What if you wear a hard-to-find shoe size or are looking for a rare collectible? Chances are you can find them on an online auction.
You’re probably familiar with ebay.com, but other sites are also worth checking out, especially if you want to give back while you’re getting. For example, some auctions, such as cmarket.com and shopgoodwill.com, offer items for sale that support charity. If you’d rather not participate in an “auction”, you can look for bargains at craigslist.org or freecycle.org.
If you’re new to online auctions, take some time to educate yourself on the process and individual sellers. Before you bid, check the seller’s history. Read the item description carefully, ask questions to learn more about the item you’re bidding on, and be sure to understand how shipping costs are factored into the sale. It’s a good idea to set a spending limit to avoid getting carried away.
Winning an online auction requires more than a willingness to bid, it also helps to have a strategy. “Bidding early only runs up the price,” notes Geoff, a college professor who has gone online to buy musical instruments and to sell books and CDs. “Jump in at the end. Just make sure you have a high-speed computer or you’ll lose out.” By “watching” an auction you can track bidding and get reminders as to when an auction is ending.
If you’d rather be a seller than a buyer, the first step is to do your homework and remember the fundamental rules of supply and demand. “Be realistic. Do research to see what similar items have sold for, and wait a while if too many are being offered,” recommends Cheryl, an artist who has earned $20,000 selling collectibles and antiques online. “Use photos to show the condition, including any damage, and add a ruler or something that shows scale.”
Write a full description with key words in the title that will increase the likelihood of people finding it if they’re searching for an item. Cheryl has found that the more detail she includes, the less time she has to spend answering questions from prospective bidders.
Some sites will charge a small fee for listing an item. These costs add up, so watch for special offers to list at a reduced rate. When shipping items, use a service that insures packages up to $100, and considering having the buyer purchase extra insurance for higher-priced items. For more buying and selling tips, visit “How to Use Online Auction Sites” at ehow.com. Now that you’re in the know about online auctions – ready, set ... go bid! The world’s marketplace is at your fingertips!
Some frequently visited online auction sites include: