In the name of cleaning up and making space, I went on an eBay selling spree. I recently put up 14 auctions of various toys, t-shirts, and other items that I want to get rid of.
Instead of straight up 7-day auctions, I’ve decided to use the Buy-It-Now or Make An Offer option as the way to sell for numerous reasons. The first being I can let the auction sit for 30 days, and if it doesn’t sell I can relist it for free. All listings are now free on eBay and the seller only pays the listing price if the item sells. My second reason is that I now have control over the price as the buyer can either accept the price I’ve stated or make me an offer that I can accept or counter before anything else happens. This, coupled with unlimited free listings, allows me to dictate just how much money I want. And if I think the offer is too low, then I’ll reject it and the listing will continue.
I’ve known about this for a long time, but I didn’t think it was prevalent during this day and age because of the internet and search skills. But since there still exists information asymmetry, the instance in which transactions involve one party possessing more or better information than another, people are willing to pay a higher price out of convenience. With some clicking and a little research, one can quickly determine the true market price of any item on ebay, but some people just don’t know how to do that and simply go on with what they think is a good price.
Another reason is because some people are impatient. They either don’t have the time or patience to research and simply want to buy the item and have it shipped to them as soon as possible. And surprisingly, four out of the five items I’ve pictured here have sold with the buyer Buying-It-Now. I was shocked because I purposefully set a high price so that the buyer would want to negotiate, but this leads into my last reason.
There are people who just don’t care about saving money and love to throw around their Washington’s and get a high off the purchase. It’s as simple as that and I have no qualms about taking advantage of that.
My hope is that I can have something selling up on eBay all the time. Whether it’s a toy, book, or whatever, with the ease of listing and printing postage at home, it’s feasible to sell a lot of stuff without much inconvenience or time now.