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    1. kentuckyrose is offline

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      #1

      How can I use auction houses to make money with my Ebay wholesale biz?

      I am in the wholesale business. Been doing it for about three or four months now, mostly using drop shippers and the like as suppliers. I was thinking about getting into going to auctions nearby and seeing if I can resell any of the things that they are selling there. Anybody got any tips for going to auctions houses? How do I use those to make lots of money with my Ebay wholesale biz?
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    2. Samms is offline

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      #2
      Auction houses are a great way to make lots of money with your Ebay wholesale business. When you use a drop shipper, you are often times cutting profit margins pretty slim. You have to make money, the drop shipper has to make money and the manufacturer has to make money. Thereís not much room for turning a profit.

      The great thing about auctions is that there is just you and the auction house, and with most auction houses, they are not trying to really make profits, they are just trying to cut loses. So, you can get great, yard sale prices at auctions.

      But you need some tactics to come out of an auction house with good sales that can help your Ebay wholesale business turn a profit. Iím going to list some of the tactics that I use when I go into auction houses.

      ē Research, research, research Ė The number one mistake I see wholesalers new to the auction houses make is that they donít research enough. You cannot just go into a auction house, buy whatever and think you are going to make money. It just doesnít work that way. Sorry. You have got to know what you are buying. When you see a product that you think you might be able to sell on Ebay, make sure you know whether it is selling on Ebay and, if so, what price is it going for on Ebay. Otherwise, you might end up with a pallet of stuff that you canít sell.
      ē Know your market Ė This goes off the first bullet point, but it is more specific. Know the market. Sure, you may know that people are buying something on Ebay and you may know what that is selling for, but if you donít really, deeply understand the product, you might miss out on some important features. Is this exactly what they are selling on Ebay, or is it a little different, a slightly different version? Is it worth more than what people are selling it for on Ebay. Really, what I am encouraging you to do is to establish a niche in the market and see if you can corner that market and understand it thoroughly.
      ē Start small Ė Lots of people get into the auction house side of the Ebay wholesale business by going to the first auction that they hear about and then buying a ton of stuff. They donít know how to buy at auctions and they donít understand all the products they are buying. Then, they get burned when they try to sell things on Ebay. Best advice is to just start small. Go to your first auction with 50 bucks in your pocket. See if you can spend that and then resell it on Ebay. This way, you can get a real feel for how to do auction houses. Once you understand the rhythms of the auction house and once you get the technique for bidding down, you can buy more and more stuff.
      ē Donít bid too early Ė Another tactic you have to remember when buying things in an auction house is that you canít put in your bids too early. If you see something that is at a really low price, wait until you are getting closer to the end of the auction, then bid. Otherwise, you can create what is called a ďfeeding frenzy.Ē This is when everybody is bidding on one particularly low-priced item and they drive the price up to the point that it is no longer a good price.
      ē Make sure it works Ė This may seem obvious, but check to make sure what you are buying works. You have no idea how many people I have meet who got burned at auctions when they bought things without checking them, and they turned out to be broken. Almost all things at an auction are bought as is, so, buyer beware.
      ē Buy things that are broken Ė This may seem like it goes against what I just said, but it is an advanced auction buying technique for those who really know their market. Say you buy a pallet of a hundred broken computers for two hundred dollars. Then you take some of those computers apart for spare parts, repair the others and then sell 80 computers for forty dollars. You are making a huge profit there, but you have to know your stuff.
      ē Single not bulk Ė This tactic is not so much for the auction house but when you return home from the auction house and are trying to sell the product on Ebay. When you buy something in bulk at an auction, donít sell it in bulk. Products generally sell closer to RRP if you sell them as individual products.

      Those tips should help you avoid the mistakes that most Ebay wholesalers make on their first trip to the auction house.
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    3. kentuckyrose is offline

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      #3
      Thanks for the info, great list for buyers, Iím printing it out and I am going to have it with me at the auction house.

    4. Dawgnation1689 is offline

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      #4
      I have been doing auctions for about half a year now, thatís a great list, if I can just emphasize one point, you have to research. You will inevitably get burned if you donít know what you are doing and how much things are selling for.

    5. Lamisskay's Avatar
      Lamisskay is offline

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      #5
      Research is important. Like he said, it is a really good idea to have a niche in the market that you know really well, but frankly, that is good for auction buying, but also for selling things on Ebay in general. Donít try to sell everything, make sure you have one thing that you do well.

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