Preparing an Item for an Online Auction – Part 2
In part one of our two-part blog post, we covered some key ways to prepare an item for an online auction. In part two, we continue that discussion with even more ideas.
Have a firm idea of what your minimum bidding price will be. You don’t want to overvalue what you’re selling. After all, it is secondhand. If a potential bidder sees that another auctioneer is providing the same or a similar item for lesser, they’re likely to value that auctioneer instead of you. Make sure you have an accurate appraisal process and that you’re providing a fair minimum price. If you’re hoping to get as much money for an item as its original purchase price (unless it’s a collector’s item where value increases), you’re likely shooting too high.
While it’s safe to auction off many products without warranties, you may want to offer them on others. For example, if you’re selling a tech product, dependent upon how old it is, this might be a good idea – especially if your item has tended to malfunction within the recent past. Even with that being said, bidders should never expect the item to work or look as well as new. By disclosing any potential issues beforehand, bidding prices for an item will fall appropriately. But by also offering a warranty, you’re able to give bidders more faith in the auction process – something that may also boost bidding prices.
Exactly how will you deliver your auction item to the eventual winning bidder? Will you cover the costs or will the bidder be responsible? If you’re a beginner, this might be new to you. However you do it, make sure that you have a firm idea before the bidding process takes place. This is something that should be disclosed to potential bidders beforehand.