Here are some tips to start your online auction services on an online auction site. Make sure to research which items to sell, build your lists, write descriptions, and run your business. Online auction services are a new source of income, and those who want to dedicate time to this new business, only have to know a few keys to make it profitable.
If you are not familiar with online auction services, we at Kelowna Estate Liquidators suggest that you understand how to make a profit before proceeding further.
Online auction services can easily provide you with an income as a full-time business, or they can supplement your existing income. There are many people who sell on eBay or similar sites for a living. They all work in a similar way. You can invest as much time as you want in the online auction business. You will need to spend some time researching the prices for the different items.
You will also need time to write descriptions and take pictures of your article. Other tasks that you will need to complete routinely include:
- Weigh the item to determine shipping costs (if applicable)
- Update item lists for auction
- Answer stakeholder questions
- Bill buyers
- Pack and ship the item
What you will need to make money via online auction services
You will need a computer and an Internet connection to start your online auction service and create an account on the auction site. Once you have all of that, you will need some kind of management system, even if you are just using a spreadsheet calculation to track items, bidders, and final prices.
Finding items to sell online
Initially, you could start by selling items that you no longer use at home. But other places to find items include:
- Second-hand object markets.
- Barter
- Friends/family
- Settlements by closing
- Local Auctions
- State auctions
- Outlets and second selection
- Inexpensive stores.
Before you list your item, you must know what it is worth.
The easiest way to determine what something is worth is by searching the auction site for the same item that you are selling. This way, you can see how popular an item is and what is being offered for it.
It is also important to see how many sellers are offering the same item as you. If there are multiple auctions for the same item, the item cannot be sold. And if there aren’t, it will probably be for considerably less than if there had been only 1 or 2 copies for sale.
Write your description for the online auction.
· Your item description and final price are vital to whether or not your item sells. Here are some guidelines for writing an auction description:
· Always tell the truth! If an item has a dent, scratch, hole, bump, etc., you should always declare that in the description. Your reputation is everything.
· Many items that are purchased are used, and that’s fine. There is nothing worse than a buyer who receives an item that does not meet the conditions that the description promised.
· Use keywords in the title and description. Most searchers will find your items. Make sure your article always comes up, using the best keywords. This will make your listing easier to find.
· Clarify the payment terms. If you require payment within seven days, be sure to say so. If you don’t accept credit cards, be sure to say so too. If you omit to mention something now, it will be difficult to sustain a bidder later.
