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Thread: How To Make Money From Auctions
07 Oct 2010 06:01 AM #1
How To Make Money From Auctions
A fantastic way to make money is by selling via auctions. Online auctions are popular and an effective way to reach a greater audience. Through this method, you have the option to potentially sell whatever you choose.
First of all, you need items to sell. Before you decide, check your competition. Research what is selling well and for what prices; this will provide you with an idea as to what would be most profitable.
Apart from unwanted objects you may already own, good places to find a bargain include garage sales, second-hand shops and auction houses. The location of these can be found by checking the classified section of local papers or by searching online. Try and avoid commercial auctions, which tend to be more expensive. Buying from online auctions is another option. However, aim for the less well-known sites. Finally, another avenue is surplus stock from companies, which tends to be sold off at heavily discounted prices.
Under The Hammer
If you intend to buy from an auction house, make sure you reach the auction at least an hour before the bidding starts. Generally, the items are on show approximately two hours in advance, which gives you a chance to properly peruse what is being offered. Keep your eye out for items that would be popular for the ordinary public. Unless you are knowledgeable in the field, it is probably best to avoid antiques and collectibles.
Once the bidding begins, be aware of how high you are willing to go. Remember that the purpose is to resell your purchases for a profit.
The last stage is to advertise. There are a number of potential avenues to take, including auction websites and local newspapers. Know your target audience, especially if what you are selling is a specialist item. The Internet is an especially good resource through which to obtain buyers.
Firstly, research the online auction sites available. There are a number of popular options, but if your product is more specialist (for example, a collectible), you may find that there are other sites more honed in to your niche market.
Due to the fact the buyer will not physically view the product, it is vital to take a good photograph of the object. Take a number of shots from different angles, particularly if the item is large, so that the customer can create a better picture in their mind. Also, provide a detailed written description. Make sure to be thorough and creative rather than simply list its features. It is important to be honest, especially if there is any wear and tear. This way, the buyer will know exactly what they are getting and you will avoid complaints and negative ratings.
As simple as it sounds, make sure you list your product in the correct category. Choose the best one to reflect the item and, if possible, place it in a number of categories.
Further marketing on other Internet sites will help sell your item faster. By providing a link to your auction site you can broaden your audience and have more chance at selling it at a higher price.
Google Product Search is another option: By listing your items on this for free, you boost the number of people who will view what you have to sell.
Auctions are viewed as an easy way to make a deal. However, with a little research and effort, you can ensure that you make money.How a New Online Retailer Made Over £3m Sales in 1yr With These Sources
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