8 Surefire Tips for Hosting Your Own Online Auction

8 Surefire Tips for Hosting Your Own Online Auction

In today’s economy, many people are supplementing their incomes with online auctions. Online auctions are great for people stuck in their homes due to bad weather or an illness. They do not take a lot of time, and the items pretty much sell themselves. The following will cover eight tips to maximize earnings when selling items through online auctions.

What Items Will Be Sold

First, know what items will be listed for sale. When hosting an online auction, consider if items listed will be random things found around the home or if items need to be purchased to sell. Keep in mind that selling items from around the house means that a person will not have to spend money to make money as the items have already been purchased. If purchasing items to resell, the purchase price will need to be deducted when calculating the profits.

The Starting Bid Amount Matters

Please don’t set the starting bid amount at the amount you hope the item will sell for. If the starting bid is too high, people won’t bid at all. A good tip is to start the bidding at thirty-five percent of the item’s value. Also, don’t expect the item to sell for one-hundred percent of its value. People buy from online auctions because they want to score a deal. It’s realistic to expect the item’s final price to go for around eighty percent of the item value.

Create a Frequently Asked Questions List

Bidders and items winners will have questions, so it’s smart to create a list of frequently asked questions (FAQ) ahead of time. Put the FAQ list either in the auction listing or in the email to the winning bidder. Cover questions that involve shipping costs, shipping time, payment methods accepted, if tax will be charged, the return policy, and so on.

Promote the Auction

The more people who know about the auction, the more likely it is that items will sell. Share details about the auction on all social media sites. Consider sending out a mass email list or a mailer to potential customers.

Take High-Quality Photos

Buyers want to know what they are buying, the quality of the item, and that the seller actually has the thing in hand. Put buyer’s minds at ease by taking lots of high-quality photos and using the item listing photos. Take photos of the front, back, bottom, and top of the item, as well as close up shots of any labels, tags, or flaws.

Make the Auction Multi-Day

Some people may forget when the auction starts and when it ends. By having online auctions that last for a few days, more people will likely get on and bid. This is also great for hesitant bidders, as the extra time gives them a chance to think their bid over instead of just not bidding at all.

Don’t List All Items at Once

Some online auction sites allow a user to pre-list the items and have the items auctions start all at once. It is better to spread out the start times of items. If a buyer wins one item and is already having to pay a shipping fee, they may take a look at the other items for sale and hope to find another item to win to share the shipping cost between the two things. If a buyer notices that new items are continually being added to the auction, they may also check back multiple times to see what’s new.

Donated Items Can Mean Huge Profits

If a seller runs out of items to auction, they should consider asking friends and family for donations. Many people have a closet full of belongings they no longer want, and those unwanted items could equal big profits in an auction. They get their space back, and the person selling the item earns profits on items they didn’t have to pay for. It’s a win-win!

In conclusion, by following the eight tips above, a person can maximize their profits with online auctions. Many people sell items in their free time while working a full-time job. Other people use auctions as their only source of income.

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