I’m not sure how this is going to pan out in the long run, but I’d like posts on here to be a little more regular than 5 1/2 months. Hopefully it gets easier with each post I write. To start, I’ll try to do a weekly item post and play it by ear from there.
Some of my general ground-rules around here:
- I only sell on eBay right now. I’ve tried Amazon once or twice, but I’m not ready space-wise to increase my sales in that realm.
- I do a mix of auctions and BIN (Buy It Now), sometimes add a dash of Best Offer, and I’m going to start with the assumption that my readers (if there ever are any) will understand these acronyms/phrases. If there’s any questions, shoot me a comment, and I’ll explain as best I can!
- I only use a Canon point and shoot. No fancy digital SLRs on a tripod with umbrella lighting here. Again, this is probably because of my space limitations. If I had a bigger area than a small portion of our living room, I’d definitely get a better setup.
- Shipping is a P-I-T-A. I don’t like buying items which will require a lot of work to fix up unless I’m going to really make a good buck on it.
- I won’t be including all of my fees on every item. Just as a quick run down, eBay charges 10% (billed monthly), PayPal 2.9% plus a $0.30 transaction fee at the time of the transaction, and then there’s shipping costs including postage, packing materials, and containers. After my first flipped item post where I’ll go into the grisly details, I’ll just have a note about purchase price, end sale (including shipping), and then total profit.
- I do most of my pricing using sold/completed listings on eBay. I don’t use Terapeak or Worthpoint for pricing because I don’t sell enough now for it to be worth it.
- I’ll use the free Terapeak app that’s built into eBay for keywords if I’m trying to get more traffic.
- The decision between Auction and BIN is item dependent. If I’m not sure how well an item is going to sell, I’ll list it as an auction. My rationale is that it will force someone to make a quick decision on something similar to a store having a week only sale.
Hopefully we can all learn from and help each other, using this blog as a forum for discussion.
-DF (Dollar Flipper)