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The Key to Success
with 1-Cent, No Reserve Auctions
We've all seen them: the Powersellers on
Ebay who start
their auctions at 1 cent with no reserve…. and usually end
up making a killing.
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So…how do they know if it will go high or not?
And even worse, what if it sells for the starting bid of 1
cent?
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Let's dig a little deeper to see what really goes on behind
the scenes.
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The Golden Key: Research!
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Before you do anything else, always research similar items
that have sold recently for a high price on Ebay. We'll use
a 2pc. Tommy Hilfiger set; size 18 months, as an example.
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Say the outfit cost you $9.99 and you need to sell it for at
least $15.00 to make it worth your time and at least cover
costs. The logical price to start it at is $14.99. Right?
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Hmmm…maybe not.
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Looking Over Your Competition's Shoulders
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The completed auctions will tell us exactly what we're
looking for, and most importantly, what price these same
items ended at. In this case, we'll be looking in the
category "Infants" size 12-24 months.
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Type in the words "Tommy Hilfiger". Click on "Completed
Auctions," and then "Sort By Highest Priced".
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Skim through the ended auctions, looking for any Tommy
outfits that look similar to yours. In this way, your
competitors have already tested the market to show you if it
will sell or not, and at what price.
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Ask yourself: Do you see a lot of other auctions very
similar to yours that ended low, or is your item
consistently ending at a high price?
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If your item looks like a hot seller, then you have a very
good chance of attracting bids like crazy if you start it at
1 cent.
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But if you see numerous auctions similar to yours that did
not do well, then pay close attention: do not start your
auction at 1 cent, or you will most likely lose money.
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You absolutely must know without a doubt that your item will
sell for a high price before you decide to start it at one
penny.
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Research will be your key to success with 1-cent auctions, I
can't stress that enough. It's a very valuable, often
overlooked tool.
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Here's How It Attracts Bidders:
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The 1-cent starting bid allows many people to bid in small
increments, thus showing up in the eBay search engines as
having LOTS of bids.
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This makes it very attractive to people because they see the
auction as a hot item. Something about human nature always
wants things even more when we see that others want it too.
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We see that with little children all the time.
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With 20 toys lying around, a child can pick up just one toy,
and the other child immediately wants it too - even when
there are 19 other available toys almost identical to it.
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Translation: drive up the bids using the 1-cent method,
which will in turn draw more bidders to your auction instead
of your competitor's, who has their item priced at $14.99,
a "safe" price.
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But their auction will most likely not reach the high prices
that yours will, and it definitely won't draw the traffic.
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Why No Reserve?
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Reserve auctions tell the bidder that you probably aren't
going to sell your item at a low price. Most people look for
a bargain on eBay, and they will usually go hunting
elsewhere for a better deal before they bid on a reserve
auction.
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So with your tantalizing "carrot" of a 1-cent auction with
no reserve, they can't resist a bargain. They have to bid,
even just 50 cents more. Which in turn, makes your bid
numbers go up…and up…and up!
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Go try it! You will love the thrill of watching your
auctions go higher than they normally ever would with this
1-cent, no reserve technique.
Weaving the Magic Through Your Auctions... Sherah
Taylor has created the *ultimate* guide through the "Auction Moms
Newsletter": EXCLUSIVE tips & strategies for selling Children's
Clothes on Ebay for High Profits! FREE No-Risk Trial:=>
http://www.auction-moms.com/subscribe/
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