At What Price Should You Start Your Bidding

To decide what price you should start your bidding at, you’ll need to do some research. Look at other similar items being sold on eBay to get an idea of the going price. Find out your likely freight or postal charges and the cost of packaging too, if you are going to add that to the cost. The Market Research Wizard that eBay provides is an excellent tool to help you research not only the price of your product, but what products will sell profitably on eBay.

Researching the historical price of similar items in the completed listings section will aid you in the decision of what price to start your bidding at. Once you have a fair idea of what price others have asked, you can set your own price a little lower. One of the basic principles of auction is to get your prospective buyers excited about the item and eager to jump in and purchase it before their competitors. One of the best ways to do this is to lower the starting price. This will get buyers interested and once the bidding starts you may end up getting an even higher price than you expected.

A listing with ‘No reserve’ notice usually attracts buyer interest because the buyer knows they will win if their bid is the highest. If there is a reserve on the item and the buyer does not know, he will assume the seller is simply asking too high a price and move on to greener fields. If you are concerned about a minimum price, you should set your price a little higher.

Some experts declare that you should start your bidding price at only one dollar to get your buyers excited and start a bidding frenzy. This might work in some cases, but if you do it too much, people will get to know and most feel it is a bit on the ‘cheating’ side. They know you really do want more than a dollar for the product. And what if yo only get one bid? It will be a bit silly to sell an item for one or two dollars if it cost you ten.

The best thing is to start the bidding at a fair and reasonable price, the price you would be happy to walk away with, having counted your costs first. This will keep the bidder happy and anything over and above that will be a bonus.

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