Really serious auction players and collectors use strategies that make sure they win the majority of desired items. They buy items that they can then resell for a profit. The first step is to know what you are buying, but the next is to actually get the items you want by bidding well.
Mastering effective bidding strategies will help you maximize your profits in the reseller marketplace at eBay. A few basic strategies are discussed below.
Strategy #1: Bid non-round amounts
Buyers on eBay tend to bid in easy to think of amounts like $7.50 or $99.25.
Our strategy is to calculate your top/best price for an item. Then add a few cents to it. Bidding a few cents more often makes a difference. Try bidding $7.54 or $99.28 instead and see how it makes a whole lot of difference – regardless of the minimum bid increment you can win any auction by a penny. |
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Avoid using this strategy at the very beginning of an auction. Wait until near the end of the bidding. This way you will keep the edge over your competitors without exposing your bidding strategy. In your final bid increments add few cents more, or if you are planning on a proxy approach, bid the maximum with odd cents tossed in.
Strategy #2: Last minute “Sniping”
You will observe on eBay that there are several last minute winners – in fact, many. Waiting until the last moments of an auction, never having bid until then will keep the final price lower and increase your chances of winning. There are even software programs to help you do this. Many consider this as unfair practice but it in reality it is not since it falls within the stipulated regulations.
Strategy #3: Use two windows in the final moments
If you are watching the end of an auction, open a second browser window. On eBay you can use this two window strategy in the final moments where one window is for you to bid while the other is for watching the flurry of other bids. To keep up with the bids, keep hitting the reload or refresh button on the browser. If you use this method, be aware that it takes seconds to fill in your ID and password before submitting a revised bid so have that part of your screen filled in to save time, and just wait to fill in the new bid amount and click the submit button. Also you should have a broadband connection if you can, as dial-up will be too slow to take advantage of this.
Strategy #4: Do not bid too high too early
Hot items are eyed by others too. You know you have competition as a buyer, not just as a seller. Assess it early. Devise a master strategy for such products or items. If there are several people who are determined to acquire the item that you want, you will only be forcing the price higher every time. Whether you truly going to snipe or not, bidding later is usually better for smart buyers.
Strategy #5: Don’t get emotional
Auctions are similar to gambling for buyers and can be very emotional. We’ve seen some crazy prices for fairly common items! As a seller that’s great but as a buyer, stay calm. Keep in mind that if you lose, there will probably be many more items available at a later date.
There are several other advanced strategies that you can use and more you can devise on eBay auctions. However, the above basic strategies should be plenty to get you started…and bear in mind in many cases a bid can be withdrawn if made in error.
Next: Selling on eBay
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