How To Price Your Items On eBay
So you found that perfect jacket or stereo unit to flip. The hunt is done. Now the hard part, what do you price your item for? Not only that, but do I put it up for Auction, or chose the Buy-It-Now option? We went through and dissected our eBay sales to get those answers for you!
Auction: When it comes to Auction pricing it can be a big hit or miss depending on the product you are trying to sell. If we’re being honest it can be a gamble at times. Sometimes it can pay off while other times you may not get as much out of it as you could have. Simply because the right people weren’t there at the right time. As far as pricing it goes, we recommend starting at something close to the comparable items, along with close to what you are looking for in profits.
Buy-It-Now: Pricing an item can be the most difficult part of reselling to somebody just starting out. Everybody strives to find the sweet spot where it sells quickly and also gives you a big margin. It can be scary when starting out but we’re here to help.
Finding Items To Resell And Checking Comparable Prices
- So you’ve found what you believe to be a solid flip, now what? Next thing you need to do is check for comparable prices on eBay to ensure that you’ve found something worth flipping.
- Be sure to search sold comps on eBay. We do this to make sure that you’re viewing items that have already sold and what price they sold for so that you can determine your potential profits.
- This tends to be different than the prices of the available items on your search. When you search for the item you are curious about, use keywords that most accurately describe the item so you can find it quickly and not waste time.
- I usually search the gender, color, brand, and the type of material. For example, “Men’s Brown Carhartt Coat” or “Women’s Red Columbia Fleece Vest”. It helps narrow down your item to find it quicker instead of entering a general search and having to scroll for a while to find the item that’s closest to yours.
Searching Comps on eBay To Properly Price Your Items
- Once you search it and find the item that matches yours, compare the prices. If it sold for $49.99 free shipping and you are paying $5 for it, you’re clear! BUT you always want to check for multiple sold comps to make sure it is consistent. If you check some more and it’s sold for $35.00 + $10.00 shipping ($45 total) and $39.99 free shipping, compare the condition of the products to the one you have. If the item that sold for $49.99 is in great condition and yours resembles the $39.99 one more, then you will want to match that price. Rule of thumb: MATCH CONDITION FIRST, then MATCH THE PRICE. You will begin to become awesome at knowing the best price for your product.
- For this example we’ll be using this Guitar Hero 3 Legends of Rock Nintendo Wii game bundle. I got it from Goodwill for $7.99 and it was complete including the guitar, game, stickers and strap. This was an easy pick up and after looking at comps I knew it’d be a solid purchase.
- In the case of this Guitar Hero Wii Bundle you can see that some sell around $30-$50+ depending on condition and what it comes with. The product we picked up from Goodwill is in good decent condition and comes with all pieces of the bundle. Since its used, we’ll most likely be putting it up around the $35 range, seeing as how the brand new ones were selling for about $50. Still a solid flip and potential profit at a $8 purchase.
Setting Up Best Offers On eBay
- If you are unsure on the condition or they all look to be the same condition but vary in prices, use the “Best Offer” feature. I advise you to use this on all listings as it gives you the ability to price it on the higher end but also let the market come to you. If you have it listed at the $49.99 but you get an offer for $40.00, you may decide to take that offer. The market may be letting you know that your item isn’t quite worth the $49.99 like the other one was. It’ll help you more by having the flexibility. From there it’ll be up to you to use your best judgment on if you want to take the offer or wait. Most of the time buyers will pay full price, but having that option enables more opportunity to make sales.
Feel free to check out our other blog post on how we picked up BRAND NEW Nike Clothing and flipped it on Poshmark, and How to Start Reselling With Under $1,000
I hope this helps! If you have any questions
go check out @DrakeTalks on Instagram and DM him with any questions!