you want. But those opportunities are few and far between.

In normal circumstances you have to remember that it's an auction. You need to generate excitement. A high starting bid turns people off and discourages bidders. You should consider starting with an attractive price. The idea is to capture people’s attention and to get them to bid. In the midst of all the excitement and the bidding, people are likely to bid up the price. Play around with this and experiment. I suspect that you will see (as I have) that when you start with a lower price you often end up with a higher price in the end (as compared to when you start with a higher price initially).

It's tough to bite the bullet on this because it feels scary. So try it in limited quantities. If you have more than one of an item, sell one this week and start with a higher bid (what you were thinking of initially). Next week, sell the identical item and start out with an opening price that’s 25% to 50% lower than where you opened your original listing.

Setting your opening bid correctly is only part of the equation to making the most money as a seller on Ebay. Continue reading and educating yourself about how to make money on Ebay.

Michael M Thomas has been selling on Ebay for more than 5 years. He is very proud of his 100% feedback rating. Sign up for Mike's Selling on Ebay Newsletter on his website. It's free and very informative!

Source: www.isnare.com