Auction Buying to Resell: The Basics

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Consider this hypothetical auction scenario: Bob needs to purchase a mixer for his bakery, but there’s a problem. He’s entered a bidding war with someone who doesn’t seem to back down. Every bid Bob submits is continually topped until the appliance is out of his price range. You might think the person he lost the auction to is another business owner, but you’d be wrong. Turns out, it’s a 21 year old college who couldn’t care less about making donuts. Why would they be so interested in this particular item? One word: profit. The student did their homework, figured out the value of the item, and committed to bidding up to any price lower than the cash he’d make on the open market. It’s a breed of auction participant that doesn’t care what they’re buying, so long as they earn.

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That student could be anyone – even you. There are people today who make a living looking for deals at auctions and reselling the items elsewhere. Of course, this sort of thing has happened since the dawn of auctions, but it’s more prevalent than ever before. The Internet has made it effortless to find an auction platform, look up the value of business or industrial items and make a purchase that earns money later. Even people with typical day jobs are making a hobby out of the buy-and-sell lifestyle. With new auctions always just a few clicks away, it makes sense that people are increasingly turning to this platform to make money. There are no limitations on who can participate and the more effort you put into the venture, the more profits you’re likely to enjoy.

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The growth of online buyers and sellers has ensured the healthy digital marketplace will continue into the future. People are attracted to the prospect of limited financial risk, high profit potential, the ability to make money from home, and the flexibility that comes with earning from online auctions. When you buy an item from an auction, you can sell it quickly at flea markets, garage sales, other online auctions, or directly to collectors. Antiques, books, sporting equipment, furniture, and clothing are all types of items you can turn a profit on. Start with a particular industry niche to get a feel for the value of those types of items, then move onto another. When you gain expertise about many kinds of items, it becomes easier to spot deals at auction. If that sounds exciting to you, start by checking out our tips for finding collectibles at auction, so you know what to look out for while browsing. There’s no greater feeling than knowing you’ve profited from an exciting auction.